Once you have decided that investing in real estate is something you want to start doing, the first step is to get a proper real estate education. Not the university type but the one you can learn for free online. Unfortunately, the internet is filled with bad advice, Instagram influencers, and fake gurus. I especially despise gurus. The worst thing you can do on your journey to real estate education is to pay for it. You can get 99% of everything you need for free from various high-quality sources, and paid courses are very likely not to be one of them.
Avoid Paid or Free Seminars
These are the worst money grabs in the industry, along with sleazy Youtubers showing off their Lamborghinis. These seminars typically work by sucking people in with a free show, but underneath is a layer upon layer of content and resources that go up in price as you get sucked into it more and more. After you have already invested some money, they promise you that you need to invest just a little more in getting everything you need to succeed.
Usually, it starts with a “completely free” class offered by a world-famous “guru.” They won’t even show up if these people are big enough, like Rich Dad Poor Dad guy. At this point, they have a large enough team of coaches that run these seminars for them. During the workshop, they tell you how a regular person, just like you, can make it big in real estate with no money down.
These quick pitches are hyped to oblivion. With coaches showing pictures of the lavish lifestyles and many luxury properties that will be yours if you follow their “system.”
Weekend Workshop or Bootcamp
The pitch is designed to turn a free seminar into a “Limited” time weekend or evening Bootcamp. These Bootcamps are supposed to get you up to speed quickly. They are dense in information and actually dive into real estate strategies, market statistics, and steps you need to take. They talk about negotiating tactics and do some exercises with the whole group. The Bootcamps are typically not expensive enough to get out of them thinking you wasted all your money, but you do have that tingling feeling that something is still missing.
The Upsell. This is precisely where the upsell comes in. You are already two seminars in, and you have spent all this time and money. You are a “hot” lead for them at this point. A hot lead to sell you their actual product, which is the full system. This option costs anywhere from $5,000 to $25,000 and even more. What’s $5,000 compared to potential millions you could be making?
At that price, the information is likely to be good, but that is not the problem. The problem is, they don’t care about you succeeding. They care about selling you the course. It is still on you to use that information to take action. So instead of paying thousands of dollars, get that information for free from various sources and save that money for your actual investment. You will learn ten times more from actually doing than taking endless Bootcamps.
Excel & Basic Accounting
Everything comes down to investing in deals that make financial sense. The most important thing we need to know how to do is run the numbers. To do that properly, you will need to know basic Excel and a few accounting calculations. Web-based tools are a great starting point, but eventually, you would want to have your own set of excel templates that you can save locally and whip out whenever you need to calculate if the deal makes sense.
Here is my go-to Excel Worksheet for cash analysis:
Many people I know who have successfully built real estate investments started with the Real Estate Rookie Podcast and continue listening to it to this day.
Here are the links.
Another great resource to start your learning journey is blogs, specifically Real Estate Investing focused blogs. Unlike our site that covers many ways of investing, from Stock Portfolios to Digital Assets, these blogs dive much deeper into Real Estate specifically.
Bigger Pockets Blog
Bigger Pockets is a massive real estate investment community with a blog, their own
Podcast, many courses, and books focusing specifically on real estate. They offer a premium subscription with access to various tools and community to assist new investors.
A little bit about Roofstock:
“Roofstock is building the world’s leading real estate investment marketplace. Our mission is to make ownership of investment real estate radically accessible, cost-effective, and simple.
Our platform lets everyone from first-time investors to global asset managers evaluate, purchase, and own residential investment properties with confidence from anywhere in the world. Since launch, we’ve surpassed $3 billion in transactions and continue to disrupt the industry with cutting edge technology and innovations.”
Spark Rental Blog
Spark Rental Blog is aimed explicitly at Rental Property Investors. Unlike other blogs that also cover topics like flipping properties, investing in land etc., folks at Spark Rental write about how to be a landlord and how rental properties can create financial independence for you.
We hope that this post will inspire you to stay away from Youtube, TikTok, and the ever-growing list of real estate gurus and turn to these incredible free resources that will have more than enough to get you started.