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Updated over 6 years ago,
EXPERTS, HELP! My 12 months of RE
I very recently read (audiobooked) 'Invested' by Danielle Town. Its focus is on stocks, but it's modeled after how Warren Buffet, Charlie Munger, and her own father Phil Town use Rule #1 Value Investing to pick a stock. It's a good read for anyone looking to round out their theory on how to invest in a property/area. The best part of the book is its format. It gives the reader a whole month to study one specific topic or aspect of investing over the course of a year.
I'd like to formulate a similar system and structure, but for buy and hold/flipping. I've already listened to Brandon Turner's Ultimate Beginner's Guide, as well as Long Distance Real Estate Investing by David Greene. Pretty sure I'm ripping off the common ideas in both books because I'm so new I don't know what I need to know beyond what they've mentioned. Here's what I have come up with so far (not definitively and in no particular order):
- Buy your first property
- Learn how to settle on a city/cities
- Learn how to analyze a property
- Learn how to build a team
- Learn how to make offers
- Learn how to estimate rehab costs
- Learn how to pick and buy rehab materials/interior design/permitting
- Learn what lines of credit are needed how to set them up
- Learn how to put systems in place
- Learn how to make a business plan
- Learn how to finance deals
- ?? (legal/tax ideas and suggestions?)
What should be added/swapped out/combined /Omitted? What order makes the most sense? What things take the longest to learn how to do? What book or two goes best with each topic? No need to get into depth on each topic just yet, those are later posts...