Learning and Networking
Hey everyone, I am thrilled to be a part of this platform. I am 21 years old and recently moved to Des Moines to pursue a career in the real estate industry.
After being here for 3 months, I have developed a clearer understanding of my goals and direction, and I have built a few action plans and ideas that I am looking to pursue. My focus is on residential properties, and I am ideally looking to purchase a multi-family property as my first investment.
I'm extremely interested in learning about creative financing and investing in the real estate market, and I love reading books, taking courses, and listening to podcasts on these topics.
There are many investment strategies that I have considered utilizing in order to reach my goals, but I still feel like I have so much to learn, and I am constantly looking to expand my knowledge in every aspect. I believe that networking and building strong business relationships are key to success, which is why I am interested in meeting with others in the field and attending real estate-related events and lectures. If anyone has any suggestions or potential offers/ideas, I would be grateful to hear them.
I am looking forward to the chance to connect with others in the field and explore new opportunities through this networking platform.
Welcome to the BiggerPockets forums!
Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.
Biggerpockets has Bootcamps, which are 10-week courses that walk you through the process of whatever niche you are interested in. They give you tools, answer questions, and you can network with other beginners.
You can also learn a lot from reading books in the BP bookstore. There are books on creative financing options, how to find deals, how to manage rentals (very important!), tax strategies, and more.
Here's my basic beginner advice. Maybe something will apply for you:
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.
Hi Elite! I'm a local real estate agent and investor based in Des Moines. I like that you have written down your goals to help create a clearer direction on what path you want to take.
There are many real estate investor meet-up that occur around the Des Moines metro, but the main 2 I attend are...
1. Friday Coffee at 7:00am at Smoky Row on Cottage Grove
2. Iowa Tap Room the 2nd Tuesday of every month at 5:30pm
While both of these events are networking event, they have a different vibe at each of them. Happy to discuss more in detail about them if you would like to chat!
Hope that helps!
Thanks,
Andy
Welcome to the field and I wish you the best of luck in your endeavors.
I'm an investor + lender in Omaha, NE which is a slightly bigger market than DSM. Feel free to reach out regarding information on Omaha REIA events and networking out here.
~ Sanat
Thank you!
Hi @Elite A.! Congratulations on your decision to enter the exciting real estate industry! That is excellent that you are getting your start in real estate early, I wish we started sooner! The Des Moines metro area is a great place to live and invest in. I am a realtor in the Des Moines area and my husband and I also own a multifamily (5-plex) in Indianola and a few single-family rentals in Iowa we seller financed. We also own a cabin in Georgia as a short-term rental (airbnb). Our multifamily performs great and multifamily in general can be such an excellent real estate investing method to maximize cash flow. Have you considered "house hacking" (buying a multifamily and living in one of the units)? This could be a great way to get your start and since it would be your "primary residence" there are great options available for financing it. Feel free to reach out anytime! Always love connecting with local real estate investors!
Hi @Elite A. -
I think it's great that you are investing in yourself at such a young age. Investing early can really pay dividends as your portfolio and equity grows, so it's great that you are taking the right steps to start building your real estate investment career.
I also love that you are taking the time to learn as much as you can about creative financing and investing in the real estate market. There is always more to learn in this industry, and it's important to constantly be expanding your knowledge and skills. It's great that you are also interested in networking and building business relationships - these are keys to success in real estate.
I am also a big believer in supporting young women as they break into real estate investing and build wealth through home ownership. If you'd like to chat more about your goals and how I might be able to help, I'd be happy to schedule a call.