Brand New - In the Research Phase

Member since 2024 · 10 posts · 9 votes

Hey All,

Brand new to BiggerPockets as of today. Just started the research phase and learn everything I can about this process before I make my first purchase. Have no idea how long it will take to get to my first property but looking forward to learning the process and getting to know the like minded folks on this forum.

Hope to speak to you all at some point in the future.

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Nicholas L.Pro Member

Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes

@Tim DiMario

got it. like i said, house hacking is not for everyone.

i'll give my 2 cents. i genuinely think it's a very tough time to get started in real estate. and I DON'T think that you automatically have 'analysis paralysis' if you spend some time getting yourself into a stronger financial position, researching, or both. buying a bad deal just to 'have a door' is a huge waste of time and money.

to echo what @Jonathan Greene said, I'd go to the local meetups and just start networking, learning, and asking questions.

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y
Welcome. Get out to meetups in your area and meet some other investors. It will be a jet pack to books and podcasts. If you go toward Worcester, @Andrew Freed has some great meetups where you can learn a lot and make great connections.
[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
Website View Page
1 Reply
John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
Welcome to BiggerPockets community and congrats!

It is filled with resources and a plethora of knowledge

Thanks for joining.I wish you all the best in your real estate journey.

https://www.biggerpockets.com/blog/think-like-a-real-estate-...

I wish you all the best in your real estate journey.
1 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @Jonathan Greene:

Welcome. Get out to meetups in your area and meet some other investors. It will be a jet pack to books and podcasts. If you go toward Worcester, @Andrew Freed has some great meetups where you can learn a lot and make great connections.
Nice to meet you and thanks for the tip. I know networking is a skill I'll need to Mmaster. Always been social and gregarious but never from a financially strategies standpoint. I'll reach out to Andrew for sure.
1 Reply
John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
@Tim DiMario Try Facebook groups real estate in your area too
0 Reply
John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
Example
https://www.facebook.com/groups/bostonrealestateinvestorgrou...
https://www.facebook.com/groups/bostonrealestateinvesting/
0 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @John Mason:

@Tim DiMario Try Facebook groups real estate in your area too
Hadn't thought of that. Thanks for that tip!
1 Reply
John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
@Tim DiMario make sure you accelerate your RE knowledge and be pro active

Read the Millionnaire Real Estate Investor and also the One thing By Gary Keller
0 Reply
John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0...
0 Reply
John Mason
Member since 2024 · 1k+ posts · 351 votes
2y
Youtube watch?v=TaMy90lVVDU
0 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @John Mason:

@Tim DiMario make sure you accelerate your RE knowledge and be pro active

Read the Millionnaire Real Estate Investor and also the One thing By Gary Keller
Been all over this one. I know I have risk aversion so knowledge is one key to that obstacle. Have six lined up at the moment but I'll add these to my list. Thank you!

0 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
2y
Check out house hacking or Live-in flip
1 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
2y
My advice - don't do too much research..... Some people just do reseach and never really do anything.....
2 Reply
Jeffrey McKeePro Member
Real Estate Agent · Plano, TX · Member since 2013 · 479 posts · 91 votes
2y
Hello Tim! Welcome to BP! It's great to have you here. You're in the right place to start your journey, there's a wealth of knowledge and a fantastic community ready to help. Best of luck on your path to your first property!
0 Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@Tim DiMario
start with a house hack if you can. not everyone can given family / lifestyle. but if you can, you should.
random example - i don't know this guy but just saw this post. and it's in Boston.
https://www.biggerpockets.com/forums/12/topics/1196952-i-jus...
0 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @Nicholas L.:

@Tim DiMario
start with a house hack if you can. not everyone can given family / lifestyle. but if you can, you should.
random example - i don't know this guy but just saw this post. and it's in Boston.
https://www.biggerpockets.com/forums/12/topics/1196952-i-jus...
That is one if the first strategies I looked into and saw it's potential but I have a wife and 2 kids so not really an option for me. I wish it was though since I worry about finding lenders with a mortgage already over my head.
0 Reply
Jeffrey Blais
Lender · Fall River, MA · Member since 2024 · 23 posts · 2 votes
2y
Hi Tim!
Welcome to BP! Do you have any mortgage financing questions at this point in your search? Thank you in advance, Jeffrey.
0 Reply
River SavaPro Member
Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
2y
Welcome Tim!

@Daniel McDonald has great meetups. Happy to conenct with you too as I grew up on the Northshore.

[email protected]
1 Reply
Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
2y
@Tim DiMario- thanks and welcome ...I would recommend getting formally pre approved for a hypotehtical scenario with a lender ...This process will help get you organized / prepared and its free ...you will also learn a lot ....if you never buy anything or dont buy anything for soem time - its OK ...good luck
0 Reply
Daniel McDonald
Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes
2y
Quote from @River Sava:

Welcome Tim!

@Daniel McDonald has great meetups. Happy to conenct with you too as I grew up on the Northshore.

Thanks @River!

Happy to connect @Tim DiMario! I’m in the north shore. Been house hacking a few years and always trying to network myself! Happy to connect.
0 Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@Tim DiMario

got it. like i said, house hacking is not for everyone.

i'll give my 2 cents. i genuinely think it's a very tough time to get started in real estate. and I DON'T think that you automatically have 'analysis paralysis' if you spend some time getting yourself into a stronger financial position, researching, or both. buying a bad deal just to 'have a door' is a huge waste of time and money.

to echo what @Jonathan Greene said, I'd go to the local meetups and just start networking, learning, and asking questions.
2 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @Jeffrey McKee:

Hello Tim! Welcome to BP! It's great to have you here. You're in the right place to start your journey, there's a wealth of knowledge and a fantastic community ready to help. Best of luck on your path to your first property!

Thank you very much Jeffrey. I can already tell I am in the right place.
0 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @River Sava:

Welcome Tim!

@Daniel McDonald has great meetups. Happy to conenct with you too as I grew up on the Northshore.

Awesome thank you! Im a South Shore guy and the market here is nuts right now. Ill add Daniel to my contacts. I see he has replied below so I think I can take it from here. Thanks River!

0 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @Nicholas L.:

@Tim DiMario

got it. like i said, house hacking is not for everyone.

i'll give my 2 cents. i genuinely think it's a very tough time to get started in real estate. and I DON'T think that you automatically have 'analysis paralysis' if you spend some time getting yourself into a stronger financial position, researching, or both. buying a bad deal just to 'have a door' is a huge waste of time and money.

to echo what @Jonathan Greene said, I'd go to the local meetups and just start networking, learning, and asking questions.
Glad to hear that. The market where I am now is absolutely nuts but I know if I learn enough and am willing to look into other markets I can find a good first deal. I also know enough about myself that it would be hard to rebound for me if my first deal was a bad one. So I am taking my time to make sure I know the process and it seems like these meetups is a great place to start. Thanks!
0 Reply
Kyle Spearin
Real Estate Agent · Boston, MA · Member since 2016 · 451 posts · 214 votes
2y
@Tim DiMario, welcome to the community!

Just by joining BP, you're already making tremendous progress-- lot's of great ideas and people to network with. As you're getting started, it's VERY easy to read an article on one thing, then see another strategy or market and get sucked in to a never ending cycle of shining object syndrome.

Here are a few recommendations for getting started:

1. Identify your market and strategy to go with it. You'll find tons of posts on this, so I won't elaborate much.

2. Don't bet it all on your first deal. Think about how you can get your feet wet in a low risk way, while trying a strategy you become interested in. For example, if you're interested in flipping, you might try buying a fixer-upper as your primary residence and trying to renovate in a timely manner. This would protect you from downside, while offering potential upside.

3. Make connections with people by participating on the BP forums, going to meetups (@Andrew Freed has a great one in Worcester and I run one in Boston). This will help you start building your team, learn a lot, and refine your criteria.
Good luck and don't hesitate to reach out!
1 Reply
Tim DiMario
OP
Member since 2024 · 10 posts · 9 votes
2y
Quote from @Kyle Spearin:

@Tim DiMario, welcome to the community!

Just by joining BP, you're already making tremendous progress-- lot's of great ideas and people to network with. As you're getting started, it's VERY easy to read an article on one thing, then see another strategy or market and get sucked in to a never ending cycle of shining object syndrome.

Here are a few recommendations for getting started:

1. Identify your market and strategy to go with it. You'll find tons of posts on this, so I won't elaborate much.

2. Don't bet it all on your first deal. Think about how you can get your feet wet in a low risk way, while trying a strategy you become interested in. For example, if you're interested in flipping, you might try buying a fixer-upper as your primary residence and trying to renovate in a timely manner. This would protect you from downside, while offering potential upside.

3. Make connections with people by participating on the BP forums, going to meetups (@Andrew Freed has a great one in Worcester and I run one in Boston). This will help you start building your team, learn a lot, and refine your criteria.
Good luck and don't hesitate to reach out!
Kyle thank you so much for this advice. It's funny you mention 'shiny object syndrome'. Since I have begun researching (kind of obsessively) all my social media feeds have been filled with these things you are describing (paper flips, slow flips, subtos, etc). Now I have a name for it. As a beginner it's difficult to identify the difference between a spam and a legit investment strategy. The books suggested here have been helpful. I think like you said my next step is to choose one strategy and zero in on it then find a market where it will work. Luckily I already have the capital. I just need the what and the where and the technical know how to execute.
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