Real Estate "Cheat Sheet"?

Question

Throughout my life (grade school, college, business), I've always been a big advocate of taking notes and organizing different sources of information into one place, making it all easier to digest. I like to have reference sheets to look back on, since I will inevitably forget some of the minor but important details as time moves on.

Although I'm just starting out, I find myself doing the same thing while learning about Real Estate. I've started a document on my computer that I'm using to compile the all of the key takeaways and "golden nuggets" from the different books I'm reading, BP bodcasts I'm listening to, and other networking conversations along the way. This ranges from a quote that resonated with me, to formulas/rules I want to memorize, and foundational vocabulary and concepts.  I realize there's no way to capture everything, and learning is a continual process, but it feels helpful to me to have a working "cheat sheet" of information to study and reinforce important concepts. I loved the BP Ultimate Beginner's Guide, but I'm also wondering, have any of you created similar documents to help you remember valuable information?

If so, and you feel comfortable sharing, I would love to take a look at what you may have come up with! Mine is still in the beginning stages, so it would be invaluable to me to learn what information is most significant to some of the more seasoned investors on the forum.

Thanks!
Ryan

Zachary Prusoff · Answer

@Ryan Burg

My mind works similarly. I've used cheat sheets to study for (and pass) everything from middle school Spanish to organic chemistry. I'm also brand spanking new to REI. This is my first post on BP as I literally just joined. I'm reading through the Ultimate Beginner's Guide and educating myself as best I can. I feel like one of my biggest "challenges" so far has been figuring out all the vocabulary. I often find myself doing a Google Search on terms like ROI, ARV, etc. (I found an awesome BP interview video via Google about ARV and thought it quite funny that I actually didn't check here first).

My intention is to continue learning all I can from here, friends who do  this, and anywhere else I can for a month and then jump into making my first educated move. I'm leaning  towards fix n flips as these make the most sense to me conceptually so far.

Anyways I did a forum search for "Vocabulary" and that's how I found this thread. I don't know if there's any sort of glossary in the Ultimate Beginner's Guide because I have only gotten to Chapter 3 (started last night). Anyways I'm building up a vocab list and a more comprehensive useful insights list and will joyfully add it to this thread or possibly start a new thread and link you to it once it's more thorough.

Jean Bolger · Answer

I use the Evernote app for this type of thing. I have a "notebook" (that's basically a file folder, in Evernote) for different types of info I want to have access to later: lender info, referrals for service providers, property listings that I come across and want to check out later, websites that have demographic info... all sorts of things. You can save anything from a typed note to a full webpage. I like it because I can save random info (that I may need sometime... or not)  while I'm at my computer and have access to it on my tablet later.

Although, for the purpose of really learning and retaining new things, studies have shown that writing stuff out by hand is still the best way!

Joe Delia · Answer

If you're brand new to real estate, and never have done a deal, how do you know what is a golden nugget and what isn't?

If you haven't yet, I'd buy J Scott's book.  It's one giant golden nugget.  Even after doing 17 rehabs, I found it beneficial.

Spreadsheets for analyzing deals are all over the file space.

Ryan Burg · Answer

Prashant P., that sounds like a very useful workbook! Have you considered posting it to the FilePlace section of the site? It would be excellent to have access to that, if you wouldn't mind sharing!

Deborah Saddler, the information that I'm organizing at this time is more based around RE definitions and concepts, as opposed to formulas in Excel. I have a running word document where I simply add new definitions or important nuggets as I come across them. I find the formulas a bit more straightforward to me and easier to find when I need them, so I haven't focused on organizing them into one place... yet.

Rick H. · Answer

Everyone wants a treasure map or a shortcut to wealth via real estate.  My trouble has often been my short attention span and SOS (shiny object syndrome).

Here's a great little book on fundamentals: 'Real Estate, Quick and Easy' by Roy T. Maloney.

I've collected quotes for many years and have compiled them into framed certificate size wall hangings. I've taken the effort to get them signed by their authors, when possible.

The challenges facing most new, would-be investors are no different now than when I started nearly 40 years ago: I don't know what I don't know until I need to know it.

Technology won't help you study and may only be a distraction. I like several of the app's mentioned but my office is not a model of well-organized efficiency.

Now, where did I put that special report on hoarding? It's gotta be here somewhere.

Bryan L. · Answer

Like someone said earlier - personality comes into play here.  Anyway, my rules for investing are:

1.  Rule #1 - don't lose money.

2.  Rule #2 - always remember rule number 1.

Prashant P. · Answer

Ryan, 
I don't capture information but create spreadsheets with different formulas.  I capture different formulas for buy/hold, rehabs, loan costs, material costs.

I made one excel workbook with several different sheets.  So if I am analyzing  buy and hold, I go to the rental sheet and plug in values.  It then tells me my cash flow, monthly expenses.

James Aravena · Answer

I have been searching for something similiar! Would love to connect and chat. Will send a request.

Jeremy B. · Answer

@Ryan Burg , that's a great question, because I am also new to this process and have been looking for a way to capture all of the information and tips I'm coming across.

My low-tech way for doing this has been to get a legal pad and write a different subject across the top of each page: Tenant Screening, Financing, Landlord Tips, Finding Housing, etc.  And as I'm reading books or the forums and I come across a nugget, I go to the appropriate page and write it down.  I like it because I'm slowly filling up my pad with helpful info, so I won't forget it even though I don't need - for example - advice on how to screen a tenant yet, since I haven't even bought my first property.

YMMV...good luck!

Real Estate "Cheat Sheet"?

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