Enjoying the Process

[Ashley K. Butler]

Hey BP Community!

I want to know what other newbies are doing and seasoned real estate pros have done to enjoy the process along the way when they were getting started?

I am still in the process of looking to become prequalified within the 3-6 months for either VA or FHA Loan.

I am looking for W-2 work, as most of the lenders, agents, and other real estate pros have said with being self-employed at least 2 years of income is required, and I just started my wine tour LLC business back in July and that won't fly 🤦🏾‍♀️. I hate to put business operations on hold, but I want to get my first real estate deal done before summer 2023 and am laying the framework to do so.

I’m building myself back up from ground zero after all the not-so-great things that have happened this year like many of you have done or are doing.

Other than looking at my goals, telling myself it’s going to get better, working and believing in my plan, and being content with the process, what are you guys doing?

Is it more reading, podcasts, events, or something else?

Just want to know.

[Jason Wray]

Ashley,

Do not forget to look into other loan programs as well where SE seasonig is not a factor, You have the DSCR program, Bank Statment program, and No Ratio programs. They do require a little more down than 3.5% like FHA. But they can be done for 10%-15% down and in some cases can get you into a rental sooner than later.

You also do not need 2 full years for VA & FHA there are loopholes.

[Anibal Mijangos]

Definitely focus a lot of your energy on relationship building too. Your network is huge when doing real estate deals, especially the first few. People can point you in the right direction, help you out on a deal, or even get you a new deal. I recommend going on platforms like meetup and eventbrite to check out what events are going on in your local area. 

[Ashley K. Butler]

Quote from @Jason Wray:

Ashley,

Do not forget to look into other loan programs as well where SE seasonig is not a factor, You have the DSCR program, Bank Statment program, and No Ratio programs. They do require a little more down than 3.5% like FHA. But they can be done for 10%-15% down and in some cases can get you into a rental sooner than later.

You also do not need 2 full years for VA & FHA there are loopholes.

 Jason,

Yes! I have looked into that, as well, am working to save up for a down payment, as most of savings has gone into building my business.

I will look into more research for the loopholes with the VA & FHA options, also.

Thank you for the insight!

[Ashley K. Butler]

Quote from @Anibal Mijangos:

Definitely focus a lot of your energy on relationship building too. Your network is huge when doing real estate deals, especially the first few. People can point you in the right direction, help you out on a deal, or even get you a new deal. I recommend going on platforms like meetup and eventbrite to check out what events are going on in your local area. 

 Hey Anibal!

Yes, I am new to the SATX market, and that has been a lot of what I am doing for both my business and with real estate, is just primarily going to events and connecting with people (agents, lenders, buyers, sellers, etc.)

I have mostly looked at the meetups on BP, but will also look into the ones on the Meetup and Eventbrite apps.

Thank you!

[Ruben Loredo]

Hi Ashley and welcome to the SA market and BP.  I consider myself a newbie still to real estate as I've only been active in it for 18 months and finished closing and starting my first rental.  For me it was always hustling and learning something new everyday until I closed my first deal. Then it was testing out my process and plan.  I went live this month as an STR but am moving into the MTR space.  Aside from that, I'm looking for the next property; probably a house hack of a multi-family in either San Antonio or Houston.  Good luck on your journey.

[Hamp Lee III]

Quote from @Ashley K. Butler:

Hey BP Community!

I want to know what other newbies are doing and seasoned real estate pros have done to enjoy the process along the way when they were getting started?

I am still in the process of looking to become prequalified within the 3-6 months for either VA or FHA Loan.

I am looking for W-2 work, as most of the lenders, agents, and other real estate pros have said with being self-employed at least 2 years of income is required, and I just started my wine tour LLC business back in July and that won't fly 🤦🏾‍♀️. I hate to put business operations on hold, but I want to get my first real estate deal done before summer 2023 and am laying the framework to do so.

I’m building myself back up from ground zero after all the not-so-great things that have happened this year like many of you have done or are doing.

Other than looking at my goals, telling myself it’s going to get better, working and believing in my plan, and being content with the process, what are you guys doing?

Is it more reading, podcasts, events, or something else?

Just want to know.

Sorry…issues with phone on post.

Welcome to SA! I'm new here as well. I started my investing journey via VA loans. I have three rentals and one primary residence. Three of them are VA loans. This will probably be your "lowest entry" route.

And when you buy, focus on multifamily. I just received my license and reports show that more multifamilies are being built, but they sit on the market longer. There is an opportunity to seek there.

Keep educating yourself and get yourself ready to take your first step. There is also a local Active Duty Passive Income group here. Check them out on Facebook and join the next meetup. You have a great community here cheering you on!

[Eliott Elias]

I enjoy all the hurdles, negativity, and personal attacks I get on my hunt to find deals. Makes me hungry to find more deals 

[Ashley K. Butler]

Quote from @Ruben Loredo:
Hi Ashley and welcome to the SA market and BP.  I consider myself a newbie still to real estate as I've only been active in it for 18 months and finished closing and starting my first rental.  For me it was always hustling and learning something new everyday until I closed my first deal. Then it was testing out my process and plan.  I went live this month as an STR but am moving into the MTR space.  Aside from that, I'm looking for the next property; probably a house hack of a multi-family in either San Antonio or Houston.  Good luck on your journey.

Hi Ruben!

Great work on going live with your first deal! And yes, I am focused on education at this stage until my DD214 arrives and hopefully I qualify for VA loan. If not, next thing is qualifying for FHA or any other loan.

I will have paid down all debt by March and will be using W-2, 1099, and VA Rating Income for down Payment. I am also looking to go live by Summer 2023, and house hack a multifamily and use BRRRR method.

I’m also networking just in case if I can’t do the first deal on my own, I’ll be able to partner.

Thank you for the inspiration!

[Ashley K. Butler]

Quote from @Hamp Lee III:

Quote from @Ashley K. Butler:

Hey BP Community!

I want to know what other newbies are doing and seasoned real estate pros have done to enjoy the process along the way when they were getting started?

I am still in the process of looking to become prequalified within the 3-6 months for either VA or FHA Loan.

I am looking for W-2 work, as most of the lenders, agents, and other real estate pros have said with being self-employed at least 2 years of income is required, and I just started my wine tour LLC business back in July and that won't fly 🤦🏾‍♀️. I hate to put business operations on hold, but I want to get my first real estate deal done before summer 2023 and am laying the framework to do so.

I’m building myself back up from ground zero after all the not-so-great things that have happened this year like many of you have done or are doing.

Other than looking at my goals, telling myself it’s going to get better, working and believing in my plan, and being content with the process, what are you guys doing?

Is it more reading, podcasts, events, or something else?

Just want to know.

Sorry…issues with phone on post.

Welcome to SA! I'm new here as well. I started my investing journey via VA loans. I have three rentals and one primary residence. Three of them are VA loans. This will probably be your "lowest entry" route.

And when you buy, focus on multifamily. I just received my license and reports show that more multifamilies are being built, but they sit on the market longer. There is an opportunity to seek there.

Keep educating yourself and get yourself ready to take your first step. There is also a local Active Duty Passive Income group here. Check them out on Facebook and join the next meetup. You have a great community here cheering you on!

Hello Hamp and Welcome to SA, as well fellow newbie!

Thank you for the information! I actually do not have a Facebook, but might consider getting it to connect with the group. I think it’ll definitely help to have as another networking avenue, in addition to the face-to-face networking.

The BP community has also been a tremendous help, thus far. I see so many examples of people getting their first deals, and I will be one of them by 2023.

[Hamp Lee III]

Quote from @Ashley K. Butler:

Quote from @Hamp Lee III:

Quote from @Ashley K. Butler:

Hey BP Community!

I want to know what other newbies are doing and seasoned real estate pros have done to enjoy the process along the way when they were getting started?

I am still in the process of looking to become prequalified within the 3-6 months for either VA or FHA Loan.

I am looking for W-2 work, as most of the lenders, agents, and other real estate pros have said with being self-employed at least 2 years of income is required, and I just started my wine tour LLC business back in July and that won't fly 🤦🏾‍♀️. I hate to put business operations on hold, but I want to get my first real estate deal done before summer 2023 and am laying the framework to do so.

I’m building myself back up from ground zero after all the not-so-great things that have happened this year like many of you have done or are doing.

Other than looking at my goals, telling myself it’s going to get better, working and believing in my plan, and being content with the process, what are you guys doing?

Is it more reading, podcasts, events, or something else?

Just want to know.

Sorry…issues with phone on post.

Welcome to SA! I'm new here as well. I started my investing journey via VA loans. I have three rentals and one primary residence. Three of them are VA loans. This will probably be your "lowest entry" route.

And when you buy, focus on multifamily. I just received my license and reports show that more multifamilies are being built, but they sit on the market longer. There is an opportunity to seek there.

Keep educating yourself and get yourself ready to take your first step. There is also a local Active Duty Passive Income group here. Check them out on Facebook and join the next meetup. You have a great community here cheering you on!

Hello Hamp and Welcome to SA, as well fellow newbie!

Thank you for the information! I actually do not have a Facebook, but might consider getting it to connect with the group. I think it’ll definitely help to have as another networking avenue, in addition to the face-to-face networking.

The BP community has also been a tremendous help, thus far. I see so many examples of people getting their first deals, and I will be one of them by 2023.

ADPI has monthly meetups on 4th Saturdays, 10 am at Chicken N Pickle.

When I get the next meeting info, I'll send it to you.

[Lucia Rushton]

@Ashley K. Butler. You got this ! Keep putting one foot in front of the other. Talk about it with everyone you know. You will soon find out who your true friends are, those that lift you up vs try and discourage you. It can be a bumpy road but you will find your team and your real estate tribe. Until you find an accountability partner you are more than welcome to reach out to me anytime. Best wishes!!

[Leo R.]

@Ashley K. Butler A few thoughts:

First, I find it useful to track successes--even if the success is very small.

When an investor is first starting out, a success might be as simple as having their first meeting with an agent, or accurately analyzing their first property (and having a pro confirm that their analysis is accurate)....for a more experienced investor, a success might be closing on a $15 million triple net asset.

The size of the success isn't really the point...  The point is that you recognize that you achieved something, and that you're one step closer to your goals today than you were yesterday.

Second, it's important for me have a team of people I like, and who I can have fun with. For instance, my agent is someone who shares my sense of humor, and we enjoy each other's company (even if we weren't in business together, we'd get along). Working with people you enjoy spending time with makes the process way more enjoyable.

Third: try to figure out what parts of RE you like, and what parts of RE you don't like, and zero in on what fits you.  For instance, maybe you LOVE STRs, but you have zero interest in managing a LTR.  Personally, I think house hacking is one of the best RE strategies (and it's the best way for a beginner to get started)--so that's been my bread & butter for years ...though, I've also done BRRR's and a variety of forced appreciation strategies, too... you can learn a lot about what you like and don't like by studying up on the countless RE-related resources that are out there (podcasts, youtube channels, books, blogs, BP forums, etc., etc.)

Good luck out there!

[Ashley K. Butler]

Quote from @Hamp Lee III:

Quote from @Ashley K. Butler:

Quote from @Hamp Lee III:

Quote from @Ashley K. Butler:

Hey BP Community!

I want to know what other newbies are doing and seasoned real estate pros have done to enjoy the process along the way when they were getting started?

I am still in the process of looking to become prequalified within the 3-6 months for either VA or FHA Loan.

I am looking for W-2 work, as most of the lenders, agents, and other real estate pros have said with being self-employed at least 2 years of income is required, and I just started my wine tour LLC business back in July and that won't fly 🤦🏾‍♀️. I hate to put business operations on hold, but I want to get my first real estate deal done before summer 2023 and am laying the framework to do so.

I’m building myself back up from ground zero after all the not-so-great things that have happened this year like many of you have done or are doing.

Other than looking at my goals, telling myself it’s going to get better, working and believing in my plan, and being content with the process, what are you guys doing?

Is it more reading, podcasts, events, or something else?

Just want to know.

Sorry…issues with phone on post.

Welcome to SA! I'm new here as well. I started my investing journey via VA loans. I have three rentals and one primary residence. Three of them are VA loans. This will probably be your "lowest entry" route.

And when you buy, focus on multifamily. I just received my license and reports show that more multifamilies are being built, but they sit on the market longer. There is an opportunity to seek there.

Keep educating yourself and get yourself ready to take your first step. There is also a local Active Duty Passive Income group here. Check them out on Facebook and join the next meetup. You have a great community here cheering you on!

Hello Hamp and Welcome to SA, as well fellow newbie!

Thank you for the information! I actually do not have a Facebook, but might consider getting it to connect with the group. I think it’ll definitely help to have as another networking avenue, in addition to the face-to-face networking.

The BP community has also been a tremendous help, thus far. I see so many examples of people getting their first deals, and I will be one of them by 2023.

ADPI has monthly meetups on 4th Saturdays, 10 am at Chicken N Pickle.

When I get the next meeting info, I'll send it to you.

 Thank you, Hamp! Much appreciated!

[Ashley K. Butler]

Quote from @Lucia Rushton:

@Ashley K. Butler. You got this ! Keep putting one foot in front of the other. Talk about it with everyone you know. You will soon find out who your true friends are, those that lift you up vs try and discourage you. It can be a bumpy road but you will find your team and your real estate tribe. Until you find an accountability partner you are more than welcome to reach out to me anytime. Best wishes!!

Good evening, Lucia and thank you, ma'am!

Yes, many have already 'tried' to discourage, but I don't really care what people say or think, I am just focused on my goals and turning 2023 into a comeback year, and finishing 2022 as strong as possible.

I certainly will reach out and connect!

[Sarita Scherpereel]

Hi @Ashley K. Butler  Everyone one has a different journey into real estate investing. I love what's been written on this thread. I just wanted to add that attending real estate meet ups might also be helpful. You'll surround yourself with like minded people that will continue to motivate you. It's also a great way to continue learning about your LOCAL market. Which is where you want to be! BiggerPockets has a section just for this, Under the NETWORK tab- Meet up

https://www.biggerpockets.com/...

Best of luck to you!

[Jack Mawer]

I would highly recommend listening to podcasts that highlight the dos and don'ts of real estate investing before you jump right in - in addition, I would focus on building relationships with investors, lenders, agents, etc (even better if they are local to you) in order to have your ducks in a row when you are finally ready to jump in - best of luck!