New member - Advice appreciated

[Scott Sutton]

Hi Everyone,

I'm new to real-estate investing, and a friend pointed me to BiggerPockets as a starting point. Specifically, I'm interested in multi-unit rental properties (i.e. duplexes, triplexes, & quads). I live in Oregon, but my area of interest is the Phoenix, AZ, market. My goal is to generate an alternative income stream to supplement my salary. To start, I want to acquire a property in which I will reserve one unit for my own use as a winter getaway.

In June, I'll begin the process of educating myself on the ins-and-outs of real-estate investing. I'm not in a major rush (my timeline for my first purchase is sometime in 2010 or 2011), but I'm also a busy guy, so I want to adopt a well-conceived plan-of-attack for my self-education that won't waste my time.

This morning, I spent a couple hours browsing BiggerPockets, and there's a wealth of information from some folks who appear to be seasoned, knowledgeable veterans of REI, so it appears I've come to the right place.

In my browsing, I came across this post by Tim Wieneke, in which he proposes the creation of an "Official Bigger Pockets Guide to Investing":

Such a resource seems ideal for someone in my position, but it looks as if it's either a work-in-progress or the idea has been dropped.

I would consider taking an REI course, but the promotional materials for the ones I've come across seem pretty high on the BS scale, and stories of scam-artists abound, so I'm wary. If I spend $ on a course, the "guru" would need to have 1) excellent references from objective sources, and 2) a demonstrated track record of 'walking the talk' and principled conduct. My impression is that such folks are few and far between.

While I'd prefer the structured approach of a course, it may be a moot point since I'm a self-starter who'd be quite happy to follow my own syllabus. The question is which materials I should include, and in what order.

I'll continue browsing BiggerPockets for advice, but I'd welcome any suggestions you folks might have for quality products in the following categories.

1. Courses/Classes

Peter Conti and Carleton Sheets are two names cited by BP users somewhat frequently.

2. Videos

3. Podcasts

In the post linked below, Joshua states that "We've got a list of podcasts in the links to the left of the page," but I don't see such a link. Can anyone point me to this page?

4. Books

Here's a list I compiled this morning of titles that seem to be 1) highly regarded by many folks on this site, and 2) appropriate for someone in my position:

The Millionaire Real Estate Investor, by Gary Keller

The Dummies Guide to Real Estate Investing, by Eric Tyson and Robert Griswold

The following titles also caught my eye, and were recommended by BP users:

The Weekend Millionaire's Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time, by Mike Summey and Roger Dawson

Investing in Duplexes, Triplexes, and Quads, by Larry Loftis

Successful Real Estate Investing: How to Avoid the 75 Most Costly Mistakes Every Investor Makes, by Robert Shemin

Defensive Real-Estate Investing, by William Bronchick

ABC's of Real Estate, by Ken McElroy

Rental Houses for the Successful Small Investor, by Suzanne Thomas

1 Minute to Rental Property Riches, by Michael Rossi

In my browsing of BP, I also came across recommendations that newbies like myself 1) join a local REI club, and 2) consider working with a 'mentor.' These are things I'd also consider if it would be a good use of my time.

Anyway, that's it for now. If you have any suggestions for how I should proceed, I'd certainly appreciate the input.

Thanks in advance, and best wishes.

Scott