How much time invested before starting out

Question

Hello and thank you for looking at my post.

I’m currently a freelance television producer looking for a secondary income stream and came across this website after seeing a video posted on YouTube from Bigger Pockets.

Just curious how much time people are investing in learning so I can figure out how much time to expect on my own.

Bob Stevens · Answer

@Neil Martin it took me about 30 min to put my 1st flip under contract, made 19k in 3 weeks . I have done about 500 over the last 10 years. Never once going to a seminar, watching videos , or listening to POD casts. Its not rocket science, just do the numbers,

all the best,

Jeffrey Donis · Answer

@Neil Martin There are many ways to invest in real estate! You could be an active investor, where you find deals, put them together, and implement your investment strategy. Or, you can invest as a passive investor. You provide the funds for a real estate deal, but have a hands-off role (which means you have no control).

Hope that helps! Let me know if you have any questions about active or passive investing.

Joseph Sawoszczyk · Answer

I am a few months into my learning process, reading all the material I can, watching youtube videos, analyzing properties off the MLS, etc. I'm at getting close to the point that I am ready to make my first investment.

Steve Suntorn Paitoorya · Answer

Hey Neil,

I am brand new to the industry, I spent about 5 months listening to podcast and read a few books before I saw an opportunity to jump into the industry. A couple weeks ago I built up the courage to walk into and random real estate office and ask the broker if he was basically willing to teach me the industry. To my surprise he said yes and invited me to Las Vegas for a Mike Ferry Seminar witch was last week from Mon - Fri... So I suggest you do a little research and figure out what you want position you want to identify as in the industry and jump in! Learn as you go, and position yourself around people that have more experience and knowledge than you.

Respectfully,

Steve S. Paitoorya

Jim Kalish · Answer

I hate to use this statement but it applies here.  It all depends.  As others have said it depends on how comfortable you are and what your risk tolerance is.  I jumped in feet first with no training.  I got lucky.  I didn't get burned too badly.  But that was 13 years ago and things weren't nearly as competitive as they are today.  So look at the books available on BPs as well as the videos.  Attend a couple of webinars.  You may want to invest a couple of hundred and become a pro member.  That way you have access to all of the past webinars.  You also get some pretty great books as a bonus.  An no, I don't work for BPs.  I'm just glad I became a pro member.  Then when you feel like you are ready to risk some money jump in.  But do it as an investor.  Run the numbers.   You can use the BPs calculators to see if your deal will work.  Don't chase a deal.  If you hit that magic number that is the max you can pay and still meet your goals don't go over it.  No matter how exciting it might seem.  Emotions will cost you a lot of money.

In addition to reading books and watching webinars, join your local REIA (thats Real Estate Investors Association).  You will meet like minded people who in most cases are more than willing to help.

Now as for the so called gurus and big dollar courses.  Some people swear by them,  Others, like me, aren't a fan.  Yes, you will probably get a lot of good info for you will pay a lot of money.  If you have the time and money, look into it.  The free 2 hour dog and pony shows they offer at the local Holiday Inn are just sales pitches.  And believe me they are good at selling themselves.  I was at one with 20 people.  Most of them didn't seem have the money to pay for the meal that we got so good thing it was free.  But at then 2/3s of them jumped up and got in line to shell some big dollars for a 3 day seminar.  I would be surprised if any of them has bought a house yet.

Alright, I'll admit I did buy 1 course.  The site is called cleverinvestor.com.  I only paid 97.00 and did it make a point on one of these forums that its just a way to get you to spend a lot more money.  You know, I expected them to danggle to idea of really great training but them tell me I had to shell out more money.  I'll admit I was really wrong.  For the 97.00 I got probably 40 hours of training, all of the docs and cold call scripts, and yellow card and yellow letter wording I need.  And all of the marketing techniques were explained in detail.  Yes, I was offered a couple of software programs for lead generation and tracking that were an up sale.  But I was also given alternate sites that did something similar.  And it was explained how, if I were very computer savvy, I could probably build my own CRM and where to look for all of the data.  And again, I don't work for these guys or get anything for telling you this.  I just want to share my experience.

So back to your question, it all depends :).  Read books like How to Brrrr by David Greene, available on BP and through Amazon/Audible.  Check out the webinars here as well.  Sign up for them even if you can't attend.  You will get a link to watch latter for  a few days.

But don't get paralyzed by a desire for perfect information.  You will never get it and even i you did it wouldn't guarantee anything.  When you watch one of Brandon Turners webinars you'll get thee rest of that catch phrase.

Best of luck.  Let us all know hw you are succeeding.

Lindsey Buxton · Answer

Hey Neil! There's a lot to take in when getting started. Wanted to share that BiggerPockets is launching a pro-exclusive 12 week Rookie Bootcamp in late August, with Ashley Kehr leading the way. It's a mix of on demand videos, live Q&A sessions, and a step-by-step curriculum to help you get your next deal. Sharing in case it would be helpful to get the wheels turning and potentially shortcut the learning curve! You can learn more here.

Eddie Torres · Answer

@Neil Martin I have previous experience as a loan officer and loan signing notary. I've also bought 2 homes and sold one. But I didn't know much about the investment side of real estate. So I basically studied real estate investing via podcasts, youtube, and audible books for the last 6 months. There's also a ton of info that can be found here at BP. I hired a real estate data consultant as well and now I am currently in the process of closing my 1st investment property.

But like others have said, it just depends on your comfort level. Some just dive right in, some wait years. I personally felt the need to study for a long time because I feel like the more I study, the less likely I am going fail. I hate losing money.

Paul Moore · Answer

Hi @Neil Martin. Welcome to the REI world. I did my first deal with zero training - partner and I split $25k on a simple flip.

But I’ve found that my biggest gains came after joining coaching and mentoring programs.  I learned much more and grew much faster after paying a pricey coach. Joining with a more experienced mentor can be quite profitable as well.   I wish you the very best!

Neil Martin · Answer

@Jeffrey Donis

Thank you Jeffrey!

I stumbled upon a book about real estate investing after listening to some podcast, and so I’m really interested in learning as much as I can, the “where to start” “where to look” “where to find money” etc.

I work in television now, and I do pretty well with it, but after last year with the shut down, it was a bit uncertain for me and so I started having thoughts about needing a solid plan b, that could eventually become my plan A. My wife and I built and purchased our new home last October and we considered renting out our old home, but hadn’t researched it and things were moving so quickly, we didn’t have time to make what was the best decision for our old home and what our needs were for our new home.

So it got us thinking about buying some properties and renting them out, but it’s just the “where to even start”, “do we need a property manager”, “should we talk with an attorney or tax advisor” etc.

We just have a lot of questions and finding this site seems like there are a lot of good resources like minded on here that I feel like this might be a good place to start.

Thanks again!

Neil Martin · Answer

@Bob Stevens thank you Bob!

How much time invested before starting out

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