So much to learn - a bit overwhelming

So much to learn - a bit overwhelming

New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes

Hello!

I’m trying to learn the ropes as I go. I haven’t purchased my first investment property yet and honestly, I’m determined to gain knowledge through self education and I have no rehab experience nor have ever worked with a contractor. It feels very overwhelming but you have to start somewhere. I would also love to be able to shadow or speak with a contractor to know and gain knowledge from them. Alas, I don’t feel like I have a lot to bring to the table so to speak so not sure that idea could even be entertained.  

I’ve been looking into the meetups forums and wonder if this is the right avenue I should pursue? I know I don’t know everything. When reading the posts on this forum and listening to podcasts, etc, I always hear or see an acronym or a term that I’ve never heard of which gets discouraging. I know things take time and experience but does it get easier? 

I’ve messed with the calculators on this site picking random properties that interest me (particularly in multi family homes) but I know from this site that you need a good team. 

I’m also quite introverted and know that this will need to be something I “get over” in order to succeed in this new venture.

I’ve looked at the book selection and wanted to ask the community if there are any other books you recommend?

Sorry for the long post but trying to ask the burning questions to this wonderful group of experts. 

Thank you!

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y

@Maria Diaz

go to meetups and talk to everyone.  folks at meetups love to talk shop.  in my experience, in multiple markets, experienced investors LOVE to talk to new investors.  so make a goal to go to 25 meetups and talk to at least 2 people at every meetup.

can you house hack?

See this reply in the discussion

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  • West Linn, OR · Member since 2023 · 35 posts · 23 votes
    2y

    I'm also a newbie. I'm in the learning phase right now. I've read some of the books that were recommended that are in the bigger pockets store. And right now, I'm doing a real estate agent course, not because I want to be an agent, but basically to have a methodological way to learn. For you, you could guess at what aspect you want to get started with, and just try to get into that part. You mentioned contractors, so for example, if you want to learn a bit about renovations, you could see if any of your friends are doing any projects at their house, and help them paint or install flooring or whatever. Just guess about which aspect you find the most interesting, and think of what baby step you can take.

  • Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
    2y

    Real quick - as far as the rehab, a lot of that is going to be learned through experience. This takes time and research but more than anything it takes real world experience. Take measurements, get quotes and whatever you come up with...double it then add 15%. That will get you close to start. As you gain experience it'll start to come to you - you can make a scope of work as you walk through the house and come up with an idea of what materials and labor will cost. 

    Meet-ups I think would be a great start - this can expand your network. Plan for it to be a little slow at first especially since you don't have any properties yet, but I think it would be a great way to make future contacts. 

    As far as things getting easier - of course it'll get easier with time and experience. Don't worry about that. 

    Calculators. Learn how they work. If there is one thing that's important it's running numbers. Make sure they work out well. Make sure all your expenses are covered, including property management. 

    For books - my favorites are just about anything by Brandon Turner (The book on rental property investing is a great one). BRRRR by david green is also a good one.

    For now I would focus on increasing your capital and education. Do this for a few months. Stay consistent and persistent. 

    Then make a plan - buying criteria (location, type, size etc), finding deals (MLS, fb marketplace et), having a good network (lender, agent, property manager) etc

  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    2y

    @Maria Diaz Welcome and congrats on putting yourself out there! I am on the board of CFRI, the local chapter of the National Real Estate Investor Association (REIA). We are a group of local investors & trades people looking to help each other out. We have about 20 meetings a month all over Central Florida. It is non profit and no selling, just building relationships thru networking.

    I can invite you to one meeting free. The best would likely be the general meeting. First Tuesday of the month near downtown. 

    I can help you with the acronyms too. Reach out if I can help answer any questions or point you in the right direction. 

    Best of Luck!

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Karen Chow:

    I'm also a newbie. I'm in the learning phase right now. I've read some of the books that were recommended that are in the bigger pockets store. And right now, I'm doing a real estate agent course, not because I want to be an agent, but basically to have a methodological way to learn. For you, you could guess at what aspect you want to get started with, and just try to get into that part. You mentioned contractors, so for example, if you want to learn a bit about renovations, you could see if any of your friends are doing any projects at their house, and help them paint or install flooring or whatever. Just guess about which aspect you find the most interesting, and think of what baby step you can take.

    Hi Karen,

    Funny you mention that as I also finished real estate school earlier this year. I wish you luck with your learning journey!

    I’m really trying to push myself outside of my comfort zone and have spent the last decade or so hustling in the corporate world. In hindsight, I did myself a disservice as I really isolated myself from everyone in order to advance my career. 

    I’m hoping to make some friends here by doing some networking. I realize I cannot grow if I’m not willing to change. 

    I tend to want to dive right into things and I know that’s probably not the best approach right now so hoping to gain some valuable insight or maybe even validation to just go for it. I won’t know until I put myself out there. 

    Thanks for the advice. Have a wonderful holiday!
  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Jeremy Horton:

    Real quick - as far as the rehab, a lot of that is going to be learned through experience. This takes time and research but more than anything it takes real world experience. Take measurements, get quotes and whatever you come up with...double it then add 15%. That will get you close to start. As you gain experience it'll start to come to you - you can make a scope of work as you walk through the house and come up with an idea of what materials and labor will cost. 

    Meet-ups I think would be a great start - this can expand your network. Plan for it to be a little slow at first especially since you don't have any properties yet, but I think it would be a great way to make future contacts. 

    As far as things getting easier - of course it'll get easier with time and experience. Don't worry about that. 

    Calculators. Learn how they work. If there is one thing that's important it's running numbers. Make sure they work out well. Make sure all your expenses are covered, including property management. 

    For books - my favorites are just about anything by Brandon Turner (The book on rental property investing is a great one). BRRRR by david green is also a good one.

    For now I would focus on increasing your capital and education. Do this for a few months. Stay consistent and persistent. 

    Then make a plan - buying criteria (location, type, size etc), finding deals (MLS, fb marketplace et), having a good network (lender, agent, property manager) etc

    Hi Jeremy,

    Thank you for the book recommendations. I was looking into that book but ended up going down the rabbit hole as all of the books seem crucial in this journey. In fact, looking at the learning modules and book recommendations at first had me thinking I may be in over my head. 

    I spend hours each day on education and know that while information is important, real world experience is absolutely vital. 

    I appreciate the information you shared and will continue the learning journey. I’ll keep on growing and as you mentioned, be consistent and persistent. 
  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Shawn McCormick:

    @Maria Diaz Welcome and congrats on putting yourself out there! I am on the board of CFRI, the local chapter of the National Real Estate Investor Association (REIA). We are a group of local investors & trades people looking to help each other out. We have about 20 meetings a month all over Central Florida. It is non profit and no selling, just building relationships thru networking.

    I can invite you to one meeting free. The best would likely be the general meeting. First Tuesday of the month near downtown. 

    I can help you with the acronyms too. Reach out if I can help answer any questions or point you in the right direction. 

    Best of Luck!

    Hi Shawn,

    Thank you for the warm welcome. I appreciate the invite and would love to attend. 

    Building relationships through networking is definitely something I am committed to as we approach the new year. I’m my W-2 career we use so many acronyms that we have an entire site that lists them out. I was hoping to find something similar here. While I found the glossary which contained some of the most common acronyms, I noticed there are just so many more to learn. 

    Would love to connect and again, I appreciate the invitation. 


  • Member since 2023 · 40 posts · 30 votes
    2y

    it all depends on your goals, what do you want real estate to bring to your life? How much time can you devote to it? Personally, the best type of property to invest in is multifamily, because I want cashflow, easy management, keep them as LTRs and etc, for you it might differ

  • Member since 2023 · 35 posts · 50 votes
    2y

    I am new to this as well Maria! Thanks for creating this thread, it will help me a lot

  • Member since 2023 · 39 posts · 18 votes
    2y
    Quote from @Jonathan Cooper:

    it all depends on your goals, what do you want real estate to bring to your life? How much time can you devote to it? Personally, the best type of property to invest in is multifamily, because I want cashflow, easy management, keep them as LTRs and etc, for you it might differ


     that pretty much sums it up, there are different ways where you can make money with real estate, explore and pick what works for you

  • Lender · West Palm Beach, FL · Member since 2017 · 306 posts · 122 votes
    2y

    Hi Maria, 

    Books and online resources are great, but they only go so far and in my opinion nothing beats real experience. If you're not in a financial position to purchase yet, getting your real estate license can be a great way to get hands on experience without owning anything yourself--you can handle purchase and sale transactions for family and friends and will meet a lot of experiences realtors, property managers etc just from having your license. Feel free to reach out if you have any questions! 

    John

  • Lagrangeville, NY · Member since 2017 · 144 posts · 218 votes
    2y

    @Maria Diaz rule number 1, don't invest in liberal state or city.

  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    2y
    Quote from @Maria Diaz:
    Quote from @Shawn McCormick:

    @Maria Diaz Welcome and congrats on putting yourself out there! I am on the board of CFRI, the local chapter of the National Real Estate Investor Association (REIA). We are a group of local investors & trades people looking to help each other out. We have about 20 meetings a month all over Central Florida. It is non profit and no selling, just building relationships thru networking.

    I can invite you to one meeting free. The best would likely be the general meeting. First Tuesday of the month near downtown. 

    I can help you with the acronyms too. Reach out if I can help answer any questions or point you in the right direction. 

    Best of Luck!

    Hi Shawn,

    Thank you for the warm welcome. I appreciate the invite and would love to attend. 

    Building relationships through networking is definitely something I am committed to as we approach the new year. I’m my W-2 career we use so many acronyms that we have an entire site that lists them out. I was hoping to find something similar here. While I found the glossary which contained some of the most common acronyms, I noticed there are just so many more to learn. 

    Would love to connect and again, I appreciate the invitation. 



     Sounds good. Let me know if you can attend one of our meetings, the next General meeting is January 9th. I can have it set up for you to attend. You can schedule a call with me too if you like, there is a link in my profile.

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Jonathan Cooper:

    it all depends on your goals, what do you want real estate to bring to your life? How much time can you devote to it? Personally, the best type of property to invest in is multifamily, because I want cashflow, easy management, keep them as LTRs and etc, for you it might differ

    Hi Jonathan!

    Really looking into building a healthy portfolio and generate a healthy cash flow to spend time doing what I love (traveling). Not looking for quick turn around but more of long term rentals. I live my life with authenticity and integrity and want to give back to the community. 

    I volunteer for Habitat for Humanity and various food banks around my home town and know that families around my area are suffering financially. If I can help a family find a forever home, that helps me with my own ethical and moral values. 

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Scott Reigns:

    I am new to this as well Maria! Thanks for creating this thread, it will help me a lot

    We’re in this together! Good luck Scott!
  • Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    2y

    @Maria Diaz @Karen Chow

    Yes, getting started can be daunting as with anything.  I'd be happy to chat...

    To get started, don't necessarily thing so "big."  There is so much information out there "selling" on so many plans.  Unless you can really follow somebody around, you are going to have to learn as you go.  "Break the work down" into smaller pieces so its easier to learn and not so daunting, perhaps.

    Maybe don't think about "contractors," but think about trades..  Plumbers, electricians, painters, flooring, kitchen remodelers, roofers, landscapers, etc.  Many times, its not about a single general contractor...

    Its fine to be introverted, but different to be shy...  There are so many ways to invest.

    I hope you realize that with real estate licensure, you need to hang your license with a broker to keep it active.  That can be a challenge if you aren't going to be actively selling.  Also, there is the annual fees and costs that can be ~$3k.  If you aren't going to put in the time/efffort to sell, put it into referral.

    Good luck.

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @David M.:

    @Maria Diaz @Karen Chow

    Yes, getting started can be daunting as with anything.  I'd be happy to chat...

    To get started, don't necessarily thing so "big."  There is so much information out there "selling" on so many plans.  Unless you can really follow somebody around, you are going to have to learn as you go.  "Break the work down" into smaller pieces so its easier to learn and not so daunting, perhaps.

    Maybe don't think about "contractors," but think about trades..  Plumbers, electricians, painters, flooring, kitchen remodelers, roofers, landscapers, etc.  Many times, its not about a single general contractor...

    Its fine to be introverted, but different to be shy...  There are so many ways to invest.

    I hope you realize that with real estate licensure, you need to hang your license with a broker to keep it active.  That can be a challenge if you aren't going to be actively selling.  Also, there is the annual fees and costs that can be ~$3k.  If you aren't going to put in the time/efffort to sell, put it into referral.

    Good luck.


     I think this is great advice David. I think focusing on trades would be a great way to take a lot of information and make it more manageable. Probably kitchen remodelers and flooring experts could be where I want to focus. 

    I really like that idea. Thanks David. My Goals a few months ago were to get my real estate license and practice to eventually head towards the commercial market. Im happy to keep my license inactive for now as really my goals have changed. 

    I did learn a lot about taxes and appraisals and really wanted the fundamentals which I learned. Perhaps eventually I’ll activate my license but right now my goals are to learn as much as I can and find a good investor agent who understands the sides of the business that I do not. 

    Thank you for the information!

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Shawn McCormick:
    Quote from @Maria Diaz:
    Quote from @Shawn McCormick:

    @Maria Diaz Welcome and congrats on putting yourself out there! I am on the board of CFRI, the local chapter of the National Real Estate Investor Association (REIA). We are a group of local investors & trades people looking to help each other out. We have about 20 meetings a month all over Central Florida. It is non profit and no selling, just building relationships thru networking.

    I can invite you to one meeting free. The best would likely be the general meeting. First Tuesday of the month near downtown. 

    I can help you with the acronyms too. Reach out if I can help answer any questions or point you in the right direction. 

    Best of Luck!

    Hi Shawn,

    Thank you for the warm welcome. I appreciate the invite and would love to attend. 

    Building relationships through networking is definitely something I am committed to as we approach the new year. I’m my W-2 career we use so many acronyms that we have an entire site that lists them out. I was hoping to find something similar here. While I found the glossary which contained some of the most common acronyms, I noticed there are just so many more to learn. 

    Would love to connect and again, I appreciate the invitation. 



     Sounds good. Let me know if you can attend one of our meetings, the next General meeting is January 9th. I can have it set up for you to attend. You can schedule a call with me too if you like, there is a link in my profile.

    Hi Shawn!

    I can certainly attend the 1/9 meeting. After the holidays, I will schedule a call with you separately to chat. Hope you have a great weekend!
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    2y

    @Maria Diaz Hi Maria, once you make it to a few REI meetings if possible I'd suggest trying to figure out how to get your first door to get some experience. For me it was right before the pandemic and the price explosion and I bought a very affordable SFH to get started with.

    You may have to look outside the Orlando market further into the outskirts to find something more affordable. I’m not sure what the market prices are like in your area.

    Like a few of the others have said you don't have to think big to get started and start learning. While the first SFH is my only SFH and I moved into multis after it was a great way to learn how to screen tenants and open bank accounts and set up an account for the security deposit and to figure out how to start setting up systems to grow with when I was ready to buy the second property.

    All the best, keep listening to the podcasts, following the forums, and reading! You’ve got this!

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Alecia Loveless:

    @Maria Diaz Hi Maria, once you make it to a few REI meetings if possible I'd suggest trying to figure out how to get your first door to get some experience. For me it was right before the pandemic and the price explosion and I bought a very affordable SFH to get started with.

    You may have to look outside the Orlando market further into the outskirts to find something more affordable. I’m not sure what the market prices are like in your area.

    Like a few of the others have said you don't have to think big to get started and start learning. While the first SFH is my only SFH and I moved into multis after it was a great way to learn how to screen tenants and open bank accounts and set up an account for the security deposit and to figure out how to start setting up systems to grow with when I was ready to buy the second property.

    All the best, keep listening to the podcasts, following the forums, and reading! You’ve got this!


    Thanks Alecia. 

    I appreciate the encouragement. I’m still learning and acknowledged I have much to learn. I am grateful I am able to ask my questions to this wonderful community. 

    Have a wonderful night and Happy Holidays.  

  • Member since 2020 · 12 posts · 5 votes
    2y
    Quote from @Maria Diaz:

    Hello!

    I’m trying to learn the ropes as I go. I haven’t purchased my first investment property yet and honestly, I’m determined to gain knowledge through self education and I have no rehab experience nor have ever worked with a contractor. It feels very overwhelming but you have to start somewhere. I would also love to be able to shadow or speak with a contractor to know and gain knowledge from them. Alas, I don’t feel like I have a lot to bring to the table so to speak so not sure that idea could even be entertained.  

    I’ve been looking into the meetups forums and wonder if this is the right avenue I should pursue? I know I don’t know everything. When reading the posts on this forum and listening to podcasts, etc, I always hear or see an acronym or a term that I’ve never heard of which gets discouraging. I know things take time and experience but does it get easier? 

    I’ve messed with the calculators on this site picking random properties that interest me (particularly in multi family homes) but I know from this site that you need a good team. 

    I’m also quite introverted and know that this will need to be something I “get over” in order to succeed in this new venture.

    I’ve looked at the book selection and wanted to ask the community if there are any other books you recommend?

    Sorry for the long post but trying to ask the burning questions to this wonderful group of experts. 

    Thank you!

    Hello there!

    First off, congratulations on taking the first steps towards your journey in real estate investment! It's perfectly normal to feel overwhelmed at the beginning, but remember, every expert was once a beginner.

    Shadowing a contractor is a great idea. While you might feel like you don't have much to offer yet, don't underestimate the value of your eagerness to learn and your fresh perspective. Contractors may appreciate someone who is genuinely interested in understanding their work. You could offer to assist in minor tasks or administrative work in exchange for learning opportunities. (One of the easiest thing to do to start learning is having contractors bid projects. Each of them will tell you a story of what they are thinking, and if they all are saying the same thing - then more often then not they are telling you correctly how something should be done. Another added benefit is you can start to see prices of fixing something or bringin it up to market standard. The key to that is make sure you are getting it as per/square foot charges. That way you know how much you are paying per square foot and compare it to other contractors. 

    Meetups and forums are excellent avenues to explore. They provide a platform to connect with experienced investors and professionals who were once in your shoes. Networking is key in real estate, and these meetups can be a great place to start building your team and learning the lingo.

    The calculators on the site are a good way to get a feel for the numbers. When it comes to building a team, remember that it’s a gradual process. Start with connecting with a few key people like a real estate agent who's experienced in investment properties, a reliable contractor, and a mortgage broker or financial advisor.

    As for being introverted, many successful real estate investors are introverts. It's more about learning how to manage your energy and finding strategies that work for you in networking and negotiation situations. There are also plenty of real estate investment strategies that require minimal interaction, like buy-and-hold.

    Feel free to reach out if you have more questions or need guidance. Happy investing!
  • Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    2y

    Frankly, you won't start really learning until you buy your first property. It's like trying to learn how to swim from a book: at some point you have to actually get into the water. I went through a year of Rich-Dad-Education Coaching back in 2007 trying to learn and in hindsight I could have just skipped that (and saved the money).

    Real Estate investing is not rocket science. But don't set the bar too high. Keep it simple. You don't need to make all your money on your first deal. Find a house that needs paint & carpet and go through the process. Everything will make more sense once you have completed one deal. And take a learning on demand approach. There is no point in learning about roofs until you have a house that needs a roof. And you can learn more on YouTube in half an hour than shadowing a contractor for a week.

  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    2y

    What you're doing now, is compiling information, but not gaining any knowledge. Info is good as a supplement to knowledge, not as a substitute. You can't gather info and put it together to make a puzzle because unlike a puzzle in a box, there are many, many pieces missing,...and you don't know what they are. That results in a picture with no connections between the pieces, and with REI info, no connections...and a lot of confusion.

    My advice is to go out and "learn". That means take a course in the basics of REI, then advanced ones, until the info you gather fills in the blanks, instead of adding to them.

  • Member since 2023 · 40 posts · 30 votes
    2y
    Quote from @Maria Diaz:
    Quote from @Jonathan Cooper:

    it all depends on your goals, what do you want real estate to bring to your life? How much time can you devote to it? Personally, the best type of property to invest in is multifamily, because I want cashflow, easy management, keep them as LTRs and etc, for you it might differ

    Hi Jonathan!

    Really looking into building a healthy portfolio and generate a healthy cash flow to spend time doing what I love (traveling). Not looking for quick turn around but more of long term rentals. I live my life with authenticity and integrity and want to give back to the community. 

    I volunteer for Habitat for Humanity and various food banks around my home town and know that families around my area are suffering financially. If I can help a family find a forever home, that helps me with my own ethical and moral values. 


     I love that! Then multifamily LTRs would be a great option for you, maybe even looking at section 8!

  • New to Real Estate · Orlando, FL · Member since 2023 · 14 posts · 18 votes
    2y
    Quote from @Account Closed:
    Quote from @Maria Diaz:

    Hello!

    I’m trying to learn the ropes as I go. I haven’t purchased my first investment property yet and honestly, I’m determined to gain knowledge through self education and I have no rehab experience nor have ever worked with a contractor. It feels very overwhelming but you have to start somewhere. I would also love to be able to shadow or speak with a contractor to know and gain knowledge from them. Alas, I don’t feel like I have a lot to bring to the table so to speak so not sure that idea could even be entertained.  

    I’ve been looking into the meetups forums and wonder if this is the right avenue I should pursue? I know I don’t know everything. When reading the posts on this forum and listening to podcasts, etc, I always hear or see an acronym or a term that I’ve never heard of which gets discouraging. I know things take time and experience but does it get easier? 

    I’ve messed with the calculators on this site picking random properties that interest me (particularly in multi family homes) but I know from this site that you need a good team. 

    I’m also quite introverted and know that this will need to be something I “get over” in order to succeed in this new venture.

    I’ve looked at the book selection and wanted to ask the community if there are any other books you recommend?

    Sorry for the long post but trying to ask the burning questions to this wonderful group of experts. 

    Thank you!

    Your comment: "I’m determined to gain knowledge through self education"
    That's a curious statement. 
    What is it you want out of real estate?

     Hi Ken!

    Thanks for responding. I suppose my intent with that statement was really speaking to the fact that I acknowledge I have some learning gaps and am continuing to go through the learning process. 

    I understand that I won’t know everything but I would like to educate myself in the areas I lack understanding so as I proceed further, I can make the right decisions and if I choose to partner with someone, I can present a solid investment strategy. 

    Hope that clarifies. As mentioned above, I am literally just starting and have many things to learn including the “jargon”. 

  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Maria Diaz

    go to meetups and talk to everyone.  folks at meetups love to talk shop.  in my experience, in multiple markets, experienced investors LOVE to talk to new investors.  so make a goal to go to 25 meetups and talk to at least 2 people at every meetup.

    can you house hack?

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