Getting your education where and how?

Question

Hi everyone!  I was looking for opinions and input from the entire spectrum of BP on the education piece of getting started.  Obvisouly for someone like myself (new to REI) getting educated on the process and nuances of REI is the single most important part of breaking into and succeeding in REI right (opinions will vary I know)?  I'm more of an take action guy but definitely understand that I can't just take the REI world by storm guns a'blazin without putting myself and my goals at major risk.

I'm gearing toward multi family units with the occasional flip on SFR's.  Eventually I'd like to get firsthand experience in a wide spectrum from buy and holds to wholesaling etc over the course of time.  I work full time and I will be building my business slow and steady.  I thought it would be a good idea to possibly generate some ideas for newer investors of where one could START the education process.  So if you wouldn't mind, please share whether a new investor or hardened veteran:

What part of REI would you suggest to start getting your education in and why?  Is there a method tot he madness (need to know "A" before you can do "B")?

What do you feel are the most important and most applicable areas of REI new investors should really MASTER with the understanding that actual application vs. theory is necessary to eventually master something.

I don't plan on staying on the sidelines holding a clipboard forever, like I said I'm a take action kind of guy, but right now my taking action consists of learning.  One caveat, let's not state the obvious "Read everything on BP and listen to all their podcasts and buy all their books."  I'm looking for beyond the surface answers and I'm already doing those lol.  Looking forward to reading the responses!

Bill Gulley · Answer

Well, I like seeing formal education being recommended instead of guru junk.

Another, cheaper way is to get a text book that agents use for their licensing exams, you need to know RE before you can really learn how to manage and operate it, buy or sell it effectively.

Read the book, if you don't understand something, post a question and you'll get the answer (if you mention me, LOL). Good luck :)

Flavio Zanetti · Answer

Harvard has a great online classes on Principles of Real Estate - targeted towards financial acumen and understanding:

http://www.extension.harvard.edu/courses/24251

And Real Estate Fundamentals and Investment:

http://www.extension.harvard.edu/courses/real-esta...

I have taken one of these and plan to take the second sometime soon - highly recommended. There are others as well, but with residency requirements (not online/hybrid)

Hope this helps...

Flavio

Bill Gulley · Answer

Commenting on that would be TMI, 18+ years of school, began in Franklin Grade School, LOL. Not counting professional schools, classes, military academies and schools, and licensing for securities, insurance and real estate, I can't remember all of them.

Never let school get in the way of education? I agree, don't get so tied up in social or other activities in school that deters from the education. Otherwise, what we learn in life is not necessarily an "education"  rather we have experiences or an awareness, not all are good.

There is more bad information pawned off as an education in real estate than good, reliable sources it seems. You need some formal education to be able to calibrate your BS meter to know what is good or bad. :)

Dev Horn · Answer

1) The single cheapest and best education investment is to get these books on BP:

http://get.biggerpockets.com/flippingbook/

2) I have a wholesaling course (videos) that I give free to people on BiggerPockets if you PM me with your email address.  That will save you 2,000 guru bucks right there.  =)

3) I think you and every investor should think about studying for your RE license.  Rather than be a real estate investor, you can be a real estate professional and make more money in more ways.  But like others said, the knowledge alone is golden if this is REALLY a long-term business for you.

Timothy Cervantes · Answer

Bill Gulley  - Message inbound!  Thank you for the offer on $aving me guru bucks!

Enrique Huerta · Answer

Different people come from different backgrounds and will have different opinions.

My take on the matter is what Bill Gulley recommended:

-Read the real estate licensing textbooks that agents use to get licensed.

However, I would take it a step further and tell you to actually get licensed. It would be very beneficial to be an agent and get the experience of brokering transcations so you can become familiar with the overall process (what happens first, where clients typically come from, the various players involved, etc.) and not to mention, the network that you will build.

Many people will disagree with me but that is MY take on your question. And yes, I AM biased. Aren't we all?

Good luck!

Timothy Cervantes · Answer

Bill Gulley  - Where did you start your education (formal or otherwise)?  I'm definitely soaking up the free content (stopped reading to post a reply) on BP and browsing the local library.  "I never let school get in the way of education" is one of my favorite quotes although I put a high value on formal education.

Enrique Huerta · Answer

Hi @Timothy Cervantes ,

MLS access is one benefit but you can easily get the MLS feed from any licensed salesperson who you trust.

The main benefits are what I mentioned: you learn the foundational knowledge of real estate (laws & regulations, history, etc.), you begin growing a network and tapping into your existing network, you gain awareness of how many parties are involved in a typical transaction, you gain knowledge of the standard contracts used in the majority of real estate transactions, you rapidly develop a sense of awareness regarding the real estate market in your area, and you start gaining the trust of your network and a track record of success with the transactions you facilitate and close. You also develop prospecting, marketing, and business development skills (if you stick to it and don't quite). The benefits are endless in my opinion. The transition to the investment side becomes much easier when you understand the basics of how real estate is bought and sold. Then all you have to do is target your niche and begin uncovering the nuances of that niche you want to target. The basics are the basics.

Timothy Cervantes · Answer

@Enrique Huerta  - Welcome to BP!  What do see as an advantage to being licensed vs. possessing the knowledge of a licensed realtor for those starting out?  MLS access?

Flavio Zanetti · Answer

@Timothy Cervantes part of a formal curriculum given the semester... Not at your own pace, nope.

Getting your education where and how?

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