New to Real estate investing, tips?
Member since 2022 · 10 posts · 4 votes
I am new to real estate investing and want to be on my path to financial freedom. I am young and have some money saved up (and I have a job). I was wondering where I should start? House hacking? Wholesaling To build capital? I have done much research and read a couple of books but want to start networking and gain knowledge from mentors or more experienced investors. Thanks in advance!
From my experience is don't stop learning and budgeting! I've found out first hand that budgeting your money will help you run your real estate business so much better starting out. It helps that you have some money saved up so keep on saving! Next I would determine what type of investing you would like to do. Most say house hacking so that you can lower you monthly cost and get started on a smaller scale. I think its a great way to get started and its what I plan to do myself. Do your research and ask lots of questions! For next steps practice analyzing deals and even start talking to lenders to find out what you can get approved for. That would be my suggestion as if you are looking to work with a real estate agent most will want to have you pre-approved so you can jump on a deal when you find one. Or you can look at other ways of financing deals but I am not super familiar with those methods yet myself. Best of luck to you!
Hey man!
Totally relate as I'm starting my journey as well.
I would definitely check out Tim Bratz. He's been incredibly helpful with any questions I've had.
Through him, I've also been able to network with other real estate entrepreneurs who are actively acquiring and managing deals.
Getting in the right circles is essential!
I would house hack initially. Gives you a taste of investing. Could be a multi family. Or a single family that's turn key or needs rehab. You could start with 3.5% down on a FHA loan. Personally my house hack needed rehab. I am finishing the rehab and will be able to pull a HELOC for another deal.
From my experience is don't stop learning and budgeting! I've found out first hand that budgeting your money will help you run your real estate business so much better starting out. It helps that you have some money saved up so keep on saving! Next I would determine what type of investing you would like to do. Most say house hacking so that you can lower you monthly cost and get started on a smaller scale. I think its a great way to get started and its what I plan to do myself. Do your research and ask lots of questions! For next steps practice analyzing deals and even start talking to lenders to find out what you can get approved for. That would be my suggestion as if you are looking to work with a real estate agent most will want to have you pre-approved so you can jump on a deal when you find one. Or you can look at other ways of financing deals but I am not super familiar with those methods yet myself. Best of luck to you!
Hi @Jeffrey Bollo Welcome to Bigger Pockets! Definitely getting educated is step 1. What state are you looking to invest in?
Hi @Jeffrey Bollo, welcome to REI!
House hacking is a great way to start as you only need 3.5% down and you can reduce your monthly housing payment to zero or only pay a few hundred per month.
From there, the world is yours for the taking,
I look forward to seeing your progress on your path to financial freedom.
Hope this helps! Let me know if I can be of any assistance.
Hi @Jeffrey Bollo Welcome to Bigger Pockets! Definitely getting educated is step 1. What state are you looking to invest in?
I would house hack initially. Gives you a taste of investing. Could be a multi family. Or a single family that's turn key or needs rehab. You could start with 3.5% down on a FHA loan. Personally my house hack needed rehab. I am finishing the rehab and will be able to pull a HELOC for another deal.
I’ve seen many people say this, and I’m definitely going to pursue that path. But I think I will hold off on house hacking because I am currently living with my parents not paying rent, only my food and light. I feel like It would save me more money
I am new to real estate investing and want to be on my path to financial freedom. I am young and have some money saved up (and I have a job). I was wondering where I should start? House hacking? Wholesaling To build capital? I have done much research and read a couple of books but want to start networking and gain knowledge from mentors or more experienced investors. Thanks in advance!
This seems so basic... but find a podcast and just listen away! On your way to work or school, in the car, getting ready, on the treadmill... you name it! I started house hacking with barely any research, two houses in fact! Then, when realizing I want a third property I started doing way more research to end up discovering this is my key to financial freedom!!! Everyone is different but your finances and goals will determine your moves. I'll speak from my name. I do not have enough cash for a large purchase. I have equity in my home, so I could do a HELOC. Or, I would have to pursue creative financing to come up with cash or find a lender who would allow me to put less than 10% down. Location matters too! 10% down sounds nice, but not in New York City! Not in Los Angeles! However, Texas, Alabama, Mississippi, or Arkansas may be more doable. THAT right there is a 10% down-purchase I could afford. Let me know if you have any questions! Good luck!
@Jeffrey Bollo listening to the BiggerPockets podcasts, reading the forums, and listening to real estate investing rooms on clubhouse are all great and free ways to learn. A little more expensive ways would include joining the REI in Atlanta and start networking with other investors by taking local investors out to lunch (and paying for their lunch) and asking them a few questions about their experience getting started and then ask them for just one resource such as a good realtor or a good wholesaler, etc. The even more expensive option would be to pay for coaching. But I wouldn't suggest you do that unless you are in a place where you are committed and the coach can hand hold you through the process.
@Jeffrey Bollo Welcome to real estate investing. Personally I started with a side by side duplex and lived in one side, rented out the other side. There are all sorts of options to pursue. Finding the right type of property to fit your needs/ strategy is important.
It depends on what your long term goals are. That's why many people here (including myself) recommend house hacking. You have to have a roof over your head anyways and the alternative to owning is renting. So logically house hacking would be the first step.
I'm bias against wholesaling because of my line of work, however if that is something you want to do, keep in mind that is another job. You have to find the Sellers, convince them to be under contract with you, and then you need to go find other investors with the hopes that you get the price you want. It can be a lot of work (but has been rewarding for many).
Hi Jeffery!
Welcome to BP! Defiantly educate yourself on what path you want to take. Like others have said, "never quit educating." There are alot of things to think about. House hacking, turnkey, syndicators. Do your due diligence in researching a company to help especially if you want it to be a passive investment. Look for things on how long they have been in the business, what markets are they in, what's their reputation, what are their internal process, etc. Ask as many questions as possible!
I would love to connect with you to chat more!
Do it all and see what you enjoy and what you want to hire out in the future. You’re going to need wholesalers realtors property managers and contractors on your team, I’m a believer that I nvrstors should know how every part of their business runs
Do it all and see what you enjoy and what you want to hire out in the future. You’re going to need wholesalers realtors property managers and contractors on your team, I’m a believer that I nvrstors should know how every part of their business runs
Hi Jeffery!
Welcome to BP! Defiantly educate yourself on what path you want to take. Like others have said, "never quit educating." There are alot of things to think about. House hacking, turnkey, syndicators. Do your due diligence in researching a company to help especially if you want it to be a passive investment. Look for things on how long they have been in the business, what markets are they in, what's their reputation, what are their internal process, etc. Ask as many questions as possible!
I would love to connect with you to chat more!
I would like to connect as well, do you mean talking to business and trying to see how they run and what is successful to them?
It depends on what your long term goals are. That's why many people here (including myself) recommend house hacking. You have to have a roof over your head anyways and the alternative to owning is renting. So logically house hacking would be the first step.
I'm bias against wholesaling because of my line of work, however if that is something you want to do, keep in mind that is another job. You have to find the Sellers, convince them to be under contract with you, and then you need to go find other investors with the hopes that you get the price you want. It can be a lot of work (but has been rewarding for many).
Personally my long term goal is not working a daily 9-5, I’ve seen successful wholesalers but seems like I have to get the numbers right. Thanks for the advise!
@Jeffrey Bollo listening to the BiggerPockets podcasts, reading the forums, and listening to real estate investing rooms on clubhouse are all great and free ways to learn. A little more expensive ways would include joining the REI in Atlanta and start networking with other investors by taking local investors out to lunch (and paying for their lunch) and asking them a few questions about their experience getting started and then ask them for just one resource such as a good realtor or a good wholesaler, etc. The even more expensive option would be to pay for coaching. But I wouldn't suggest you do that unless you are in a place where you are committed and the coach can hand hold you through the process.
On average how much would the coaching cost, and where can I find these coaches. Here on bigger pockets?
I am new to real estate investing and want to be on my path to financial freedom. I am young and have some money saved up (and I have a job). I was wondering where I should start? House hacking? Wholesaling To build capital? I have done much research and read a couple of books but want to start networking and gain knowledge from mentors or more experienced investors. Thanks in advance!
This seems so basic... but find a podcast and just listen away! On your way to work or school, in the car, getting ready, on the treadmill... you name it! I started house hacking with barely any research, two houses in fact! Then, when realizing I want a third property I started doing way more research to end up discovering this is my key to financial freedom!!! Everyone is different but your finances and goals will determine your moves. I'll speak from my name. I do not have enough cash for a large purchase. I have equity in my home, so I could do a HELOC. Or, I would have to pursue creative financing to come up with cash or find a lender who would allow me to put less than 10% down. Location matters too! 10% down sounds nice, but not in New York City! Not in Los Angeles! However, Texas, Alabama, Mississippi, or Arkansas may be more doable. THAT right there is a 10% down-purchase I could afford. Let me know if you have any questions! Good luck!
That sounds a lot like what I want to pursue, what main podcasts would you suggest I listen too, and around how much would you say you had saved up while house hacking your first 3 homes?
@Jeffrey Bollo Coaching prices very per coach. And some coaches are better than others. If you’re considering getting coaching from someone, ask that person for a referral for the last few people that they have coached and then call those people to see what their experience was like with that coach. Then ask them if they felt that they got their money’s worth and if they had the opportunity to do it again if they would do it again. Make sure these people were recently coached by the coach.
@Jeffrey Bollo Coaching prices very per coach. And some coaches are better than others. If you’re considering getting coaching from someone, ask that person for a referral for the last few people that they have coached and then call those people to see what their experience was like with that coach. Then ask them if they felt that they got their money’s worth and if they had the opportunity to do it again if they would do it again. Make sure these people were recently coached by the coach.
I’ll do my research and check prices to see if it’s right for me, thanks!
I would house hack initially. Gives you a taste of investing. Could be a multi family. Or a single family that's turn key or needs rehab. You could start with 3.5% down on a FHA loan. Personally my house hack needed rehab. I am finishing the rehab and will be able to pull a HELOC for another deal.
I’ve seen many people say this, and I’m definitely going to pursue that path. But I think I will hold off on house hacking because I am currently living with my parents not paying rent, only my food and light. I feel like It would save me more money
Like many others have stated, I would start with house hacking even if that means renting room by room. Also, make sure to read Brandon's Book "The Ultimate Beginner's Guide To Real Estate Investing". It sounds like you're unsure of your path, so I would highly suggest reading this book to get an understanding of various investing strategies. Pick one or two, then focus on those with education, networking, and jumping in to see where the path takes you on your journey.
I know I shifted a couple of times, but have now settled into our groove with STRs and Large MF. Feel to reach out anytime with questions!
That is a great Idea, I got the most help from going to live events and talking to seasoned investors then got a great mentor who helped me every step of the way. Took me 2 months to get my first deal, haven't looked back!
Welcome Jeff! As many others said, educate yourself and look into house hacking. I’d also get into contact with a local realtor who works with investors and ask them to go to lunch so you can pick their brain.
House hacking is a very sound strategy
That is a great Idea, I got the most help from going to live events and talking to seasoned investors then got a great mentor who helped me every step of the way. Took me 2 months to get my first deal, haven't looked back!