In today's solo episode, Darin shares his thoughts on how to get educated in the industry. He discusses the benefits of joining a multifamily mentorship group, including networking opportunities and access to third-party companies. For those who may not have the funds for a mentorship program, Darin suggests attending free meetups, listening to podcasts, and reading books to gain valuable knowledge. Join us as Darin dives into the importance of continuous education and taking action in the real estate investing world.
Episode Timestamps
- 00:00 Get educated: Join mentorship group for success.
- 03:41 Continuous learning from books, podcasts, and events.
Episode Table of Contents
- How to Get Educated in Real Estate Investing
- Getting Educated Through Podcasts
- The Role of Books in Real Estate Education
How to Get Educated in Real Estate Investing
The Crucial Role of Education
Darin lays the foundation for the episode by emphasizing the crucial role education plays in real estate investing. He delves into the various ways individuals can obtain the necessary knowledge to succeed in the industry. Darin also highlights that getting educated is a common piece of advice from syndicators when asked about what new entrants to the industry should do. This sets the stage for a deep dive into the various avenues individuals can explore to expand their understanding of real estate investing.
Learning from Industry Experts: "When I asked syndicators what should someone new to the industry do, the answer is typically get educated." — Darin
Get Educated: Join a Multifamily Mentorship Group
Darin strongly recommends joining a multifamily mentorship group for those who can afford it. He outlines several key benefits of this approach, including being surrounded by like-minded people. Learning from both the mentor and other group members, gaining access to helpful third-party vendors, meeting potential partners, and connecting with potential limited partners to invest in deals. The main downside Darin notes is the high cost of some programs, ranging from $10,000 to $35,000. He acknowledges this may not be feasible for everyone but was hugely worthwhile in his own experience by enabling him to learn and avoid expensive mistakes. Darin names some of the top multifamily mentors in the industry who run groups.
Get Educated: Attend Free Real Estate Meetups
For those unable to afford a formal mentorship program, Darin advises attending free real estate meetups found via the Meetup app. While admitting it can be intimidating at first, he strongly encourages pushing past the initial fear and discomfort to start benefiting from the learning and connections these groups facilitate. Darin emphasizes meetups enable people to begin educating themselves for free by interacting with others interested in multifamily real estate investing.
Overcoming Fear of Networking: "You're scared and you don't know what to say. You don't wanna go alone. Everyone felt the same way the first time they went to a free meetup. Get over it and go. You will meet some great people and you will start to learn." — Darin
Getting Educated Through Podcasts
Darin's Initial Experiences
Darin emphasizes the significance of podcasts as a valuable resource for learning in the real estate investing space. He shares that when he was first starting out, he found great benefit in listening to podcasts from experienced investors like Rod Khleif and Joe Fairless. These podcasts provided Darin with useful education and perspectives as he entered the industry.
The Wealth of Knowledge Available
Highlighting the wealth of knowledge and diverse perspectives available through podcasts, Darin encourages listeners to leverage this medium for continuous learning. There are many real estate investing podcasts that can provide exposure to different industry insights and strategies from experienced professionals. Darin sees podcasts as an excellent educational tool given the range of investors sharing their lessons learned.
The Importance of Continuous Learning: "Here's the thing. I'm still getting educated, and I started 5 years ago. I still read books. I still listen to podcasts, attend conferences, etcetera." — Darin
The Role of Books in Real Estate Education
The Timeless Classic on How to Get Educated
Darin underscores the importance of reading as a foundational aspect of education. He recommends the timeless classic "Rich Dad Poor Dad" by Robert Kiyosaki as essential reading material for those new to real estate investing. Acknowledging his ongoing commitment to education, Darin shares his personal journey of continuous learning, emphasizing that even after five years in the industry, he remains dedicated to reading and expanding his knowledge through books and other educational resources.
Taking Action in Real Estate Investing: "You will never fully arrive. But you start by educating yourself so you have enough education to start taking action and getting involved." — Darin
The Ongoing Nature of Education
By stressing the never-ending nature of education in real estate investing, Darin instills in listeners the notion that education is not a destination, but a continual journey. He espouses the idea that education should ultimately equip individuals to take informed action and actively participate in real estate investments.