What Resources do you Learn From?

Question

Hey Everyone!

I have been working within the real estate investing niche for years, and within that niche I am highly focused on asset protection for both myself and clients. One of the issues I constantly am faced with is remaining up-to-date on current trends and keeping myself on top of all things legal and real estate investing. I've always multiple general sources:
1) Local investor friends - this is where I hear about a variety of general topics and can stay up-to-date on trends
2) Books on topics that have caught my interest. (though the content is usually generalized and watered down)
3) Online forums, podcasts, videos - this is honestly the best of the first three options in my opinion. Especially forums like BP!
4) Big firms (expensive option and the individual you talk to usually isn't a real estate investor... they offer great advice, but not necessarily the best business decisions based on a niche)
5) Professionals who are in the same business. This is obviously my preference, but finding these resources takes time and effort!

Where do you get your information? I am always looking for good resources both in print and online - including magazines, blogs, podcasts, video channels, etc. I find myself turning to Bigger Pockets first on a lot of topics to see what people are saying regarding various topics, but I always try expand my knowledge base if I can find solid sources of information.

Kyle J. · Answer

I think you hit on the key - use lots of sources - because (in my opinion) they all have their pros and cons.  To answer your question, I use many of the same resources you do....local investors, books, online forums, podcasts, professionals, etc.  However, here's some examples when I say they each have their pros and cons.

- Local investors: Pros = Can get instant feedback; specific to your local market. Cons = Often times limited to who you have connections with (people in your own circle).

- Books: Pros = Can provide a good/broad foundation of knowledge. Cons = May not get very specific/detailed; also may not still be relevant/legal depending on when you read them.  An example of the former would be a book I read by Garrett Sutton titled "Limited Liability Companies and Limited Partnerships", which provided a good foundational knowledge of the subject.  An example of the latter would be a book I read by Lonnie Scruggs titled "Deals on Wheels", which used to be the bible on seller financing mobile homes. However, it was pretty much made irrelevant/illegal after The SAFE Act was enacted.

- Online forums:  I used BP a lot when I first got started in real estate investing, and I'm still on here a lot (though more to answer other people's posts than to ask questions).  However, this too has its pros and cons.  Pros = Wide variety of responses/opinions from a broad cross section of users; near instant feedback on a wide range of topics. Cons = Zero vetting of users or ways to determine credibility of information posted; no accountability when clearly wrong information is posted.  (Fortunately other members are good about calling out erroneous information, but we have all seen people post information that is clearly wrong on here and if newer members don't know it's wrong and then rely on it that could be problematic for them.)

- Podcasts: I have listened to over a thousand hours of podcasts and still listen to them every day.  Pros = Great for quickly disseminating current information; ability to hear from a wide variety of guests/experts in various fields. Cons = No opportunity for dialog or asking questions on specific issues like there is with online forums (basically just a one-way form of communication); some guests are not experts so then you're just getting their opinion on a topic which may or may not be accurate or relevant in your market or to your specific situation.

- Professionals: When I think of professionals I think of attorneys, CPA's, etc (all of which I use regularly).  Pros: Highly reliable information; ability to get information specific to your unique situation. Cons = Some people may be reluctant to use due to the cost (as evidenced by the numerous posts on BP that really should be directed to attorneys or CPA's yet get posted on a public forum instead).

Ultimately, I think all of the above resources have value, the key is just to recognize their limitations and combine them with other sources to compensate for where they fall short.

Kyle J. · Answer

That's exactly what I do.  For example, just recently I had a question about title insurance.  So I came to BP and asked a question about it and got responses from a couple very experienced/trustworthy other users.  (I've been on BP long enough that I know who consistently provides reliable information and who I feel I can trust their information.)  I then bought an entire book on title insurance written by an attorney (Fundamentals of Title Insurance by James Gosdin) to do a deep dive on the topic and, as you said, expand my knowledge.  (Not the most captivating page-turner I assure you. Lol.)

In my mind, that's an example of where both types of resources have value.  You have a specific question, come to the forum.  You want to learn about a topic in general, buy a book.  A little off topic but I think some people misuse the forum and come on here and say "I'm brand new and want to get into real estate investing, tell me what I need to know."  There's no way to answer that in a forum post.  That person needs to buy a book.  Probably multiple books, and then - after reading them - come back to the forum to refine their knowledge and ask specific/pointed questions.  But I digress.

As for examples of other forums/podcasts I would suggest, BP is the only forum I'm on.  However, I listen to a wide variety of podcasts, just depends on what I'm interested in at the moment.  I listen to pretty much every podcast by the Norris Group Real Estate Radio Show because Bruce Norris is just so well-respected in the real estate industry and he has some very interesting experts on his show (I really like the "I Survived Real Estate" podcast series).  Other podcasts include: The Real Estate Guys Radio Show (wide variety of topics, market reports, niche investing, etc); The Private Lender Podcast (because I recently got interested in private lending); Old Capital Real Estate Investing Podcast (multifamily investing and commercial lending); Mobile Home Park Investors Podcast with Jefferson Lilly & Brad Johnson (covers everything related to mobile home park investing); Passive Real Estate Investing (wide variety of topics); and Wheelbarrow Profits Podcasts (primarily multifamily investing but shout out to you since I heard you on an episode ;)).

Scott Smith · Answer

@Kyle J. I totally agree with your analysis! And I find that when I find the need to dive deep into information on a single topic I end up using several of these sources of information. This accomplishes a couple different functions. First, it simply helps me expand my knowledge on the topic, and as you read/listen specific pieces multiple times you can start to identify what the "core" identity of that topic is simply through repetition. Second, it helps me identify sources that aren't trustworthy through cross-referencing - if you only pick one source it may be bad advice, or just under-educated, regarding topic you are researching.I liked the examples of books you left. I would be curious what podcasts and blogs/forums you would also suggest? You sound like you have a lot of investment into those sources and I am always on the lookout for new resources for myself!