Today, Joe Calloway lets us in on the go-to books that taught him the most relevant information to succeed in real estate investing.
In addition to books, there’s resources all over the internet. Absorb trustworthy information from mentors, podcasts, and other sources around you.
Mike: Welcome back to the Flipnerd.com REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Joe: Hi, I’m Joe Calloway with reinvestorprofessor.com and RE360 Real Estate. We are on the REI Classroom. And today, we are going to be talking about real real estate education and how this seasoned pro gets his education.
Mike: This show was sponsored by passiverental.com.
Joe: So books, everyone wants to read the fancy books about flipping and getting rich. But I have found some of my best educational resources have been the boring books. One of my favorites is called “The Real Estate Game.” It is by an author named Poorvu. This is a very, very, relatively boring book with great content about investing, about how real deals get done, both residential and commercial. One of my other favorite books is “Real Estate Principles.” It’s the textbook you use in real estate classrooms. MBA programs use it.
I loved this book because it gave me real world content about important facts, things like the bundle of sticks, which is extremely boring, and how the real estate deal actually goes down. It also opened my eyes to how REITs operate and how capital stacks work. So expanding your horizons beyond simply flipping houses or flipping properties to all aspects of real estate makes you are more competent real estate professional.
The next thing, when I started out, YouTube was not that great. The Internet was there, but not that abundant. Today, you can find everything you need to know on iTunes. We’re sitting here with Flipnerd, and I watch every one of these episodes from start to finish. Why? I might know some of the stuff, but I will get one little nugget out of every episode that is going to hit it home with me and save me money, stop me from making a mistake, reinforce something in my head that I might not be doing, that someone goes, “Hey, don’t forget to do X, Y, Z.” So use the resources that you have like Flipnerd.
YouTube is amazing. If you can’t find what you need to know on YouTube, you’re not looking hard enough, and the best part about it is it is free. Do you have to watch a couple of junky commercials? Sure. But this is a great resource to get all you need to know about real estate. And if you’re like me who happens to be a slow reader with a short attention span who came up in the MTV generation, YouTube keeps me focused a lot more than a boring book so it works out great for that as well.
The other thing is mentors. Getting an education through mentors, everyone thinks they have to find the biggest and best flipper if they’re flipping houses or wholesaling. But a mentor can be a business mentor. Keep in mind, we are flipping houses, we’re selling houses, we’re renting houses. But when it comes down to it, we’re running a business. And there are plenty of businesspeople out there who’ve done it before you. They might have sold widgets while you’re selling real estate. They might have flipped companies while you’re flipping houses. But these people can add valuable years and years of insight and resources simply by meeting up with them and talking to them.
When you’re meeting up with these high-value people, keep in mind their time is extremely valuable. You’re going to have to do some work, you’re going to get told, “No, I don’t want to take a meeting with you,” over and over and over again. But open the door to 10, 20, 30, 40 different professionals, experts, educators, and ask. And you will probably land one or two coffees, which is going to extract a lot of information, and maybe land that mentor that’s right for you to help you excel in your real estate investing and in your business acumen. We’ll see you on the next episode.
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Please note, the views and the opinions expressed by the individuals in this program do not necessarily reflect those of flipnerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
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