I'm Carter, a senior in college who will be graduating this December and subsequently working full time in Public Accounting. I've been interested in REI for a year or so, and am only just now finding out about the BP community and all of the resources it has to offer new investors. I've been sucked in lately, and been learning all I can; I'm 21 currently, with a goal to own 5 cash-flowing rentals by the time I'm 30. As of this moment, my goal is to buy long term, buy and hold properties, preferably SFH's or small MFM's. I'm currently interested in metro areas in Ohio, namely Dayton, Cincinnati, and Akron, as well as Huntsville and Tuscaloosa, AL. Happy to join the community!
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. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together!
5. 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. A handy search bar in the upper right 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, recognizing a good deal will be much easier 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.
6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.
7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still not know enough because certain things must be learned through trial and error. You don't need to know everything to get started; you 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 forgiving world; the average person can still make money even with some big mistakes.
I'm Carter, a senior in college who will be graduating this December and subsequently working full time in Public Accounting. I've been interested in REI for a year or so, and am only just now finding out about the BP community and all of the resources it has to offer new investors. I've been sucked in lately, and been learning all I can; I'm 21 currently, with a goal to own 5 cash-flowing rentals by the time I'm 30. As of this moment, my goal is to buy long term, buy and hold properties, preferably SFH's or small MFM's. I'm currently interested in metro areas in Ohio, namely Dayton, Cincinnati, and Akron, as well as Huntsville and Tuscaloosa, AL. Happy to join the community!
I'm Carter, a senior in college who will be graduating this December and subsequently working full time in Public Accounting. I've been interested in REI for a year or so, and am only just now finding out about the BP community and all of the resources it has to offer new investors. I've been sucked in lately, and been learning all I can; I'm 21 currently, with a goal to own 5 cash-flowing rentals by the time I'm 30. As of this moment, my goal is to buy long term, buy and hold properties, preferably SFH's or small MFM's. I'm currently interested in metro areas in Ohio, namely Dayton, Cincinnati, and Akron, as well as Huntsville and Tuscaloosa, AL. Happy to join the community!
I'm Carter, a senior in college who will be graduating this December and subsequently working full time in Public Accounting. I've been interested in REI for a year or so, and am only just now finding out about the BP community and all of the resources it has to offer new investors. I've been sucked in lately, and been learning all I can; I'm 21 currently, with a goal to own 5 cash-flowing rentals by the time I'm 30. As of this moment, my goal is to buy long term, buy and hold properties, preferably SFH's or small MFM's. I'm currently interested in metro areas in Ohio, namely Dayton, Cincinnati, and Akron, as well as Huntsville and Tuscaloosa, AL. Happy to join the community!
Welcome to BP, Carter! I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio. As an investor and agent here in Columbus Ohio, if you have any questions or want to connect, definitely reach out!
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. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together!
5. 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. A handy search bar in the upper right 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, recognizing a good deal will be much easier 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.
6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.
7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still not know enough because certain things must be learned through trial and error. You don't need to know everything to get started; you 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 forgiving world; the average person can still make money even with some big mistakes.
Hey Carter! Welcome to BiggerPockets community! I am an investor and real estate agent based in Ohio, and I do have real estate investments in Dayton and Cincinnati. If you have questions related to these markets, please feel free to reach out. I'd be happy to help.
Sam McCormack Realtor
Reafco - Samuel Diouf528 Reviews
Jimmy Lieu, Red 1 Realty4.9120 Reviews
