I joined WiscoREIA this week! It took a while for me to get sold on rentals. I had to listen to a lot of books and podcasts before I got behind the idea of renting. I have wanted to do real estate flipping for years but was leery to get into investing. What I have learned, is passive income is key. Without passive income, you are working to get your paycheck instead of letting your paycheck work for you.
Here is a list of books that helped me realize passive income is the most important part of income.
- “Rich Dad Poor Dad” by Robert Kiyosaki
- “Buy Rehab, Rent, Refinance, Repeat” by David Greene
- “The Book on Rental Properties” by Brandon Turner
- “Rich Dad’s Who Took My Money?: Why Slow Investors Lose and Fast Money Wins!” by Robert Kiyosaki
- “Rich Dad’s Guide to Investing: What the Rich Invest In, That The Poor And Middle Class Do Not!” by. Robert Kiyosaki
I went to the local REIA meeting in Eau Claire a few months back and decided it was something I wanted to start doing. AJ, one of the guys that runs the WiscoREIA in Eau Claire, offered to take Ryan, Ryan’s wife, Eva, and I to the Appleton WiscoREIA. It was a three hour drive but it was fun to see all the types of people in real estate investing. There was around 40 members in the room and over half of them have done deals together. They had an accountant, who specializes in real estate accounting, and who does a lot of accounting for the members there. There was a title company who sponsors the group and is their go to title place. There were contractors and clean up crews who have done work or will do work with members in the room. There were wholesalers, hard money lenders, and others partnering to find deals, get financing, or work together to make a deal work. It was super neat to see a group of people, so willing to work together, to meet individual goals.
After going to a meeting in Eau Claire and talking with AJ, it does not seem like Eau Claire has a community of helping. Real estate in Eau Claire is a lot more self driven, not as many people working together for a greater good. I am hoping as time progresses, Eau Claire can become a community of helping and collaborating like Appleton. I am looking forward to more WiscoREIA meetings in Eau Claire and am excited to work together with individuals who are like minded.
My goals right now in real estate are to get 5 rental units this upcoming year and do at a minimum 1 flip this upcoming year. I will keep everyone posted on how well it goes and if I reach my goals.
If you are interested in real estate investing, read some of the books I listed above and look up your local REIA.
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