Hi community
Yes, another newbie here - but I want to ask experienced Investors and others about how to learn the "measured" way.
I've
been listening to the BP podcasts for over a month, have seen &
attended Brandon's webinars, and have read great posts/articles here -
but I still fail to find a structured approach and learning.
Despite being a newbie, I'm more old-school in that I'd to have a solid foundation of understanding the basics.
Some questions I had;
- working out formulas using my own hand so I know exactly what I'm doing, instead of initially relying on the BP Calculators
- what's an NOI, Cap Rate, CapEx,
- how to estimate repair costs by just seeing a property on Redfin
-
Living in L.A., is it better to start house-hacking in an expensive
market (how can I even get in), or go out-of-state where entry-level is
more approachable.
I have tons of these logistical questions. I guess I'm looking for a more sequential, progressive way of learning.
So
any recommended ways to go about learning this? I see a course by Coach
Carson. I know people take Real Estate courses (not terribly interested
becoming an agent, would happily partner with someone who is - but am
willing to if it'll be invaluable), or should I just read books?
Currently, here are the books I'm reading;
- Real Estate Investing for Dummies (by Eric Tyson and Robert S. Griswold)
- How to Invest in Real Estate - the Ultimate Beginner's Guide to Getting Started (by Joshua Dorkin and Brandon Turner)
- The Book on Rental Property Investing (by Brandon Turner)
I've
attended some BP webinars, I already get the whole Brandon buying his
daughter those 3 rental homes that'll pay for her education, etc etc.
Yes I'm motivated already - but I'm looking for a structured way to
learn this.
Also - side bar, I rent in a rent-controlled
apartment in LA. While I'd ideally like to house-hack in Los Angeles,
I'm afraid the entry-level price here is too high, which is why I'm
interested in investing in multi-families out-of-state. I'm hoping my
education, which you guys will help me figure out, will guide me in
seeing if I should invest out-of-state while still paying L.A. rent.
Isn't that a zero-sum game?
Sorry if my post is too long. I'm not
here to ask "hey newbie here, any tips?" - I'm seeking to learn by
experience, but only after learning the fundamentals (the math) and then
jumping in.
PS - I really enjoyed listening to the podcasts of James Wise, Cory Binsfield, Mike McKinzie, and liked listening to an L.A. investor who invests in out-of-state (I forgot his name, but remember his Milwaukee partner's name is Dawn @ Core Properties). Thank you guys, if you're reading.
