Starting Out In Real Estate
Hello , Im new to Bigger pockets and the real estate field. Im looking for someone who can help me navigate through this journey of becoming a successful real estate investor.I have tons of questions and concerns regarding flipping homes and wholesaling but I don't know where to start , Ive been reading tons of books regarding the market and house flips. My next step is to obtain my real estate license in the state of NY. Im also looking to attend seminars , I have already attended 5 webinars. Any recommendations of what else I should do to educate myself more ?
Quote from @Dejanee Clerk:
Hello , Im new to Bigger pockets and the real estate field. Im looking for someone who can help me navigate through this journey of becoming a successful real estate investor.I have tons
of questions and concerns regarding flipping homes and wholesaling but I don't know where to start , Ive been reading tons of books regarding the market and house flips. My next step is to obtain my real estate license in the state of NY. Im also looking to attend seminars , I have already attended 5 webinars. Any recommendations of what else I should do to educate myself more ?
You can ask any specific questions you come across here. But overall I would just listen to the bigger pockets podcasts, read one or two of their their books. I recommend BRRR by David Greene, but there's many other strategies and books available.
But you’ll never learn more than when you go out and do a flip yourself.
Thank you for replying back. I just purchased the BRRR book , looking forward to reading it. Hope to start my first flip soon.
Quote from @Dejanee Clerk:
You probably need to spend time with successful investors through networking events. It sounds like you have a lot of pieces to the puzzle but just haven't put them together yet. Networking and asking questions face-to-face may be what you need.
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.
Hey @Dejanee Clerk - welcome to the community, I'm an investor & realtor. I've worked with other investors (wholesalers, flippers, etc.) and can shed some light on any questions you have.
Generally, BP is a good place to ask specific questions, but you'll have better luck with more open questions in person at networking events. I'm starting my monthly meetups in NYC from January 2023 - would you like me to message you once they're live? Shoot me a DM if you want to chat, happy to help.
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Broker New York (#10401359681)
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- http://www.ClosedByMo.com
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Quote from @Benjamin Aaker:
One thing to consider is why you want to get your agent license. You might find the restrictions it places on you to be detrimental to your real estate investing. You should consider your long-term goals. You won't get a lot of benefit from the license if you wholesale. Flipping can save you some on commissions but there will be increased scrutiny on you as you are thought to be more knowledgeable as an agent.
Thanks for this feedback, please clarify, what do you it will place more scrutiny on you as a real estate investor, being that you are a more knowledgeable agent, so who are you referring too with this example
. I too am personally thinking of getting my RE LICENSE, can you give examples how it can hurt my REI GOALS as an investor in what specific ways if I go and get my realtor license
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Have any specific questions?
Quote from @Edwin De leon:
Quote from @Benjamin Aaker:
One thing to consider is why you want to get your agent license. You might find the restrictions it places on you to be detrimental to your real estate investing. You should consider your long-term goals. You won't get a lot of benefit from the license if you wholesale. Flipping can save you some on commissions but there will be increased scrutiny on you as you are thought to be more knowledgeable as an agent.Thanks for this feedback, please clarify, what do you it will place more scrutiny on you as a real estate investor, being that you are a more knowledgeable agent, so who are you referring too with this example
. I too am personally thinking of getting my RE LICENSE, can you give examples how it can hurt my REI GOALS as an investor in what specific ways if I go and get my realtor license
Hi @Edwin De leon,
It will be specific to your state. As a licensee, you are expected to have more knowledge about real estate than a layperson. The scrutiny comes because of the expectation that you know what you are doing. A layperson might make a mistake and be forgiven for lack of knowlege, but less likely for an agent. Also, people you are negotiating with might be less likely to negotiate with an agent, thinking that they will get bamboozled. Or, they might be willing to give a deal to an average person, but not so much to a big-time agent. In my state, we need to make a person aware of our licensee status at first contact. That being said, I think having a license is very helpful and you may decide it to be better for you than not. I found it helpful starting out, but less so as I search for off-market deals.
Hi @Dejanee Clerk. I know this post is from a few months back, but I thought I'd just ask how your journey is going so far in RE? Have any of your questions been answered or cleared up? If you haven't already started, I'd suggest attending local Real Estate Investor Association (REIA) meetings. You will find tons of knowledgeable investors at the these meetings. BP is a great start. I hope you've been able to leverage this amazing community. Feel free to reach out anytime if you have other questions.