I have been talking to a couple folks about real estate investing and they had some questions on getting started. So, I decided to write a blog post on it. I believe that to begin real estate investing, it’s important to get educated first. One of the podcasts that I follow Real Estate Radio Guys has a saying: “Education for effective action”
I have noticed a couple ways that people get started in real estate investing:
- Option #1: Get started. Invest money. Make mistakes. Most likely lose money. Get discouraged, quit, and say real estate investing doesn’t work. [Not Recommended]
- Option #2: Watch a late night infomercial. Spend thousands of dollars on a real estate course and then have no money left to invest. [Not Recommended.]
- Option #2: Do some studying with some free to low-cost resources. Find some mentors. Develop your real estate plan, goals, and strategy. Get started. Make money [Recommended ]
I highly believe that its better to learn from others that have gone before you as much as possible. Real estate investing is not new and there are hundreds of folks doing it so most likely the scenario that you are looking at or question you have has been encountered by others. Also today, there are many free to low-cost resources that can help you get educated.
So how do I get educated you ask? I have some free to low-cost recommendations:
- Learn while you drive to work. Listen to podcasts while driving or sitting in traffic.
- Read books. Turn off the TV, and invest 15+ min/night reading in your future.
- Associate with other real estate investors.
Here is a list of resources that I recommend and use:
- Real Estate Radio Guys
- (website: http://www.realestateguysradio.com/).
- Podcast on ITunes (https://itunes.apple.com/us/podcast/real-estate-guys-radio-show/id194167775?mt=2). Download ITunes and download the podcasts and listen to them while driving in your car.
- They wrote a great book called “Equity Happens”. I highly recommend reading it.
- They host some events but I haven’t attended any of them so I don’t have any feedback on them.
- Bigger Pockets
- (website: www.biggerpockets.com/).
- Podcast on ITunes (https://itunes.apple.com/us/podcast/biggerpockets-podcast-real/id594419649?mt=2). They also have a great podcast series. They also have videos on Youtube (search for Biggerpockets on Youtube).
- They have a great forums where you can ask questions. Meet other investors. If you have a question, you can search the forums where someone may have asked and answered the questions. See (http://www.biggerpockets.com/forums)
- They have a great blogs area where other real estate investors write blog articles where you can learn (http://www.biggerpockets.com/renewsblog/). I learn a ton by reading the blogs.
- They have created some cool real estate analysis tools (http://www.biggerpockets.com/files).
- Jason Hartman
- (website: http://www.jasonhartman.com/)
- Podcast on ITunes (https://itunes.apple.com/us/podcast/creating-wealth-real-estate/id216013968?mt=2). He also has a great podcast series.
- He has properties listed in markets that he recommends (http://www.jasonhartman.com/properties/). I would recommend studying the proformas and learning how to analyze properties. I started out looking at the proformas and have bought some properties from him.
- He has investment counselors that will talk to you for free and help you get started. My investment counselor, Sara Liskey, is great.
- He also hosts events and I have attended 3 of them and have learned a lot and they’re not too expensive. So, I think that they provide great value.
- Robert Kiyosaki
- Podcast on ITunes (https://itunes.apple.com/us/podcast/rich-dad-radio-show-in-your/id833641766?mt=2).
- Robert and his advisors have written a ton of books. I have read almost all of them and really enjoy them.
- If you are getting started, I would recommend reading his book, “Rich Dad Poor Dad”. This is the first real estate book that I read and it helped open my eyes to working to “Exit the Rat Race”, What is an Asset vs Liability, and to constant work to building Assets (things that put money into your pockets). It is more of mindset book versus detailed, here’s what to do. But, I highly recommend it.
Well. That’s a bunch. Don’t feel that you have to do all this at once. Don’t get overwhelmed. Start small. Start by downloading ITunes and subscribing to the podcasts above. Start by listening to the podcasts while driving or working out.
Get the book, “Rich Dad Poor Dad”. Start reading it.
I’ll update more on this later. Have fun learning