How long did you invest in your education before RE?

Question

Hello community!

I started my Investment journey, and as I've learned every successful real estate investor has started by building their personal knowledge before starting to buy properties. just curious with all the successful investors in the BP community, what was your background, and how much time did you spend building your base?

Thank you, everyone!

Tucker Cummings · Answer

Agree with @Jody Sperling, best education was just jumping in and doing it. Holding RE long term is very forgiving, so that first investment doesn't need to be a home run. Just try to get on base.

As for education, I started by listening to podcasts, specifically started listening to "The Rental Income Podcast" hosted by Dan Lane. They're very quick episodes and they talk slow so if you listen on 1.5-2x speed, you can get an episode done in 10 minutes. After I had listened to every episode twice, sometimes three times, I started getting more involved in the BP forums, going to the local REIA group, connecting with people, and started analyzing deals. All that happened between April 2019 and December 2019, when I got my first property. I just picked up my second property last week through a BRRRR strategy (bought turnkey for 77k, valuation came back at 124k, put an 80% HELOC on it the next day work 99.2k!!).

You'll hear people talk about investing thousands of dollars into their education. In my opinion, that's not necessary unless you're at a point where you are looking into doing RE full time. Just don't get caught in the "black hole of research" thinking that you need to do everything perfect and you never do anything. Just do something.

Tim Robinson · Answer

I agree with @Jody Sperling as well. the best way to learn is through action (aka, getting your first deal). This obviously doesn't mean to jump in blind. Immerse yourself in podcasts (the BP series of podcasts is a great place to start), reading, and networking with other investors. But in the meantime, be analyzing deals, establish relationships with key players you will need on your team (lenders, RE brokers, property managers, etc.) and start making some offers. Paralysis by analysis is very real, and I know I was close to falling victim of over0analysis when I first started investing. Luckily I had some great mentors that helped me jump in and I honestly think I learned more from going through the process of closing my first deal than I did from anything I read or listened to. Surround yourself with good people and good information, and you'll be all set. Best of luck on your journey!

Matt M. · Answer

@Karlo Alamo

I’ve been working on houses since 2003. Fell in love with RE right away, picked every investors brain I could. It took me until 2015 to be able to buy my first rental. 0 books read, 0 podcasts listened to. All my properties cash flow extremely well.

Travis Watts · Answer

@Karlo Alamo Good topic. The first property I bought was in 2009 having only read 1 book on real estate and not having an online platform and community like BiggerPockets or any mentors to resort to for advice. With that said, I wish I had put a little more emphasis on education because I would have made several decisions differently. With that said, I began to realize how important education was a few years after investing. I have now dedicated the past decade to educating myself constantly in the real estate space; it has made all the difference. To your success

Tucker Cummings · Answer

@Bernadeau C.

PenFed Credit Union, all you need to join is a 660 credit score and a $5 savings account with them.

Steve Morris · Answer

Unfortunately, owning rentals is a learned (ie just doing it) instead of taught skill.

Of course, if there's a school actually teaching the sort of things you need to know about buying and running an apartment, I'd love to see the curriculum.

It's kinda like sales - I have yet to see a sales (NOT marketing) course in schools - Yet basic sales skills are so important in any profession unless you are not working with people.

Greg Todrank · Answer

@Karlo Alamo -- I buy in a small town where I have family.  All my properties and sub-$100k and over 100 years old.  https://www.biggerpockets.com/...

It works so far.  I'll let you know if things start breaking.  If has stood for this long, I expect they will outlast me.  :)

I have used commercial loans of each and created separate LLCs.  It is kind of a pain, so I might think about bundling some going forward.

Karlo Alamo · Answer

@Greg Todrank Very nice! how much was you first property? did you use an FHA?

Karlo Alamo · Answer

Thanks, @Tucker Cummings! That is exactly what I want to avoid. Fortunately, what you did (and the timeframe) sounds a lot like the goals I have, so that helps a lot! Congratulations on your success, wish you the best!

Greg Todrank · Answer

I decided I was going to invest in February 2020.  Lots of research and running numbers.  Bought my first property in June; 2nd in July; 3rd in Aug; and accepted offer on #4.  Find the right deal and pull the trigger.

How long did you invest in your education before RE?

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