Just starting to invest any advice?
I've recently been interested with investing in real estate. I'm looking to start with buying and flipping but I'm not sure where or how to start.Where to get the money? Hard money lenders? Private lenders? through a bank? What if I don't have any money to invest in this, is there options to get a loan for all the money I need to buy/fix/flip? Is it better to buy/rent? How do I land my first investment?
Hi Rusty - welcome to BP
You're asking a lot of good questions and the answer to most of them depends on you and your financial situation
If you have some money saved up and have a stable job it might be a good idea to get a loan (esp. since interest rates are slightly above historic lows).
Since you're just starting out, it might be even a good idea partnering up with some who is doing it in your market to learn from him/her and to provide some assistance to that person at the same time
Check out the Ultimate Beginner Guide that should answer some of the other questions/thins you are thinking about
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good luck
Paul
