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.
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.
Developer · Member since 2020 · 4k+ posts · 4k+ votes
2y
1. How do you eat an elephant? Stop and make a bullet outline like you were writing a paper. Major categories and sub categories. Ask on a post here for folks to add to it. Then start intentionally learning each one. Right now you’re getting the fire hydrant approach.
2. Glad to see your doing Habitat for Humanity. Don’t learn just absorb. On your outline above, next to each line item add a column for team. Don’t intentionally go looking for them but ask and add as you learn.
3. Start doing deal analysis and posting on here asking for review. Also as people have mentioned join some local groups and find a few People you can walk through analysis with you. If your in the corporate world your worried about being a great performer or A student. Dont do that here, it will slow you down. Example: Your first deal analysis. Pick any listed property since it will have all the info. Spend just 15 minutes analyzing it. Post that deal here and your thoughts. Keep doing that for 5 deals. Taking longer and longer to analyze.
4. Just like the outline in 1 above, make an outline for a house or building. Again ask people to help expand it for you. Now that you have a list start learning about them. Use the lookup above in BP and read posts in those topics. Example Roof. Sewer. Foundation. Hvac. Contracts.Learn from other people’s mistakes or questions.
5. As mentioned previously you have to do a deal to move forward. The best deal you can make involves your own housing. For example you mentioned nursing. Let's say you are a travel nurse. Plus you live in Orlando. Buy a property that is a week stay STR near an attraction and also with great amenities. During the high season either be gone working or renting at a lower price spot. Rest of the year live there.
Or buy a 4 plex.
6. On all your deals calculate FAILURE. Roof repair, HVAC fails, rent rate or occupancy is lower than you planned, renter trashes, etc. Apply each of these separately against your deal analysis. You will still fail, but do it in smaller items.
If you take the above approaches it will not be so over whelming.
Now rosy picture time? Nope.
Look out 20 years from now and you didn't do REI. You will continue working till you're 70. Social programs will be broke so you have to cover costs. Can't help your kids go to college or with a vehicle. No vacations or life experiences. And you will have $50,000 in credit card bills.
Or you failed in REI and it cost you $20,000 on your first deal. Personally I would rather fail versus the above life style. Having dinner in Florence, Italy with family and friends over Xmas. Wine cellar portion of the restaurant. Used to be underground catacombs for the Roman Coliseum that used to be there.
Make your own picture of your future and timeframe and keep working towards it.
Specialist · Frisco, TX · Member since 2023 · 8 posts · 11 votes
2y
Hi Maria!
I understand feeling overwhelmed with a new pursuit, but as you learn those overwhelming feelings will disappear. Real estate investing is a new muscle you simply have to grow! Some real investors invest for capital gains and some invest for income. When you think about your long term investing goals, what would you like to accomplish?
