All Forum Posts by: David Richter

@Bonnie Rhodes 

I started investing in college because I read Rich Dad Poor Dad which changed the whole way I thought about money and introduced me to the real estate investing world. I'd encourage to start at whatever age you are and learn and invest in yourself to become the best investor possible and to ultimately add value to others.

@Christian Tanas - I'm pumped to see you getting into the real estate game! I honestly believe it's the best paths to wealth. In terms of your questions see below: 

1.) What did you do to educate yourself when you first started? (Books, videos, conferences, etc.)

Honestly, read widely at first. I would start with the BiggerPockets books. Read all of them if you can and try and figure out what investment strategy is the right fit for you. 

Once you do that, I would try and find someone you could do deals with in your respective market. I'm not a fan of this "Find a mentor" mindset - go find a successful investor and add value to them - don't go in trying to take FROM them. 

Bring them leads, ask them if you can help them do something etc. 

This is the fastest way to getting real experience in real estate. 

Outside of real estate specific resources, I would read the following books:

1. Profit First
2. Extreme Ownership
3. Rich Dad Poor Dad
4. Millionaire Fastlane

Profit First is essential reading for any small business owner - it will change your life!

In business there are two sides to the coin - doing the tasks that generate revenue and then actually managing that revenue in a way that causes it to grow. 

Profit First teaches you the second half of that coin. 

2.) What are some of the things I can do outside of education to get myself started?

Again, find a real estate investor you can serve. Maybe even try and land a job with one. This is the fastest way to learn the business, and if you work for an investor, you can make money as you learn, it's a win win. 

3.) Can any of you recommend a "Real Estate Math Book"? I just finished reading Rich Dad, Poor Dad and have begun reading the Back to Basics: Real Estate Investing by Eric Tyson and Robert S. Griswold. I would like to be able to read something that explains how the numbers work for things like actual real estate deals, taxes, buying and holding, and/or anything else I am probably missing.

One of the best books on the 'math' behind real estate is:

What Every Real Estate Investor Needs to Know About Cash Flow...

But you need to figure out what strategy you want to commit to first, and then learn math specific to that strategy. 

This book is great but it's better if you know what to apply from it.

Best of luck!

@Tim Kappel,

I would highly recommend you check out First Internet Bank.

They take a while to open accounts, but they have some of the highest interest bearing accounts and you can create as many checking and savings accounts as you’d want.

They also have some pretty cool budgeting features - they’re a great bank for setting up Profit First. 

I second the book Profit First!

I love what you, @Julie McCoy have done with the Profit First system and customized it for her needs. 

The system needs to work with you and for you NOT against you. Simplify and make sure you do what works for you. :)

@Wesley Myers I highly recommend the book Profit First! Teaches you how to break out bank accounts to manage the finances. I am actually writing Profit First for Real Estate Investors with the author of the original to help break down the book even further. @Luke Carl gave great suggestions! I'd also make sure to set up an owner's pay account, a profit account, an owner's tax account (to save for your taxes if any), and an expense account for the business in general like you said Wesley. Love that you have a reserve account for the repairs and maintenance and such!