Tips and Advice for Newbie Getting into real estate
New to Real Estate · Member since 2022 · 15 posts · 2 votes
Tips and Advice for Newbie Getting into real estate
Most Popular Reply
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4yMaybe you can get something out of my generic beginner advice.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.
6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
The DIY Landlord Book4.7247 Reviews
34 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes4y
Maybe you can get something out of my generic beginner advice.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
The DIY Landlord Book4.7247 Reviews - Investor · San Rafael · Member since 2020 · 376 posts · 274 votes4y
Hi @Giovanni Amaya,
Welcome to BiggerPockets! Nathan covered it well in his post above!
If you ever want to chat to someone directly, do not hesitate to reach out!
- Realtor · Chicago, IL · Member since 2019 · 274 posts · 191 votes4y
@Giovanni Amaya- So glad that you discovered the world of investing and it interests you!
Are you familiar with any meetups in your area? This could be a great place to get started and start surrounding yourself with other likeminded people.
I would start listening and reading real estate investing content. It can be difficult to stay motivated and moving on the timeline that you have set out to when you are not submerged in the plan you are in. Especially since it is not one that most people partake in.
Getting this thought process young is amazing!
There are many ways to get into real estate. I also see that you mentioned a lot of things that you want to accomplish. That is a great idea, with my own clients I see that they see all of the potential in many different facets of real estate and because they are spread so thin among doing so many different things at once they don't allow themselves to truly get good and one niche and go from there.
- 4yTy AshBusiness MemberReal Estate Agent · Milwaukee, WI · Member since 2018 · 201 posts · 132 votes
Hi @Giovanni Amaya!
I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.
I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.
A house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.
Best of luck getting started! Here for you with any questions you have along the way!
- Member since 2022 · 7 posts · 5 votes4y
There is a webinar today at 5:00 PM EST for newbies like myself.
go to Education then click webinars then register
- 4yMelanie ThomasBusiness MemberReal Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 490 votesBe a sponge! Soak up everything you can. Get a solid mentor to show you the ropes. Join a professional organization and hang out with like minded individuals. Learn early on that not all business is good business. Good luck and godspeed!
RentWerx Property Management4.73310 Reviews Hi Amaya!! Welcome to Bigger Pockets!! I wish I knew about Bigger Pockets and Real Estate at 18. You have the right idea in putting your time towards financial freedom and that too as early as high school. I would suggest getting very strong in your mindset as an investor. Reading books, listening to podcasts, being active on forums here will go a long way in doing that.
There are multiple strategies to get started in Real Estate investing so you will have to pick one and stick with it long term because Real Estate is a long term game. I would definitely urge you to study real estate in college and build some more skills while you are getting your degree.
If you want to connect and chat about getting started, feel free to reach out.
- Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes4y
Quote from @Giovanni Amaya:
Hi, first post here and excited to read everyone's thoughts. I am 18 years old fresh out of HS and I want to get into the real estate business. I have worked for over a year and even though my job is not hard I already hate minimum wage and living paycheck to paycheck. My goal of REI is to be financially free making enough money month to a month in the near future from real estate that I don't have to rely on a job. I want to learn how to flip houses, wholesale and rent out properties etc. I will start to read books, watch videos to get as much knowledge as possible and plan on getting my first property 2 years from now. Can I get any advice on how I should start learning? Tips or mistakes to avoid? I plan on going to college and getting an associate in either finance or some skill that will be useful for real estate. I also plan on getting my real estate license throughout my free time. Other than getting properties I plan to become work as a plumber to save money later when rehabbing houses and serving as the landlord. Any thoughts, ideas or comments would be highly appreciated! :)
Is there anyone in your area that is currently operating in a space you would like to? You can always offer them time to gain experience and do things they not want to do!
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Nathan Gesner:
Maybe you can get something out of my generic beginner advice.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
Thank you for the reply I appreciate it really. I will start reading books and listening to podcasts like you mentioned.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Nathan Murith:
Hi @Giovanni Amaya,
Welcome to BiggerPockets! Nathan covered it well in his post above!
If you ever want to chat to someone directly, do not hesitate to reach out!
Thanks for your response. I will keep that in mind thank you.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Olivia Radziszewski:
@Giovanni Amaya- So glad that you discovered the world of investing and it interests you!
Are you familiar with any meetups in your area? This could be a great place to get started and start surrounding yourself with other likeminded people.
I would start listening and reading real estate investing content. It can be difficult to stay motivated and moving on the timeline that you have set out to when you are not submerged in the plan you are in. Especially since it is not one that most people partake in.
Getting this thought process young is amazing!
There are many ways to get into real estate. I also see that you mentioned a lot of things that you want to accomplish. That is a great idea, with my own clients I see that they see all of the potential in many different facets of real estate and because they are spread so thin among doing so many different things at once they don't allow themselves to truly get good and one niche and go from there.
Hi thanks for the response. I have recently just got into the research of REI but I'm not sure if there are any meetups near me. Do you have an idea how I can look for them or where to ask about them? Also regarding what you said I should invest in one niche that I can get good at so I can succeed and not in all of them? My plan was to do what they call BRRR and once I had a solid base of houses under control, I wanted to focus on flipping houses as a way to keep busy. Is that sort of what you mean? thanks.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Ty Ash:
Hi @Giovanni Amaya!
I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.
I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.
A house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.
Best of luck getting started! Here for you with any questions you have along the way!
Hello Ty thank you for the response and the book recommendation. As far as you said when moving out of the house hack what did you mean by break even? Like when that room opens up and I find someone else to fill it in my cash flow should cover mortgage, maintenance, capex etc. If you could explain further, please and thank you very much.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Benjamin Siller:
There is a webinar today at 5:00 PM EST for newbies like myself.
go to Education then click webinars then register
Hi, thank you for the response. I got a little distracted and looked here too late, but I will keep an eye out for the next one. Also, where can I know when the webinars are for the future? (Same place I assume) Do you happen to know if there are replays available for the free accounts?
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Melanie Thomas:
Be a sponge! Soak up everything you can. Get a solid mentor to show you the ropes. Join a professional organization and hang out with like minded individuals. Learn early on that not all business is good business. Good luck and godspeed!Hi Melanie, I hope you are having a good day thank you for responding to my post! When getting a mentor do you mean someone I work with in person or as online how would I go about that? Also, a professional organization like real estate agents or something like that? Thanks again.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Aj Parikh:
Hi Amaya!! Welcome to Bigger Pockets!! I wish I knew about Bigger Pockets and Real Estate at 18. You have the right idea in putting your time towards financial freedom and that too as early as high school. I would suggest getting very strong in your mindset as an investor. Reading books, listening to podcasts, being active on forums here will go a long way in doing that.
There are multiple strategies to get started in Real Estate investing so you will have to pick one and stick with it long term because Real Estate is a long term game. I would definitely urge you to study real estate in college and build some more skills while you are getting your degree.
If you want to connect and chat about getting started, feel free to reach out.
Hi, thank you for taking your time to reply. I plan on doing as you said to read, research and just take in as much information as possible. I agree that after getting the basics I will have to just choose one way to stick with. I plan on going to college for an associate do you think that is enough or should I shoot for a 4-year degree? Thanks again.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Nicholas Coulter:
Quote from @Giovanni Amaya:
Hi, first post here and excited to read everyone's thoughts. I am 18 years old fresh out of HS and I want to get into the real estate business. I have worked for over a year and even though my job is not hard I already hate minimum wage and living paycheck to paycheck. My goal of REI is to be financially free making enough money month to a month in the near future from real estate that I don't have to rely on a job. I want to learn how to flip houses, wholesale and rent out properties etc. I will start to read books, watch videos to get as much knowledge as possible and plan on getting my first property 2 years from now. Can I get any advice on how I should start learning? Tips or mistakes to avoid? I plan on going to college and getting an associate in either finance or some skill that will be useful for real estate. I also plan on getting my real estate license throughout my free time. Other than getting properties I plan to become work as a plumber to save money later when rehabbing houses and serving as the landlord. Any thoughts, ideas or comments would be highly appreciated! :)
Is there anyone in your area that is currently operating in a space you would like to? You can always offer them time to gain experience and do things they not want to do!
Hi, thank you for the response. I'm not sure if there is anyone that is where I want to be, but I will look into it and keep it in mind. Thank you.
- 4yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
The steps to become a successful real estate agent and strategies to launch your real estate career.
- Get a real estate license.
- Find a real estate brokerage.
- Join the National Association of Realtors (NAR).
- Understand your income and budget.
- Make a business plan.
- Develop a marketing plan.
- Build your online presence.
- Find a mentor.
- Host open houses.
- Continue learning.
All the best!
NETWORTH BUILDERS5236 Reviews - Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes4y
Quote from @Nathan Gesner:
Maybe you can get something out of my generic beginner advice.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
This is a phenomenal write up @Nathan Gesner
- Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes4y
Quote from @Wale Lawal:
The steps to become a successful real estate agent and strategies to launch your real estate career.
- Get a real estate license.
- Find a real estate brokerage.
- Join the National Association of Realtors (NAR).
- Understand your income and budget.
- Make a business plan.
- Develop a marketing plan.
- Build your online presence.
- Find a mentor.
- Host open houses.
- Continue learning.
All the best!
Easy and stream line, we’ll said @Wale Lawal
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Wale Lawal:
The steps to become a successful real estate agent and strategies to launch your real estate career.
- Get a real estate license.
- Find a real estate brokerage.
- Join the National Association of Realtors (NAR).
- Understand your income and budget.
- Make a business plan.
- Develop a marketing plan.
- Build your online presence.
- Find a mentor.
- Host open houses.
- Continue learning.
All the best!
Hello and thank you for the response. Is there any place to get more information on all of these points that you would recommend? From books to YT channels much appreciated. Thanks again.
- New to Real Estate · Member since 2022 · 15 posts · 2 votes4y
Quote from @Matthew McKee:
Quote from @Wale Lawal:
The steps to become a successful real estate agent and strategies to launch your real estate career.
- Get a real estate license.
- Find a real estate brokerage.
- Join the National Association of Realtors (NAR).
- Understand your income and budget.
- Make a business plan.
- Develop a marketing plan.
- Build your online presence.
- Find a mentor.
- Host open houses.
- Continue learning.
All the best!
Easy and stream line, we’ll said @Wale Lawal
Thanks for the response. Can I ask what you mean by that? Thanks.
- Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes4y
Thanks everyone for chiming in, I think it’s so easy to write off someone as young as @Giovanni Amaya but think that just stems from jealousy that we didn’t get started at that age!
A common thing that isn’t mentioned, other than you’re main post, is an associates degree. It seems that going to college would be a distraction and probably waste of time for your proposed goals. You can learn far more driving to and from class by listening to podcasts than you will with a two year education. Couple that with the amount of money you’ll save and earn by working instead will help you get further than the piece of paper will. - 4yTy AshBusiness MemberReal Estate Agent · Milwaukee, WI · Member since 2018 · 201 posts · 132 votes
Quote from @Giovanni Amaya:
Quote from @Ty Ash:
Hi @Giovanni Amaya!
I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.
I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.
A house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.
Best of luck getting started! Here for you with any questions you have along the way!
Hello Ty thank you for the response and the book recommendation. As far as you said when moving out of the house hack what did you mean by break even? Like when that room opens up and I find someone else to fill it in my cash flow should cover mortgage, maintenance, capex etc. If you could explain further, please and thank you very much.
Hey!
Post move out numbers for a house hack are like running an investment property analysis that you never lived in. I bring this up as in a lot of cases, people who start with their house hack either go on to house hack another property or move into a longer term living situation like a single family.
Just make sure that you're building reserves after you move out of your first house hack deal so that you can keep it for the long run and capitalize on appreciation, principal pay down, tax benefits, and at some point the positive cash flow that grows over time.
Here for any other questions you might have!
- Member since 2022 · 17 posts · 5 votes4yThis is a great Information
Quote from @Nathan Gesner:
Maybe you can get something out of my generic beginner advice.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
Quote from @Giovanni Amaya:
Quote from @Aj Parikh:
Hi Amaya!! Welcome to Bigger Pockets!! I wish I knew about Bigger Pockets and Real Estate at 18. You have the right idea in putting your time towards financial freedom and that too as early as high school. I would suggest getting very strong in your mindset as an investor. Reading books, listening to podcasts, being active on forums here will go a long way in doing that.
There are multiple strategies to get started in Real Estate investing so you will have to pick one and stick with it long term because Real Estate is a long term game. I would definitely urge you to study real estate in college and build some more skills while you are getting your degree.
If you want to connect and chat about getting started, feel free to reach out.
Hi, thank you for taking your time to reply. I plan on doing as you said to read, research and just take in as much information as possible. I agree that after getting the basics I will have to just choose one way to stick with. I plan on going to college for an associate do you think that is enough or should I shoot for a 4-year degree? Thanks again.
Yes, study real estate in college and try and build one skill that will set you apart from everyone else in your class and something that will make you unique in the market. Whether that is deal finding, construction, transaction coordination, financing or any major aspect of Real Estate. You have time on your side to make mistakes so make sure you make all of them before 23 years of age so that you become a pro by the time you are in your 30s. Good luck and feel free to reach out if you want to connect and chat real estate.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.