Today’s question comes from David and he says, hi, Marco. I truly appreciate your show and all the work you do, David. You’re very welcome. I read Rich Dad, Poor Dad because of your show. I have been building a team and found an excellent accountant, but want to know more about the legal issues I may come across. And many people have mentioned getting my real estate license with the additional benefits of access to the MLS. However, would it be more beneficial to take property management courses to at least have a base of legal knowledge to avoid expensive mistakes and be able to communicate better with my out-of-state property managers you refer. I listened to some property management podcasts, but they are not very structured.
Thank you again for your time.
David, thank you for your question. This is a good question. I guess let’s just boil this down to your core question here and that is, should you be taking various courses? And my answer to that is basically always going to be yes, and I say this for the following reason. My first rule of my 10 Rules of Successful Real Estate Investing is to educate yourself. You always want to be consistently adding to your body of knowledge is going to make you hopefully more intelligent, but if you use it properly and with some experience, it will certainly make you smarter and become more effective and become more objective and prudent and ask more intelligent questions. So whether you are studying to get your real estate license and get access to the MLS, which is always a nice bonus, it’s not necessary or mandatory. Don’t think that you have to go down that road.
In fact, you don’t even need to get the license. You can simply buy and read the books that one would read and study in order to take the test and get a real estate license without actually having the license. So if, if it’s the knowledge you’re looking for the body of information, just go ahead and pick and choose the books that make sense for you and read them and just learn them, study them. And now this is true for property management as well. The more, you know, the better questions you’re going to be able to answer. And you’re going to be able to identify problems, be able to determine the size, scale scope, and severity of the problem. You’re going to be able to assess it well and quickly along with your property manager or your attorney or whoever it may be that you are communicating with about the situation or problem or issue or opportunity for that matter.
So the more, you know, the more you grow, the more you learn, the more you earn, it’s just a good idea to constantly feed yourself good information from different books on different subject matters about different things, whether it be economics or precious metals or accounting or real estate fundamentals for your real estate license or property management, you name it. I mean anything to do with health, wealth, and wellness and happiness. So that’s a long answer to your short question. So I would say that just educate yourself in the areas you feel weak or that you need to know more or that you would like to learn and know more about if that’s property management. Fantastic. I went to amazon.com. I went to the books section just to make sure I filter everything else out. And I searched for the phrase, property management in quotes. And so I actually pulled up over 2000 results for books on property management.
If that’s something you’re looking for, the two books that pop to the top of my mind are one from Brandon Turner. It’s a bigger pockets book called the book on Managing Rental Properties. This is more about a do it yourself perspective, but it covers a lot of the fundamentals and the important key things that you need to know. It’s more than you’re going to need to know. Another great book is actually from Ken McElroy. He’s one of the rich dad advisors. So if you’ve already read Rich Dad, Poor Dad, this would be a great next book, if you will. And it’s called the ABCs of Property Management: What You Need to Know to Maximize Your Money Now. And that would be a book that I would recommend as well. So as you can see, there is a ton of great and available information. I think what you’re looking for might be in the form of a book, not so much a podcast, just based on what I’m reading.
So courses, books, podcasts, whatever it may be, if it’s good information, if it’s useful and helpful, then go ahead and dive in and learn what you can and it’ll make you a better person and a better investor. Okay. Well, David, I hope that helps. I appreciate the question and I will leave you with that. If you are stuck, just hit me up and I will guide you a little further on this one. Okay. All right.
Well, anyways, for everybody else, if you have a question about investing finance or real estate and you’d like me to try to get to it on the show, don’t hesitate. Just go to AskMarco.com or passiverealestateinvesting.com and look for the Ask Marco link at the top. We are going to be rebuilding that site completely from scratch here this year very soon. So look for an updated website. That’s it for today. Remember to subscribe, thank you for listening. I will see you all on our next episode.
Are you having a hard time finding great investment properties? Unfortunately, the best deals are rarely found locally successful investing begins with the right properties in the right markets. Norada real estate provides everything you need to invest in the best deals across the US. Our simple proven system will help you create real wealth and passive monthly cash flow. Get your free copy of the ultimate guide to passive real estate investing at www.NoradaRealEstate.com/guide.