Follow up to Scott Trench's 500 hours where you should spend them

[Sean Tagge]

So after reading Scott Trenches Blog

https://www.biggerpockets.com/blog/is-the-500-hours-to-learn-investing-worth-it?utm_source=newsletter

I want to ask others who have already spent 500 hours + leanring / networking in real estate what should the top things people should spend their time learning/people meeting?

Here's my thoughts. 

I also think the main knowledge and networking you need are the following: 

Knowledge wise you need: 

1- How to valuate properties (estimate the FMV and ARV You'll get hosed if you dont do this correctly)

2- How to estimate repairs (You’ll get hosed if you are wrong on this) 

3- Estimating rents (again You’ll get hosed if you are wrong on this) 

4- Market Knowledge (You’ll get hosed if you are not familiar with areas) 

Networking wise you need: 

1- People to get you deals (wholesalers, agents, etc) 

2-People to renovate for you 

3-Lenders (Hard money, private money, long term lenders) 

4- Property management 

5- insurance, title cos, etc.

I think these are two different types of knowledge intellectual and social so if you are weak at either it might take you longer or you might never be able to figure it out. So 500 hours might not do it for you if you are really weak in either category. Thus you may need to either partner with someone else or find alternative strategies if you are set on real estate.