New to Real Estate - Looking for investment properties
Member since 2022 · 2 posts · 1 vote
New to Real Estate - Looking for investment properties
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Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
3y@Renaldo Johnson start with your finances first get them in order if they aren't. Listen to podcast, read books, watch videos, browse the forum, and see what keeps pulling at you and dive into that topic more. In this time info is everywhere just consume it and pay attention to where it is coming from as not information is created equal but this forum has some really good stuff on it. Then see what is possible with your situation or what you need to change to make it possible. And get after it. You got this!
10 Replies
- Realtor · Chicago, IL · Member since 2019 · 274 posts · 191 votes3y
Hi @Renaldo Johnson- Have you been reading the Bigger Pockets authors' books? When I was first getting started I would read their books and listen to the podcast. Still do! Have you started going to meet-ups? If you haven't I would also go to a local meet-up to start meeting people and talking about real estate with real people in real life! Good luck!
- Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes3y
@Renaldo Johnson start with your finances first get them in order if they aren't. Listen to podcast, read books, watch videos, browse the forum, and see what keeps pulling at you and dive into that topic more. In this time info is everywhere just consume it and pay attention to where it is coming from as not information is created equal but this forum has some really good stuff on it. Then see what is possible with your situation or what you need to change to make it possible. And get after it. You got this!
- Investor · Atlanta GA, USA · Member since 2020 · 20 posts · 11 votes3y
3 things...
1. Find out how you want to start but don't stress because it'll probably change several times. You don't have to commit to anything forever. I started trying to buy rentals then went to flipping then tried to buy and airbnb and have settled in wholesaling. But will get back to the other things when I get really good at the hardest thign.
2. Stay super active in this community and look to join several others. I recommend your local REIA, just google search *your city* + reia. Also, join this community https://pacejmorby.com/invite - they have a super active discord which is like a modern text group on steroids.
3. Take action. There are three things you can do in real estate to add value. Experience, Money and Time. I'm sure you have a ton of time compared to the other two.. So invest your time to go meet people, share with them what you want to do and help them find deals or do projects
Good luck out there!. - Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
Quote from @Renaldo Johnson:
I've been looking to get into real estate seriously, but not entirely sure where or how to start. Any advice for a newcomer? Looking to buy in the next 1-2 years. Looking to get into real estate as an investor to built wealth and gain financial control of my life.
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 - 3yTy AshBusiness MemberReal Estate Agent · Milwaukee, WI · Member since 2018 · 201 posts · 132 votes
Hi @Renaldo Johnson!
I'd recommend that you keep/start learning! This can be done through Podcasts, Books, and Mentors you find by networking. Also, try to attend one of the "Buy your first investment in 90 days" webinars here on BP.
I'd also 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.
In my opinion, 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.
Here's a great resource right here on BP:
https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy
Best of luck getting started! Here for you with any questions you have along the way!
Quote from @Renaldo Johnson:
I've been looking to get into real estate seriously, but not entirely sure where or how to start. Any advice for a newcomer? Looking to buy in the next 1-2 years. Looking to get into real estate as an investor to built wealth and gain financial control of my life.
Simple save up , then connect with those that provide properties,
Good Luck
- Real Estate Agent · Colorado Springs, CO · Member since 2021 · 279 posts · 121 votes3y
Quote from @Renaldo Johnson:
I've been looking to get into real estate seriously, but not entirely sure where or how to start. Any advice for a newcomer? Looking to buy in the next 1-2 years. Looking to get into real estate as an investor to built wealth and gain financial control of my life.
I think you have given yourself a great time frame to get yourself ready to buy the right property in the right location or the right price! Do as the others suggested and dive into what draws your interest the most in the forums and on the BiggerPockets Podcast. One day it will all click and you will be able to pounce on your prey like a majestic Tiger in the jungle!
I wish you the best on your journey and please reach out if you ever have any questions!
Take Care,
Hi Renaldo, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.
- 3yJay ThomasPro MemberReal Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
Turnkey properties are a great way to get into real estate investing without having to spend huge amounts of time on research and legwork. They can help you find good properties that have already been renovated, so all you need to do is purchase the property, collect rent, and wait for your return on investment. It’s definitely worth considering if you want to scale your real estate portfolio quickly and easily. Plus, if you ever need help or advice, I’m here to answer any questions you might have since I’ve been using turnkey investments for a while now. So feel free to reach out!
Good luck on your journey of scaling up in real estate! :)
- Member since 2022 · 2 posts · 1 vote3y
Quote from @Olivia Radziszewski:
Hi @Renaldo Johnson- Have you been reading the Bigger Pockets authors' books? When I was first getting started I would read their books and listen to the podcast. Still do! Have you started going to meet-ups? If you haven't I would also go to a local meet-up to start meeting people and talking about real estate with real people in real life! Good luck!
Thank you Olivia for you feedback. I will surely invest my time in your recommendations!
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