Brand New- 23, Looking for guidance and mentorship
Rental Property Investor · Mountain Home, ID · Member since 2022 · 6 posts · 1 vote
Brand New- 23, Looking for guidance and mentorship
Most Popular Reply
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4yQuote from @Titus Amerson:
Looking for guidance/mentorship and where begin my real estate investing journey
Titus, I recommend you start by educating yourself through books. You can read a few books and get 80% of the knowledge you need to get started. Listen to podcasts and interact on the forum to refine your knowledge. Ask specific questions to fill in the holes. If you can't ask specific questions, it will be hard to get specific answers.
Here's some generic beginner advice I like to share:
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
10 Replies
- Bay area, CA · Member since 2021 · 383 posts · 306 votes4y
What's the plan with real estate? Which Strategy?
- Rental Property Investor · Mountain Home, ID · Member since 2022 · 6 posts · 1 vote4y
I’m really most interested in buy-and-holding rentals because i have a full time job.
- Rental Property Investor · Mountain Home, ID · Member since 2022 · 6 posts · 1 vote4y
Quote from @Ruchit Patel:
What's the plan with real estate? Which Strategy?
But i would also like to learn to utilize an LLC and business accounts and liens of credit to wholesale rentals so i don't have to come out of pocket too much if not at all. I'm open to resources in all ways, i'd like to close my first deal before the end of the year- My first goal
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes4y
Quote from @Titus Amerson:
Looking for guidance/mentorship and where begin my real estate investing journey
Titus, I recommend you start by educating yourself through books. You can read a few books and get 80% of the knowledge you need to get started. Listen to podcasts and interact on the forum to refine your knowledge. Ask specific questions to fill in the holes. If you can't ask specific questions, it will be hard to get specific answers.
Here's some generic beginner advice I like to share:
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 - Bay area, CA · Member since 2021 · 383 posts · 306 votes4y
Quote from @Titus Amerson:
Quote from @Ruchit Patel:
What's the plan with real estate? Which Strategy?
But i would also like to learn to utilize an LLC and business accounts and liens of credit to wholesale rentals so i don't have to come out of pocket too much if not at all. I'm open to resources in all ways, i'd like to close my first deal before the end of the year- My first goal
Either you can do what @Nathan Gesner said and go through the grind of the first 2 years, ( which I did and I loved the journey ), or you only care about the passive paycheck and go with a good turnkey provider.
- Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes4y
Hey @Titus Amerson - as others have mentioned, you can start by reading books. They're inexpensive and will help you figure out what direction you want to go in. BP has some great publications you can find easily via Amazon.
- Rental Property Investor · Mountain Home, ID · Member since 2022 · 6 posts · 1 vote4y
Thank you all, everyone is very helpful so i will certainly look into educating myself a bit more before diving in. If you have any specific recommendations on fundies, i’d appreciate that too
- Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes4y
Hi Titus, Welcome to Bigger Pockets! You have already taken an important step in your journey by joining the forums because these forums are a wealth of knowledge.
One of the easiest ways to get started in today's market is to work with a turnkey provider and get a SFH in some of the mid west states. Feel free to connect if you want to discuss this strategy and just chat real estate
- Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes4y
Quote from @Titus Amerson:
Looking for guidance/mentorship and where begin my real estate investing journey
Hey Titus, I would start to go to as many networking events as you can. I also recommend listening to the BiggerPockets podcast starting at the very beginning. Grow your network, look on Facebook/BiggerPockets for different events, and get to know the local lenders/brokers.
Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwell's book "Good Leaders Ask Great Questions.You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you.
- Real Estate Agent · Boise, ID · Member since 2020 · 31 posts · 43 votes4y
If you are looking for a Realtor make sure they know about rental properties! I would recommend interviewing companies that own or have a partnership with a PM company. Having solid data on the leasing market is very important when trying to identify an investment property.
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