Welcome to another episode of Ask Marco where I answer your investing related questions. If you are new to this podcast, remember to click that subscribe button. So you never miss another episode of this great show. I want to teach you how to create wealth and passive income with real estate, so you can achieve financial freedom. That is the ultimate goal because that leads to time freedom. So I guess you could say time, freedom is the ultimate goal. It's not about the money and it's not so much about having all the money in the world and being rich or wealthy. It's really just to live life on your terms and enjoy it with your friends and your family and be able to do what you want to do with it, which is a good segue into today's question, which comes in from Lucy, and Lucy says, hi, Marco, I'm a 30-year-old woman living in Buffalo, New York, looking to purchase my first rental property next year. I'm having a hard time understanding the real estate lingo and therefore get discouraged from pursuing this venture.

I think Lucy, we all have this problem, even with more experience under our belt. You're always learning in this industry. There are things that are going to come across that are just new and you have to look it up, whether it be something related to cost segregation or a negative amortization loan. I mean, these are things that you don't normally hear day to day. Anyway, you go on in your email to say which educational resources would you recommend besides your very helpful podcast that can break down the real estate buying process in layman's terms.

Thank you, Lucy.





All right, Lucy. Thanks for submitting the question. Great question. I think there's a lot of people who are looking for either tips on getting started, or just, how do I begin investing in real estate?

So here are five or six things I would recommend for you and anyone else listening to this as far as getting started or strengthening your existing position because maybe you're not exactly a newbie, a beginner, maybe you've already purchased one or two properties, or maybe you have 5 or 10 and you still feel like you're just beginning and you are still green. My first rule of my 10 Rules of Successful Real Estate Investing is to educate yourself. And that applies regardless of whether you are a beginner or a seasoned real estate investor. So I'm just going to recommend three books. Now I'm not specifically recommending these three books because they are the be-all and all, or the only place to start. It's just three that I know are very good. And even if you just read one of these, you will be much further ahead, but this will help to build that real estate lingo and understand the real estate investing process, the parts, how they fit together, and what to look for and what to avoid.

And by the way, I have a book coming out later this year. In fact, it should have been out already. It's in manuscript form right now. So just keep an eye out for it. I will certainly email and notify everybody and mentioned it on the podcast when it is available, but it will be definitely yeah. A good primer for you or someone like you. That's looking for that foundation. So the three books I would recommend for now in no particular order are the ABC's of Real Estate Investing, it's by Ken McElroy, my buddy, Ken, who is a Rich Dad advisor. And it is a very, very good book. It is fairly comprehensive but doesn't cover everything. And so this is why reading two or more books is going to be helpful because you're going to have overlap, but you're going to have some additional information that is not available in just anyone book.

And this is the whole reason why you should be a perpetual student, just always be learning. The other book I would recommend. The second one at least is believe it or not a Dummies Book, Real Estate Investing for dummies. And that does not imply that you are a dummy. It covers a lot of very, very basic stuff,