Memberships/Services worth paying for as a newbie?

Question

As I've been starting my real estate investing journey, I've been overwhelmed with the amount of tools/services/memberships offering some capability for 'x' amount of dollars.  At this point, it's hard to know what's worthwhile to pay for now, what is worthwhile to wait and pay for later as I scale, and what is probably not necessary to pay for at all.  I just signed up for the Bigger Pockets Pro membership which seemed to offer a plethora of benefits, but isn't entirely cheap either.  I'm curious what memberships/services a newbie like myself should invest in beyond a BP Pro membership as I start to look for my first deals and hopefully start operating as a landlord for the first time.  Additionally, what are some services that people have found very beneficial but are probably worth waiting for until I start scaling beyond a certain amount of properties?  And what services just aren't worth it?  It seems so many of these sites offer overlapping functionality and it's difficult to know what benefits they may offer above and beyond a different service.  A few examples that I've come across are Rentometer Pro, Neighborhood Scout, AirDNA, RentRedi, DealMachine, Rentberry Tenant Screening, etc.  Do any of you have your own package of "must-have" services?  Thanks for any advice/help!

Jay Hinrichs · Answer

if your new to real estate first thing I would do is buy a pre license course.. this will teach you the vocabulary and its cheap a few hundred bucks.. or buy a used course from someone on e bay.. learn the mechanics first ..  the basic laws  and how real estate actually works in the real world not on a calculator..

Lara White · Answer

@James Ohliger I would personally say hold off on buying too many membership items/services until you know what niche you will focus on. You may not have a need for it and definitely don't want to waste the $$!  Do you have any properties yet?  I do think the Pro membership is worth it...IF you use the tools.  Get in and practice analyzing deals daily, that's a huge perk of the Pro membership.  Watch Pro exclusive videos and articles.  Then find your team, find your niche, and target an area (OOS or local?). If you will be using a property manager, you may not need some of the ones you listed.  Talk to your agent, and get their advice on the area.  I would hold off personally on any more purchases until you have started.That will help target what you will need - you can sign up for most things immediately and get started if you need it - there's not a waiting period, it's pretty instantaneous!   Set up some key word alerts for topics/areas/cities that interest you  Hope that helps, and welcome to the BP Forums!

Cindy Goulden · Answer

Good question! I'm also a novice investor. Sam Wilson makes a good point, what are your goals, what problems do you need solved and can they solve them. I certainly find good value in BiggerPockets. Gaining traction with networking, talking with lenders, agents etc, & gaining insight from them in terms of what my next steps will be & who will solve my problems. I bought all of BP books and reading them in order of my vision and goals. Running numbers on properties in the areas I'm looking to invest in. With all of this information compiled I find myself narrowing down which services will be necessary for my needs, even as they change. Although I'm not quite there yet myself! Can't wait to see more replies. I'm currently looking at small and larger multifamily and mix/use properties.

Sam Wilson · Answer

@James Ohliger - What are your goals?  What are you having trouble doing that you would need a third-party service to help you with?

James Ohliger · Answer

@Wesley Thompson - How did you find/connect with coaches in your market?

Wesley Thompson · Answer

I have paid coaches, a couple paid masterminds and online courses, and a BP pro membership. I'm also a rookie investor and here's my take.

1) BP pro is probably the best all around for tools, networking, and education (books and masterminds) plus their podcasts are free and are worth following

2) The paid course and mastermind is good for me, because that's how I learn best. I'm not a fan of reading so condensing everything into an online class under 60 min I can access anywhere anytime I have a connection, is the best for me. Might not be for you. But the mastermind is good because it's a small group and we're all posting and learning from our coaches which is nice.

3) Paid coaches, I did this primarily for their extensive network of contacts in the market I am in. They know the best agent, lenders, GC, insurance brokers, property managers etc - and all the ones to avoid. I didn't have to put a team together, they did it for me. Plus, since they're in my market already they know it better than I do and keep up to date on things going on there and let me know. They also double check all my analysis and challenge me directly on the decisions that I'm making and why I'm making that decision as opposed to something else. They won't let me make a bad one, but they'll still question why I'm making a good one! As I progress and they see I know what I'm doing, I'm going to start pitching them potential JV opportunities for practice, with the intent of actually pitching them on opportunities in the future too. They also have contact anywhere I'm likely to be stationed so I'll always have vetted real estate professional to leverage....

With the paid online courses and mastermind, they're lifetime access. So I always have them as a quick reference point when I need to go back and look at something....

At the end of the day though, the best way to learn - is to take action. You'll learn more by doing then by studying all day long. You can read about how to fly a plane and can explain it in depth to other people....but until you're behind the yoke, it's just wasted brain power. Best of luck!

James Ohliger · Answer

@Sam Wilson - My goals at the moment are just to take that first leap and buy my first property.  I'm considering small multi-family in the Midwest.  While I'm sure no third-party service is absolutely necessary to achieve success, I was curious what others found were useful in their journey.  For example, as I'm very much in the deal analysis phase right now, the Bigger Pockets Pro calculators have been wonderful tools.  One service that keeps popping up on my radar is Rentometer Pro.  Does this service offer something above and beyond what the Bigger Pockets Pro rental estimator does?  Additionally, as I secure my first deal and transition into landlord status, are there tools/services that people have found invaluable for managing their property/tenants/finances/legal, etc.  I agree with most folks on here that I shouldn't go out and buy a bunch of memberships before I even get my first property.  But it certainly would be informative to have a few on my radar for when I'm ready.

Wesley Thompson · Answer

@James Ohliger it was blind luck honestly. My wife saw a post on FB about a company assisting Americans serving overseas invest in real estate. So I checked out the company, listened to a few of their podcasts (had already decided on a market) found out one of them is very intimate with the market I want to invest in, so I went with them. Should close my first deal in the market tomorrow and my core team was everyone they recommended.

If you want to find a mentor in your market (if you live in it) look online for REI Association meetups and attend them. Talk to people, and make your pitch about how you are looking for a coach or mentor. If you have value you can bring to the table in some way, I'm sure someone will assist you.

Memberships/Services worth paying for as a newbie?

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