4 Steps to Get Started in Real Estate Investing

4 Steps to Get Started in Real Estate Investing

1 min read
Tarl Yarber

Tarl Yarber is the CEO and founder of Fixated Real Estate LLC, a Pacific Northwest leading investment company with over $45MM in single family residential properties purchased, rehabbed, and re-sold.

Experience
Within a four-year span, Tarl has never had more than four team members (including himself) at any one time, averaging 17 simultaneous projects going on at any one time. How? Systems! Systems that allowed him and his wife to run their business from their phones and travel the world 102 days in 2018 alone.

With over 600 real estate transactions under his belt since his career began in 2011, Tarl and his team are considered experts in the investment industry and specialize in real estate systems for success. Tarl has been a guest on episode #189 of the BiggerPockets Podcast, along with numerous other shows, including Target Market Insights, The Nuts and Bolts of Real Estate Investing, Landlord Survival Radio Show, The Real Estate Foundation Podcast, Real Dealz, and Simple Passive Cashflow.

After creating Fixated on Real Estate, the No. 1 Pacific Northwest real estate meetup for investors, and the PNW Big Badass Real Estate Wealth Expo, the largest real estate conference in the PNW, he has become passionate about helping others scale their businesses to the next level.

In the last few years, Tarl has been fighting his addiction of fix and flip and focusing on a new passion: BRRRR investing. Since he started working on BRRRR, Tarl and his team have accumulated 22 single family rentals in the Seattle market (in addition to their usual fix/flip volume). Why is this awesome? The average BRRRR in his portfolio has less than $5,000 of capital left in the projects, with an average LTV of 63% and an average net cash flow between $400 to $500/month.

Tarl has taken his years of experience in rehabbing houses that were about to fall over and transferring that experience in mastering the BRRRR method.

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This post is going to be simple and to the point. These are the first four steps a new investor should do when they’re getting into real estate, based on my personal experience.

How to Get Started in Real Estate Investing

  1. Network with experienced investors.

The No. 1 thing I would tell anybody is to go network with other investors. Whether you do it on BiggerPockets, attend local meetups, whatever—go do this.

Related: 12 Simple Tips For Beginner Real Estate Investors

  1. Find a mentor.

The second thing is definitely find some sort of mentor, somebody who might be able to help you out in some way. If you don’t know how to do something yourself, there are plenty of people who do. And just because one of them turns you down doesn’t mean that other ones will. So keep fighting until you find one.

  1. Offer something in return.

Third, when you’re going to find that mentor, don’t be “that guy” or “that girl,” who’s super annoying and asking for so much but not giving any help in return.

Related: The 3 Most Common Real Estate Myths Beginning Investors Believe

  1. Know your strategy.

The No. 4 thing is strategy. Know what you want to do in real estate investing. If you do not know what you want to do, then go do little tests and figure stuff out until you find what you’re attracted to.

My success did not start until I actually focused on one thing. There are so many areas of real estate. People say, “I’m going to flip a house, I’m going to BRRRR, I’m going to buy rentals, I’m going to buy multifamily, and I’m going to do a syndicate.”

They start because it all sounds great; they’ll make lots of money. But they suck at all of them. They never really take off.

So, in 2014, when I decided I was just going to flip houses, I had my largest financial success. I was able to get better margins, better focus. Now I can add other things to it since I have a strategy in place and a focus.

That’s it! Those are the four steps I’d recommend.

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What tips would you add to this list? What’s your best advice for newbies?

Share in a comment below.