Taking a year to learn as much as I can, any advice?

Question

Long story short, I get out of the Army in one year. As of about 3 months ago I have become quite literally obsessed with Real estate investing. I have read about 7 books all having to do with finance/real estate investing as well as listening to the bigger pockets podcast daily. I understand however, that as an excited "noob" I can be led to make quick and not thoroughly thought-out decisions on getting into the market. In order to go about this in a patient, methodical way I am going to focus purely on learning as much as I can before I jump in. If at some point in this year I feel I'm ready I will gladly jump in, but I'm in this for the long-run and hoping to one day be able to replace my earned income through a job with passive income from real-estate.  My wife and I are expecting our first baby and I'm determined to give my daughter the life I never had. Anyone willing to invest their advice and/or mentorship will have all my gratitude/appreciation. Any advice on books to read, what areas to increase my knowledge in? Mistakes you may have learned from? or maybe just an affirmation or two?

Bruce Woodruff · Answer

I would add to your learning base something that most investors don't. That is construction. Buy those 1-2-3 Books from Home Depot, go to their weekend classes, volunteer for Habitat For Humanity, hang around job sites, help your friends remodel...Etc, Etc...

This will give you a HUGE advantage over the normal investor who often has zero clue about what their potential properties actually need.

Kaci Hunter · Answer

Hey Justin, sounds like you're on the right track by reading books and listening to podcasts. That's how I started out as well. I'd encourage you to join your local meetups and even start looking at building your team. It can take time to find an investor friendly realtor and contractor. I'd go ahead and talk to a lender or two, maybe even a credit union, depending on what you're looking to buy as well. Get a game plan in place. Know your credit score, get debts paid off and see how much you can afford. Start researching the areas in which you want to buy and start analyzing deals for practice. Hope this helps. Feel free to reach out if you have other questions and best of luck!

Eliott Elias · Answer

Biggest advice I can give you is to submerge yourself in real estate. Set up 3 coffee date every single day with people in your market who have any affiliation with real estate. Build relationships and nurture them.

Scott Mac · Answer

Hi Jusin,

[1] One year??? What if that's not long enough??? What if it's way too long???

Let's clean up the "way" you think about this a little bit, so you can zero in on your target more quickly, with (less) wasted effort.

Instead of measuring by time (who knows if it's enough, or way too much) measure by Bullit Points on your phone.

Make a Bullit point list (or if it feels to big use numbers vs bullit points).

In reality there are four things you can do:

-- Buy and Flip (when the times are good for flipping) (20% down)

-- Buy, Fix and Flip (when the times are good for this) (maybe 100% cash???)

-- Buy, Hold and Rent Out turnkey or fixers (as Slums, Section-8, Class B, or Class C, (mayby Class A) 20% down turn key and light fixups to 100% cash if really bad shape.

-- House hack (live in) a Duplex, triplex or Quad with 3.5% down FHA (BUT YOU GET ZERO DOWN ON A SFH to live in VA, sooooo???).

You could also Airbnb, but that's a business.

Each of these of interst to you will be a seprate but overlapping list of Bullit points.

Once you have your lists, you have your targets you can zero in on. As you learn them cross them off. Bang, baang, bang.

And as new questions arise add them to your list.

[2] Money, you need downpayment money and babies are expensive, formula and diapers, and toys, etc... Figure out where the downpayment money will come from, while being a good Dad and a good husband who spends time with his family, because a divorce and child support will only make  doing this harder.

Good Luck!

Eliott Elias · Answer

Jump right in and take action. I suggest getting your real estate license and becoming a realtor for a year. You will learn so much and real estate professionals will have different conversations with you

Brady Hales · Answer

@Justin Mabry it's all about community. You got to make friends with people that are only a few steps ahead of you and are doing deals.

I have heard it said that the most difficult thing about real estate is figuring our which of all the ways to start investing. So I would research a bunch of methods, choose one, and then go find people doing those deals and try and work together.

Lindsey Johnson · Answer

Thank you for your service @Justin Mabry !

Have you looked into the VA loan? If not, I have a great resource I can connect you with. He knows all things VA. I feel like the VA is one of the biggest and most overlooked perks ever!! Especially as an investor.

Secondly, I think your strategy of learning before making moves is wise. Just don't get stuck analyzing forever! At some point you got to get in the game and be prepared to make a mistake. You sound like a very educated and analytical person, so I think you will do just fine. Particularly with your strong "why".

God bless you in all your endeavors brother!

Zackary C Dunn · Answer

My advice would be don't!!!

I was flipping while active duty.

If you decide to take a year to study you will be flooded with minutia and after that year is up you will have a difficult time picking a path and staying on it.

My advice is to get started today!!! Study and take action at the same time. Finding your first deal can and will take longer than you think. If you study for a year just to get started, you will be seriously disappointed when it takes another 6-12 months to get a deal. Start taking action today and if you havent gotten a deal in the 1st year it won't change your current plan but.... If you do your confidence will be through the roof.

Bob Stevens · Answer

Ok so IMO you are wasting your time reading books, ( 7 really !!) they are not reality, and it will turn in to analysis paralysis. I have never read any RE books or been to a guru seminar. Its not rocket science. Buy low, assume more for the reno then it really is and assume less for the sales price, this little tid bit of info will save you from losses. See you did not have to read a book to learn one of the most important things in RE, not rocket science :)   I connected with a guy doing deals, I learned as I EARNED.  My 1st month I flipped a contract for 19k, I was like wow that was easy. Over the last 10 years there is nothing I have not seen or done. I am now an expert in PM, renos, flipping, rentals how to buy and where to buy from (never a realtor, well maybe once in a while ) I have done about 40 mill in transactions again never reading a book.

Just connect with someone, learn and earn as you go. So many try and learn everything 1st, that is not going to happen, Real life beats reading and sitting on the internet,

All the best

Account Closed · Answer

I would spam "Meet Kevin" on Youtube and check out his real estate investing playlists.

Thank you for your service.

Taking a year to learn as much as I can, any advice?

Most Popular Reply