How Do You Know How to Invest in Real Estate?
As I continue to talk with more & more people about our buy & hold real estate investing in Pensacola, I find myself running into a similar question: How do you know how to do this? How do you know how to successfully invest in buy & hold real estate?
Fair question. I have spent most of my career in the IT world, I did not study REI in a MBA course, and we just started actively investing in 2014. Self-education is the actual answer; self-education and being strict on the tripod of acquisition criteria that we have adopted.
Years before we purchased our first Pensacola property we started learning. Learning about the Pensacola market, different ways to invest, and trying not to repeat what I consider a false start to my real estate investing career in 2006. It seems like Real Estate has always interested us and it really wasn't until after our first full year of investing did our focus become clear - thanks largely in part to the REI social network @ BiggerPockets.com.
We're not trying to reinvent the wheel, just follow the pros! The best source of learning is from people who have and are successfully investing. At the time of this original post (I'll add more books as I continue to educate myself), I've listened to over 250 hours of audiobooks & podcasts that are focused on real estate investing/wealth building and held countless conversations with local realtors, lenders and real estate attorneys.
Below I've listed the books/links that I credit the most in helping shape my mind around our real estate investing. As I run across additional, paradigm shifting material, I'll be sure to update this post. Enjoy!
The Total Money Makeover - Dave Ramsey
Biggest Takeaway: Create a budget that will assist you in meeting your financial goals and stick to it.
The 10X Rule - Grant Cardone
Biggest Takeway: Write down your goals often and dream big! Being financially successful is my duty &obligation. #DBALB
Rich Dad Poor Dad - Robert Kiyosaki
Biggest Takeaway: Overall different way of looking at money and putting validation around making your money work for you. This book is a perfect gift for anyone, especially new fathers.
The Millionaire Next Door - Thomas J. Stanley
Biggest Takeaway: All about stats. Create a budget and not a flashy lifestyle; live within your means. Focus on being an exemplary builder of personal net worth. Exemplary Net Worth Equation:
Exemplary Net Worth > Your Age / 10 X Current Salary
BiggerPockets Podcast & Social Network
Biggest Takeaway: Too many to count here. Always great to have a network of like minded people seeking similar goals to bounce ideas and directly learn from. Free to join - send me a colleague request.
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