Investor · NY · Member since 2023 · 5 posts · 1 vote
Hi Everyone,
I'm looking to get started as a real estate investor. I'm 21 and just graduated college. I have my NYS Real Estate License and spent the summer learning as much as I could about the industry. I have also started an LLC to begin wholesaling and currently looking to practice it creatively.
Any first tips to land my first wholesale deal and begin buying properties? Open to working with a mentor.
Investor · Lexington, KY · Member since 2017 · 25 posts · 12 votes
3y
Hi Chris, congratulations on starting your real estate journey! My advice is 1) continuous self-education and 2) networking with industry professionals in your local market.
Completing a wholesale deal and buying your first property are two distinct goals. It might be better to choose just one to focus on as you start out.
Dive into these forums and the BP podcasts to research each of your two goals in depth. You'll discover a number of strategies and tactics used by others, choose some that most interest you. Then you get to work implementing those strategies in your own business.
In my personal experience, I find mentors through networking. I recommend you attend real estate related events and meetups in your local area. You can also search BP to find local professionals and reach out to them here.
Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
3y
Hey @Chris Schneider - congrats on graduating as well as getting clearer about your goals.
Wholesaling is not for the faint of heart as the market in LI & NYC is pretty competitive as well as thin margins.
Doesn't mean deals don't come through, but they are far and few in between.
Additionally, you might also be thinking about getting an actual job to save up some $ before committing to real estate full time - or even use that job to acquire your first property that cashflows and then give yourself some wiggle room before diving into this full time.
It's not what social media makes it out to be, my $0.02
Happy to chat on a quick call if you need some guidance or any questions answered, just DM me.