Passive investors rarely get the opportunity to gain the hands-on experience other investors have. While this can save them from the pitfalls of their inexperience, it holds them back, too. As a passive investor, experience and education aren’t about the doing. They’re about the knowing.
Educated investors can hold better, more beneficial conversations with their advisers. They can ask the right questions and identify the red flags. Ultimately, this creates more confident investors – the ones unafraid to seize an opportunity!
While you might not be an investor in the trenches, knowing the industry inside and out empowers you to make the best decisions for your long-term passive wealth.
Simple Ways to Further Your Real Estate Investment Education
1. Real Estate Courses or Workshops
If you want a more structured, formal education experience, enroll in real estate courses or workshops at local colleges, universities, or online platforms. Look for real estate investing, property management, real estate law, and finance courses. Websites like Coursera, edX, and Udemy offer a wide range of related courses.
These are great if you don’t want to take an in-person class and prefer the flexibility (and lower cost) of online learning. You can audit a class for no credit, but many institutions demand the full price to participate. There may be specific programs for older students to reduce or eliminate these costs. Check with your local university if you’re interested!
2. Books and Media
Read books and publications related to real estate investing. Some classic real estate investment books include Rich Dad Poor Dad by Robert Kiyosaki, Real Estate Investing for Dummies by Eric Tyson and Robert S. Griswold, and The Millionaire Real Estate Investor by Gary Keller. And don’t forget The Turnkey Revolution by our very own Chris Clothier!
Additionally, subscribe to real estate news publications and magazines. These sources can provide up-to-date information on market trends, regulatory changes, and investment opportunities. Books are more evergreen, while these publications will be more agile.
3. Forums and Blogs
If you’re here reading this, you’re on the right track! Participate in online forums and follow real estate blogs. Websites like BiggerPockets, Reddit’s real estate investing subreddits, and other real estate-focused blogs offer valuable insights, discussions, and advice from experienced investors. Just remember to check the credentials of anyone you read – their advice may not be relevant or worth it!
4. Podcasts and Webinars
Podcasts are a great way to learn on-the-go. Many successful investors share their knowledge, experiences, and strategies through podcasts. You can play one or two on your commute or while running errands. Additionally, there may be relevant webinars to sign up for. Block out a weekend to virtually attend.
Seek out a mentor in the real estate industry. A mentor can provide guidance, share their experiences, and help you navigate the complexities of real estate investing. Look for local real estate meetups or associations where you can connect with potential mentors. Mentorship is a commitment – so be prepared to forge a lasting, meaningful working relationship.
Attend real estate conferences, seminars, and networking events. These gatherings provide learning opportunities from experts and connections with potential partners or collaborators. Not every relationship will be worthwhile, but making these acquaintances is wholly beneficial. You’ll be able to share your experiences, commiserate with struggles, and find support and advice when you need it.
7. Financial Analysis Tools
Learn how to use financial analysis tools and software for real estate investment analysis. Understanding tools like Excel, real estate investment software, and financial modeling can help you make more informed investment decisions. Even if you don’t use these tools daily, familiarity will help you analyze their content more meaningfully.
8. Government and Industry Reports
Keep an eye on government reports and industry publications for data and insights on the real estate market. These sources can provide valuable information on economic trends and regulatory changes. The National Association of Realtors (NAR) often produces industry reports. You can also find thorough analysis from Federal Reserve Economic Data (FRED).
Passive investors would be wise to dabble in each of these avenues at one time or another. We get it – busy professionals can’t do it all. However, cycle through these options as they fit your availability, need, and stage of life. You won’t regret your journey to investor expertise!
The passionate passive investor community is just one aspect of what makes REI Nation the best in the business.