How do you get up to speed quickly

Question

A lot of topics have been discussed before, so many problems have been solved and I'm trying to read as much as possible to really get up to speed.  There is years and years of knowledge and experience on the blogs, in books, on YouTube and on Bigger Pockets.

Confessions:

1. I'm a work-a-holic

2. I don't have a lot of free time

This is important to me so I am investing a lot of time in it.  I definitely want to review the resources provided by the site.  I do think there is a trade off.

If you want a mentor, there has to be trade offs.  You have to offer them something, time, services, cash and/or deals.

If you want to get up to speed and avoid the mistakes others made, you have to learn from others mistakes.

What has your mentor experiences been?  Has anyone been successful without a mentor? What books/resources do you guys recommend if I want to get up to speed quickly?

Nkiruka Okeke · Answer

@Aaron Junck So many people have recommended both book.  The Four Hour work week has come up a lot for me lately.  I'll definitely check both out.  Thanks for the advice :-)

Doug Pretorius · Answer

@Nkiruka Okeke Like Aaron, I had no mentor and when I started there weren't any other investors doing what I wanted to do in my area. So I learned by reading on forums and buying a few books/courses and the rest by doing.

The best advice I can give you is to pick just ONE area of real estate investing that interests you and learn everything you can about it. If there's a reasonably priced step-by-step course for that technique, you might want and to get it and follow it. The most important thing is thing though is to get started. You need to talk to sellers, make offers, do marketing etc. You'll figure everything out from there pretty quickly.

Also. Don't pick something just because it's recommended as a good place to start. Pick something that actually interests you and that you believe you'll be comfortable with.

Aaron Junck · Answer

If you want to "get up to speed" I would recommend finding someone local that has done or is doing already that you want to do/achieve and figure out a way you can be of some value to them.

As far as having a mentor goes no I personally didn't pay a mentor/coach. Now by no means am I like the big boys here , however I have done some deals.

If you want a good read I recommend Think and Grow Rich by Napolean Hill and also The 4 hour workweek by tim ferriss.  Its all about changing how society wants you to think and break away from that monotony and get systems in place. Just my 2 cents :)

Nkiruka Okeke · Answer

@David Semer Thanks David.  You have a great facebook page.  I'll hit you up!

Nkiruka Okeke · Answer

Ryan Dossey you hit the nail on the head.  I'm so tired at the end of the day that I often fall asleep in the midst of doing this.  30 minutes seems doable.

Nkiruka Okeke · Answer

Thanks Bill Gulley Yeah, I'm definitely the type who would do a lot of reading.  There are people who would jump in with less knowledge.  I'm trying to make a decision between two paths but I think I should just sit down and calculate the numbers. It's a bit overwhelming because it's my first time.

Doug Pretorius · Answer

Bill Gulley OK then just checking.

No I wouldn't recommend anyone start out that way. Although, I don't know that I can really say otherwise, I put my first deal together on a contract I wrote myself. Probably not the most air tight contract ever created. At least everyone's intentions were good so it worked out!

Doug Pretorius · Answer

@Nkiruka Okeke I guess there's a trade off either way. Starting small is less scary, while getting the proper education and jumping straight into what you want to do is more efficient. There are also ways to invest in what you want to do but on a smaller scale.

For example, if you want to own high rise apartments you can start with a 6-plex. The principles are the same, financing, valuation, management etc. are all the same, the only thing that's different is the amount of dollars involved.

Bill Gulley Good grief Bill, could you have made that a little more complicated, I don't think it quite qualified for a doctorate. I take it you're not a proponent of the write-the-offer-on-a-napkin method?

Nkiruka Okeke · Answer

@Doug Pretorius that makes a lot of sense! The education process continues as I get closer to achieving my goal.

Bill Gulley · Answer

Yes, all any contract does is to guide the parties to a settlement as agreed, when both parties are motivated to settle, they may do very little. But things happen even between motivated parties, like a fire or insured loss just before settlement.......then what? Usually, such things don't happen and everyone  is happy. A settlement agent must have a copy of the contract as that is a source document for them performing their services, they don't like napkins! :)

How do you get up to speed quickly

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