learning resources

[Andrew Davis]

hi everyone. my name is Andrew and im new to investing and to bp. ive spent a couple days reading posts here and it seems the general census is to steer away from all the guru programs do to the lack of info for the price. ive been looking at books to purchase on amazon and ebay and was curious as to which books you guys think would be most benificial for a newbie?? books on wholesales and on real estate investing in general. ive flipped through some at my local books store and a couple seemed like only a seasoned investor would understand.. thanks in advance for what i know will be great input!!!!!

[Bill Gulley]

Hi, I urge new people seeking a career in the real estate industry as just that, a career and an industry. If you start with guru stuff, that's what you will learn, guru stuff. Yes, you'll make money, well, probably. If you have no knowledge of the industry, the legal, economic and financial aspects of real estate you'll never make as much as you could have. It's the difference between the car salesman and the agency owner is knowledge.

I am making this short! lol

Learn real estate! Go to a real estate school for real estate agents, I did not say get a license, just take the course. It's quick, maybe three weeks, You'll learn legal aspects of contracts, contract law, title requirements, surveying, land uses, zoning requirements, construction componets and basic techniques, types and styles of housing, regulations that effect landlords, tenant and landlord law, what consitutes discrimination and how to deal with it, real estate financing and appraisal techniques and more! You'll never get that in a guru book!

Why is it important? Because if you can't recognize that a property has a better use than for what it's being used for, you don't know if the price is a deal or not! This is a simple concept and I have never seen this in a guru book. If you have a $40K house that I can turn into a $150K office building for $30K, you'll always think you have a $40K house!

Get guru books for marketing ideas, copy the hype they use, but if you have knowledge first, you'll know you're getting snowed when you read some of that stuff! Newbies don't know what they are getting. You're all excited about the money they promise!

Also, get some college level text books, the 101 level, if you can read, you'll get it! Get your hands on a Real Estate Today text book, a Wests business law text book. You'll see what needs to be in a contract. Get an Economics 101 Text book, it's at the mico or personal level. You can see concepts that are used in real estate. And yes, reading an accounting 101 text won't hurt you either since you will be running a business!

Go to professional web sites for Appraisers. Read what they must do and how they arrive at values. Go to HUD sites, not homes for sale, but the financing, housing regulations, and settlement regulations.

Allocate so much of your day for REAL study, not wishful thinking and morale boosting stuff from a guru course.

Spend time on sites like BP, interact, ask questions and get answers from those who have been there and done that.

You can do a guru thing while you do all this, you can begin with Options for example, but do not get caught up thinking you're making real money. Markets change and you must be nimble and quick to change with whatever makes money. If you have the basics throughout the industry, you'll know where and when you can profit.
I promsie you this will work, but it is work! Good Luck, Bill