Real estate license or appraisal license

[Suzanne Lee]

I am new to the real estate investing world. This is a whole different career path for me. I am in the process of reading the ultimate beginners guide to real estate investing. I was wondering if going to real estate sales, broker or appraisal school would help me in this journey. There is a school near me that teaches all three. You can complete each program in two weeks. I am really oblivious to the RE world. Also some podcast were recommended and I thought someone said they were numbered. I didn’t see any numbered and there were so many that I was overwhelmed. Can someone please guide me? Thanks

[Patricia Steiner]

Suzanne, I don't recommend either route. Neither course trains you to actually do the job or provides a lot of practical real estate knowledge...join a local Meetup Group on Real Estate Investing (the educational kind - not the "I know everything so come and drink my kool-aid").  Seek out a mentor...there are some absolutely great investors and trusted advisers here on BiggerPockets.  You would be surprised just how much you can learn from a 10 minute coaching session each day or so.  Here's some first steps:

1. Get an LLC set-up.

2.  Develop a niche...and stick with it.  Are you interested in flipping, rental properties, ?  

3.  Determine a budget.  How will you finance your first acquisition?  You'll need to put 25% down to finance a property as an investment.

4.  Interview a few realtors who have investment experience...there aren't many so you may have to kiss some frogs to find them but you'll need their process guidance.

5.  Find a few handymen who specialize in flips/rehabs.  You need a less expensive resource to help you rehab properties. The goal is to NOT over-improve.  Rookies tend to invest too much in "HGTV-ing" properties - and that's money you won't recoup.

6.  Only look at properties that have 3 to 5 years of life left on the AC and roof. That makes the property insurable and finance eligible. Those are also expensive items to replace so cross those off the list.

7.  No home runs...consider inexpensive - really inexpensive properties to get started.  Affordable housing is in demand.  And, stay in your backyard where you can inspect your properties and more.

It's important to know that we are 350,000 properties short of meeting current buyer demand in the US.  Finding the right property won't be easy because of low inventory.  Be patient. Do the homework. And, practice buy.  Take a potential property...do the analysis to determine if it would be a good buy...determine an exit strategy...determine market rent in that area. The more you practice investing makes pulling the trigger on the right property so much easier and successful.

The bad news:  you'll always be in a learning mode as an investor.  Real estate investing isn't for wimps - and it is constantly in flux.  But there is no faster way to build wealth.  And, you won't be bored...ever!