"The most important investment you can make is in yourself" - Warren Buffet
Before making an investment in anything, it is important to first to obtain a certain level of financial literacy, and an understanding of the asset class you choose to invest in. This includes real estate.
There are plenty of educational resources out there including books, the internet, and in-person events/meetups.
If you are new to investing, or not sure why you should be investing, then it is best to start with the basics.
The original Rich Dad, Poor Dad and Rich Dad's Cashflow Quadrant lay the foundation for financial literacy and the different ways money is earned in the modern econmoy. These two books are a must read for anybody seeking to expand their financial education, especially those who don't know why they should be investing in the first place.
Real Estate Books
There are dozens of real estate investing books out there. Below are a few great books to start with.
Blogs, Forums & Podcasts
The internet is a great place to educate yourself on almost anything these days, including real estate and investing.
Bigger Pockets is the largest online community of real estate investors on the web. The site contains blogs and forums on all types of real estate investing. It is a great place to network, educate yourself, and share your knowledge of real estate with others. They have their own podcast and books too.
Out of all the real estate podcasts out there, The Real Estate Guys Radio, is my personal favorite. The hosts Robert Helms and Russel Grey have decades of real estate experience and often discuss multifamily investing. The show covers various topics including, investment philosophy, market research, finance, and management. Occasionally they will discuss the overall financial and political environment, as well as other asset classes. Popular guests on the show include Robert Kiyosaki, Ken McElory, Donald Trump, and more.
Other notable podcasts include
- The Apartment Building Investing Podcast with Michael Blank
- Old Capital Podcast
- Jake & Gino
- The Best Real Estate Investing Advice Ever Show with Joe Fairless
Networking Events, Seminars, and Mentorship Groups
Books and online education can only take you so far in this world. Real estate investing, like many things, is a relationship based business. At some point, you have to go out there and start meeting people and taking action. After all, knowledge is useless without implementation.
You can find real estate events and seminars through your local Real Estate Investment Association (REIA), MeetUp.com, or on Bigger Pockets. At these events you will find experienced investors that you can learn from or invest with, as well as other newcomers that might prove to be valuable partners at some point.
For those in the Long Island or NYC area, you can click this link to join the MeetUp group that I attend on a monthly basis.
At some point, it may make sense to join a mentorship or coaching program to get into your first investment or take you to the next level. There are a lot of groups out there and the cost to join can sometimes be quite expensive, so its best to know what strategy you would like to pursue prior to making that leap.
The Bottom Line
Whatever asset you choose to invest in, start by educating yourself first.