Hello All Complete Newbie here looking to learn observe and plan!

[Michael Shenouda]

Hello All,

Total newbie here looking towards the future and I am very drawn to the potential and promise of real estate. I read a ton on Reddit, and other blogs such as this one. 

Due to personal circumstances I will not be in a position to actually "jump in" until sometime in 2026. It seems like a lifetime away, but I'm looking at this as a great opportunity to learn from the experts and save (I don't make a ton and with kids soon to be in college I make even less!). 

I would anticipate having far too many questions, I hope I don't alienate this fine community! From the reading I have done so far I feel one of my biggest issues is going to be information overload causing "paralysis"; i.e. deciding what route to take SFH, Multi family, Corporate, NNNs. Depending on what you read they all sound fantastic.

Anyways, looking forward to hearing and meeting many of you and hopefully getting in touch with some folks in the Pittsburgh area who wouldn't mind sharing their wisdom as well!

[Nathan Gesner]

Quote from @Michael Shenouda:

Welcome to the BiggerPockets forums!

First off, I suspect you're limiting yourself. Four years to get started? You can donate blood twice a week and earn $800 or more a month, about $10,000 a year. Get on a budget and tighten the purse strings. Get some side hustles. If you want it, you can make it happen in 2023, not 2026.

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.