Real Estate Resources/Tools I Use

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Most people who know me know that I am into real estate. I’m very much a novice, but I see a lot of people wanting to get into it. Some have even asked me about it, or where to start. I have done a lot of research. I listen to a lot of podcasts, read a few books, and read websites. To that end, I thought I would share what I have learned and throw some resources out there that I use and have used for other people to use.

What I have learned so far through my small amount of experience and advice that has helped me:

1) First step is to figure out your goals.

Do you want to flip houses? Do you want to Buy and Hold? Do you want to develop and sell? Do you want to build on vacant lots and rent them out? What’s your income goal? Do you want to replace your income and stop there?

The steps to do this are listen to the podcasts that I recommend later in this article. The recent Bigger Pockets one about the “freedom number” was good for me. It will help you figure out your goal.

For example,you might have a goal of 2 properties per year cash flowing $200/month or something like that.

2) At the same time learn all you can about your market. If you’re willing to travel, what about other markets around you? I am in Richmond, and know nothing about, say, the tidewater region, but your local REIA groups or other meetups should help you there. Talk to people (in person, you can only do so much on-line).

3) Talk to a lending professional. Figure out if you can get financed and for how much. Knowing your own ability to get financed can tell you where to start.

4) Easiest (but not easy) way to get started is to use an FHA 3.5% money down loan to buy a duplex/triplex/4plex and get tenants to pay your PITI (Principal, Interest, Taxes, and Insurance). Once again, I don’t know what market you’re in and if that’s feasible. Use some sort of Calculator for real estate investing (such as Bigger Pockets calculators, for paid subscribers only) to figure out if the numbers work.

The things to account for in a Buy and Hold property are Principle, Interest, Taxes, Insurance, Vacancy rate, a percentage for repairs, possible HOA dues, etc.. The books I recommend later in the article will define all that for you.

5) Other successful investors, especially the ones younger than you and your same age, can be intimidating to someone who is working full time, making family time, and trying to make Real Estate work. A lot of these people who are constantly flipping and making deals happen are light years ahead of you in their real estate portfolio.

Don’t compare yourself to other people. Know what your personal goals are and reserve engineer them to lay out a rough outline (that will inevitably change over time).

6) Get started. NOW. There will never be a perfect time or the perfect property. The best way to learn is by doing imperfectly and learning.

Resources:

Number 1: Bigger Pockets (www.biggerpockets.com)

Bigger Pockets (BP) is basically a social network for real estate investors and the best starting spot. They have a free course called The Beginners Guide to Real Estate Investing. They have a weekly Podcast where they interview successful members of the website. Both of these are awesome ways to get educated. They have a blog where members write posts. They have calculators for rentals, flips, etc. to analyze deals (real estate transactions are referred to as “deals” by everybody for some reason). These are mega important for due diligence prior to investing.

The most important resource BP has is the BP Community. There are forums, ways to connect, etc. and it basically is a place for you to go give and get advice; share stories and information; and read through to learn. You can post your deal on the forums and ask people to analyze it, and they will usually look at your analyses and help you figure out whether it’s a good deal or not simply because they enjoy real estate. I have asked questions down to something about mudding drywall for my water heater closet.

Everyone wants to help other investors because real estate is not a zero-sum game and when you put good things out in the universe it pays you back with interest.

Also, totally worth it to pay for Plus, if not Pro membership if you are at all serious about real estate investing.

Podcasts

Aside from Bigger Pockets podcast, the number one tool that I use for Real Estate (RE) education are podcasts. I have 3 real estate related podcasts that I listen to religiously every week:

Bigger Pockets Podcast

I mentioned this one earlier. This is not the best quality podcast, but it is probably the most informative for just real estate. It is good for all levels of investors and covers a wide range of topics. One of the hosts Brandon, while very knowledgeable and nice, is very annoying to me (I think it’s his voice), but not so much that I won’t listen to this podcast. They interview Bigger Pockets members of varying levels of success and by listening to this you can learn strategies, see how other people off their investments, as well as be inspired.

The Real Estate Guys Podcast

Easily the most well-rounded, professional podcast out there. Robert Elms has been hosting a radio show for something like 25 years and has an enormous well of knowledge and contacts that he leverages to help investors, from buy and hold to flippers; and from novices to experts.

They cover all topics real estate related. They will also sometimes interview people about the Federal Reserve or other markets, just to give perspective to how economic news will affect real estate.

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Get Rich Education w/ Kieth Weinhold

This is the podcast that reminded me about wanting to invest in real estate. I heard him interviewed on Entrepreneur on Fire with JD and started listening to his podcast. That is what prompted me to FHA loan and house hack (a fancy term for living in one unit and renting out the other) a duplex. A lot of his episodes are just him telling you about a specific strategy, or part of a strategy. He outlines how to do the FHA loan on a multi-unit property. He takes concepts such as total return on Real Estate and breaks it down over an hour episode. He also does some inspirational episodes and interviews with people. All of his interviews are strategic and cover specific topics.

He’s big on using turnkey investment providers who buy, rehab, rent out, and some even manage a property for you out of your home market. I understand why he recommends certain ones on his podcasts, but sometimes it seems like his podcasts are a sales pitch for some of these companies. In my research though, I have found that most people have been happy with his turnkey providers, so maybe Keith is genuinely trying to refer people to good companies.

Books

I have to be honest in saying that I haven’t read a ton of books on Real Estate Investing, but these are ones I’ve read that were widely recommended.

Rich Dad Poor Dad by Robert Kiosaki

Of course there is the seminal Rich Dad, Poor Dad by Robert Kiosaki, which I mentioned a few months ago that I listened to on Audiobook. It’s basically the catalyst for you. It will shift your mind and the way that you think about money. It will shake you out of the mindset that you work, save up a bunch of money, and live off of that fixed amount of money through retirement. Lessons such as “work to learn, don’t work to earn” and buying assets with the money you earn instead of consumer stuff.

Most real estate investors will tell you they have read this book ,and many will tell you this was THE book that changed their lives forever.

Land Lording on Autopilot by Mike Butler

Okay, so you’ve purchased your investment property… now what? This book is highly recommended by several folks. If you’re not going to pay a property manager, then this is the book you need. Mike Butler has developed systems to manage his some-80 rental properties. He gives systems on tenant screening, managing those tenants, managing the property, writing leases, etc. This helped me wade through a lot of BS when finding a tenant for the duplex. Also ,when you buy the book, he gives you all the templates you could ever need for managing your properties.

Book On Real Estate Investing With Low and No Money Down by Brandon Turner

Another Bigger Pockets related recommendation (sensing a pattern here?). Brandon Turner wrote this book on how to use almost no money to get started in real estate. Strategies such as syndication, leveraging portfolio loans from local banks, using private/hard money, etc. He also talks about the FHA multi-unit strategy for first timers. It’s a great read and luckily Brandon isn’t the one who does the audio book version.

Full disclosure: I mostly listen to Audiobooks.

Real Estate Investment Groups

For education as well as finding deals, these local real estate investment groups are the way to go. It is full of experienced investors, hard-money lenders, potential business partners, and newbies who you can learn from, make deals with, or even teach a thing or two. I found two local ones in Richmond (Virginia) that I attend on Meetup.com.

Mentors

The best thing you can do is to find a mentor. I have a great mentor who I met through my Masonic Lodge in Reno (who is also my realtor) who is happy to give advice. I can never really let him know how appreciative I am of him, but he has no idea how much I value him being there for me when I have questions.

If you can find a mentor (probably your best chance is working for someone for free) it’s the best way to go. It could be someone you meet at an REIA group, on the street, a friend, or family member. They don’t always have to be older either.

If you want to get into real estate, I’d love to talk to you about it as a starting point, so feel free to hit me up!

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Tour Company Stuff, New Podcast Recommendations, WM 31, Star Trek, Musings

I haven’t written anything in a couple of months now, which is hurting my mission of this blog being the first thing that comes up when you Google my very unique name. I’ve still got to chase Spokeo and Quirky off of the first page of results, but that will come. I will take this opportunity to update y’all on happenings with the tour business (why I’ve been so busy), My Wrestlemania 31 predictions, some cool new Podcasts that I’ve been getting into, and pretty much just muse about stuff that I’ve been thinking about.

DSC01521Big Things For the Tour Guys

Big things going on for me with the Richmond Tour Guys. First off, tour season has restarted! I finally get to give tours again. I’ve even brought on 2 guides so I can have some weekends off occasionally. One of them is a recent VCU Grad with a degree in History and the other is long time Church Hill (the oldest neighborhood in Richmond) resident who will be doing 2 tours of Church Hill per month.

That reminds me, I have added a tour of Church Hill which will take place on Saturdays at 3:30 PM and Thursday evenings at 5:00 PM. I’m very excited for these as Church Hill has so much rich history share and the tour ends around a pub, so I may be able to have a pint or two with some of the more interesting tour attendees.

I was also contacted by Taylor’s Classic Travels that has a trolley that they rent out for private events, wine tours, brewery tours, and weddings. They have been hired by The Brownstone and Butler’s Unique Catering to do a tour of Church Hill and are using me to guide the tours. I’m very excited to make this connection and work with Terra and Joe.

If you want to buy tickets to this all-you-can-eat brunch, ride a trolley, and witness me blow your mind with my awesome tour guiding, the link is here.

After I get back from visiting family and friends on the West Coast in June, I’m going to start charging for tours and see if this has legs as a full-fledged business. So if you want to come on the free tour, get it while it lasts!

I’ve also had a ton of other opportunities come my way as well that I’m working on, but can’t mention yet on such a public forum…..

New Podcasts

Entrepreneur On Fire: Since the tour business has been going so well, I have decided that I need to update my business IQ. Since I have no formal business training and I am too busy to read any non-history related books since I’m writing and developing two new tours; I get it in during my morning cleansing ritual (shower, shave, getting dressed, etc.) and driving time (which I have much of) via Podcasts.

Entrepreneur On Fire has given me some, as the host John Lee Dumas would put it, “mind blowing insights” into my business. Basically, he spends a half-hour interviewing various entrepreneurs about their business, how they built it, and finding out their habits. I have gained more insight into how to run, market, and view my business than I could possibly have otherwise.

Ironically enough, the first one that I listened to was an interview with a guy who started Museum Hack which gives entertaining tours of museums in New York.

I was hooked.

Now I listen to the almost every podcast Lee puts out. If you are an entrepreneur, side-preneur (me!), or want-repreneur, this is a great Podcast to check out. It has quickly risen to the top of my podcast Queue.

What the Speak!: This Podcast is all about Public Speaking. Bryan Kelly interviews public speakers of all sorts and learns about their journey, which teaches me all sorts of tips and tricks.  Being a Tour Guide, a lot of what I do is performance based speaking. Since I have no formal education in public speaking (other than a one semester Speech class Freshman year of college where my final project was an epic speech on the word F***) I decided to look for a podcast on the topic.

One Google search later, lo and behold, What the Speak comes up. It really put what I do into perspective. Even without being able to see myself giving tours, I can already see things that I need to work on and improve.

The Thomas Jefferson Hour – Switching gears, this podcast is all about the most famous of Virginians… Thomas Jefferson. Clay Jenkins, award winning Humanities Scholar and Thomas Jefferson researcher, gives in-character interviews as Thomas Jefferson to give his view. It sounds really hokey, but it is one of the most incredible podcasts that I listen to. Jenkins has studied Thomas Jefferson so in depth, that he flawlessly answers questions off the cuff, citing primary sources for reference.

Actually, learning about Thomas Jefferson and all that he accomplished in field literally ranging from A to Z (he even knew how to tie arteries!) will really make one feel intellectually inferior.

Wrestlemania 31 Predictions

Wrestlemania 31 is coming up  and I’m not super thrilled about the card.

The match I’m most looking forward to is Bray Wyatt vs. The Undertaker. Now that the Undertaker has had his streak broken (last year by Brock Lesnar) it’s fair game as to whether he can win or lose. There’s no assumption that the streak will continue because it’s been broken. They could have Taker lose, and have that be the nail in his coffin as he passes the torch to the self-titled “New Face of Fear” Bray Wyatt, or he could win and redeem himself. I hope he loses and rides out into the sunset…. although by the looks of it he may have trouble getting on the horse. It’s a tossup, but I’ll say Wyatt wins which will fit into the narrative on next year’s Wrestlemania where Undertaker will hang up the boots if he loses and his opponent is some heel who just wants to “put him out of his misery.”

Triple H vs. Sting will be good. They are both incredible in-ring storytellers. Seeing Sting in action in front of 80,000 people again will be nuts. He’s been in small arena’s with TNA for the last 12 years. It’s hard to say who’s going to win, but my money is on Sting to fit with the Wrestlemania hero’s win narrative. The match will be very good.

John Cena vs. Rusev is a feud that I have really been enjoying. There’s just something so old school and nostalgic about a Russian talking smack about the US and the hero standing up and fighting for the country he loves. (Rusev’s actually Bulgarian, but WWE doesn’t have much regard for the geographic knowledge of their audience). They had a really good match at Fastlane and I think this one will be good as well. Cena goes over for the feel good moment.

Roman Reigns vs. Brock Lesnar…. eh.. the build up to this has been atrocious. I mean it’s basically Paul Heyman giving awesome promos and Roman Reigns fighting off the Authority. I like Roman Reigns, but I don’t buy him as a Wrestlemania main eventer. Not yet at least. Lesnar has officially re-signed with WWE, so I think he wins since Reigns is proving to be a non-starter for much of the WWE Universe. I still think Rollins is going to cash in Money in the Bank at WM 31.

By the way, that crowd is going to be very ruthless to Roman Reigns.

The Intercontinental Title Ladder Match is going to be a fun match, but there are better ways to use the guys who are going to be in it. Daniel Bryan was main-eventing Wrestlemania last year and now he’s been jammed into a match with 6 other guys who have nothing else to do on that Sunday night. The build up has been somewhat amusing, mostly thanks to R Truth’s antics, but overall it’s a real non-starter. I say Bryan captures the title in order to bring some prestige back to it.

The Bellas vs. AJ and Paige is also a real non-starter, mostly because I do not like the Bella Twins. Nikki is so sloppy and unbelievable as a credible threat. Paige and AJ can wrestle circles around them. Either way, it’ a Divas match, so the WWe will probably either give them 3 minutes or just bump them when Sting/Triple H goes too long. Because that’s what WWE does to Divas at Wrestlemanias. Paige and AJ for the victory.

Andre The Giant Battle Royal: Who knows? After Cesaro won last year and was summarily buried, it doesn’t feel like this Battle Royal matters as much as it did last year when it was new and could potentially be a stepping stone to greater things. I don’t rightly know who will win; or care for that matter. So…uh… let’s jut say that…uh…. Curtis Axel wins and gets pushed to the stars! Axelmania!

Star Trek

A few months ago, I decided to watch Star Trek, the original series on Netflix. I had never watched it before and had a much different idea of what it was in my mind prior to watching it…..

Zounds! What an incredible show! I mean the production value isn’t incredible, but the messages and morals are mind blowing. Spock’s insights into humanity from a purely logical perspective and his verbal exchanges with Captain Kirk are highly entertaining. The show really makes one think about humanity and society’s faults as well as our greater qualities such as a soul and free will. Things that we take for granted are put on display in different species that lack these things.

I’m almost ashamed I hadn’t given it a chance before. I’m smack dab in the middle of season 2 right now.

Other Thoughts

  • I was at Sweetfrog by the theater the other day waiting for my beautiful girlfriend to meet me and ventured over to see what was playing and realized I had never heard of any of the movies that were playing. You see, Melanie and I cut our cable cord a year or so ago and have not looked back since. Between the internet, Netflix, and Hulu, we don’t miss anything AND we get to save money and not watch all of the commercials. The commercials we see are not the same as they are on actual TV so we never see movie previews. I’m pretty sure they’re all going to be terrible anyway. Anything that’s grandiose enough to win awards is not worth paying to see in theaters anyway when it will be out on VOD and DVD in 2 months.
  • Light beer is disgusting. I use to drink it if it was present at a gathering. I liked it okay. I accidentally bought Yuengling Light the other day and was severely disappointed to taste that flavorless beer when I was expecting delicious Yuengling.
  • Yuengling, for my West Coast compatriots who haven’t heard of it, is a great East Coast beer. It’s like a step above Bud/Coors/Miller in terms of taste and maybe $1 more expensive for a 6-pack, but not quite as expensive or heavy as craft brews. I had never actually heard of Yuengling until I moved to the East Coast, because apparently it isn’t distributed West of the Mississippi. It is the oldest brewery in the country, by the way.
  • I want to have a Podcast in the worst way…. soon…..

Remember everybody, Matthew Maggy says “zip it up and zip it out!”