Brand New Investor with not much cash

Grand Rapids, Michigan
Starting Out
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Brand New Investor with not much cash

Ann McDonoughPro Member
Member since 2022 · 1 post · 0 votes

I am learning how to think about RE investing. I am tired of negative growth in stock investments. I am actually in Sheridan, Michigan, which is roughly equidistant between Grand Rapids, Lansing, and Mount Pleasant.

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
Quote from @Ann McDonough:

I am learning how to think about RE investing. I am tired of negative growth in stock investments. I am actually in Sheridan, Michigan, which is roughly equidistant between Grand Rapids, Lansing, and Mount Pleasant.


 Welcome to BiggerPockets! The fastest way to learn is to read some books and listen to podcasts. You'll start to learn the language, mindset, calculations, etc. Try to find local meetups in your area to network with other investors on a regular basis. Build some relationships. Poke around the forums and ask questions. You can have a pretty solid understanding in 3-4 months and be ready to jump in!

The DIY Landlord Book4.7243 Reviews
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  • Skip Reath
    Investor · Belmont, MI · Member since 2015 · 53 posts · 20 votes
    4y

    Welcome Ann.  Wish you the best in your endeavors.  Am picking a puppy up in Sheridan soon.  Nice area!

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Ann McDonough:

    I am learning how to think about RE investing. I am tired of negative growth in stock investments. I am actually in Sheridan, Michigan, which is roughly equidistant between Grand Rapids, Lansing, and Mount Pleasant.


     Welcome to BiggerPockets! The fastest way to learn is to read some books and listen to podcasts. You'll start to learn the language, mindset, calculations, etc. Try to find local meetups in your area to network with other investors on a regular basis. Build some relationships. Poke around the forums and ask questions. You can have a pretty solid understanding in 3-4 months and be ready to jump in!

    The DIY Landlord Book4.7243 Reviews
    WebsiteView Page
    2Reply
  • Scott E.
    Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
    4y

    The stock market is not for the faint of heart, but neither is real estate investing.

    If you immerse yourself here on the forums and in the podcasts for a few months you'll establish a good foundation of education. 

    But be warned that the same pain you are experience in recent months in the stock market, could very likely come in the real estate market at some point in your life as well. You need to be mentally prepared to weather that storm.

    1Reply
  • Joe Miller
    Real Estate Broker · Columbus, OH · Member since 2021 · 203 posts · 247 votes
    4y

    Read as much as you can and connect with people. Immerse yourself and be a sponge. Good luck!

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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    As @Scott E. said, the RE market is NOT a guarantee of easy money any more than the Stock Market is....

    And instead of having a bunch of small-er stocks, you will have your money in large chunks tied up in different properties.

    But I prefer the RE market anyway, it's just not an easy ride......

    1Reply
  • Richard Loniewski
    Real Estate Agent · NJ · Member since 2021 · 572 posts · 127 votes
    4y

    Welcome, I did my first deal with just a $1,000 deposit. I did a lot of networking and found partner's for experience and gap funding. I found the deal, secured the hard money loan and ran the project. Haven't looked back since.

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  • Alex BreshearsBusiness Member
    Lender · Springfield, MO · Member since 2020 · 354 posts · 504 votes
    4y

    Hi Ann!  I would say one thing I wish I did when I started out was thinking about WHY I wanted to get started investing in real estate, as opposed to just jump in and do whatever "everyone else was doing".  Many new investors think the only way to invest in real estate is landlording or doing fix and flips, when in fact that is quite literally the tip of the iceberg. Think about why you want to do this, what do you hope to accomplish from this endeavor, and when you want to do that by. Also realize that your goals may change as you are on the journey. Talk to people in a variety of real estate areas and don't ask them the technical how to do things parts, ask them what they have learned or what they would have done different in the beginning. THAT information is invaluable.  I now do private lending, and this method of investing really suits my personality AND goals. My personal mantra is that I invest passively so I can live actively because I didn't want to work myself into yet another job. I had to be geographically free because I am a military spouse, so investing in rentals 2000 miles away just wasn't in the cards for us.  Good luck on your journey and feel free to reach out with questions!

    [email protected]Podcast Guest on Show #210
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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    4y

    @Ann McDonough start networking with other local investors to accelerate your learning curve!

    Then you can more easily find off-market deals.

    [email protected]248-209-6824
    Logical Property Management4.9469 Reviews
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  • Doug Spence
    Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
    4y

    @Ann McDonough Welcome to BP!! You're in the right place to learn more about real estate. For now, I would focus on self-education (via books, articles, podcasts, youtube videos, etc) and connecting with real estate investors who are already doing what you think you want to do. 

    Also, be thinking about where you want real estate to take you in the future. What are your long-term goals? As you learn more about real estate, you'll see there are so many ways to make money in real estate, and it can be overwhelming if you're not very clear about your goals, vision, and where you want to go. 

    Good luck and keep us updated!

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