I've been reading some of the local BP members here in the Dallas/Fort Worth area who state that there is a hot market and there are great deals available. My question is with the market being hot, should I try to find deals, secure financing and begin my career as a newbie real estate investor before the market changes?
Welcome to BP. I too am a newbie investor started this month just to give you an idea how new I am. From what I experience in the past 3 weeks is that there are a lot of moving parts to real estate investing.
I thought to myself that I could get in on the market as easy as 1-2-3. After doing some digging, researching and calling up Agents. I realized that the game isn't as easy as it sounds in the beginning. That's largely due to my incompetence.
If you are seriously about REI, check out the learning section on this website (on the navigation, click on the Learn Tab). It has wealth of information on how to get started. I am in the process of plowing and digesting all the information and putting them into actions.
On the top right corner, you will find a search bar where you will find your answer. If you don't find it, just ask.
Again, welcome to BP and have fun on this journey!
@Zamiyun Reed Its always a good time to jump in the market hot or not. If you are new to the market its important to start learning soon as possible. Welcome to the world of real estate!
Even on my worst deals that I probably shouldn't have bought, Ive made money. In fact when I started I was close to paycheck to paycheck. Now I live a pretty good life. Its been a few years but id say theres no time like today to get started.
Andrew Fox thanks for that heads up. I'm kind of nervous but anxious to get started.
Dorance Creighton I really appreciate the motivation to jump in and get started. I think I have slight analysis paralysis because I'm not sure how to find deals and finance them.
@Frankie Law congrats on getting started and creating financial freedom. This is possible for you and I.
Hey Zamiyum, if you have listened to the BP podcast, in nearly every episode they mention that you have to take the plunge at some point. Nervousness is normal but if you let it overtake you, you will never be able to take the risk and make some action. If you can, perhaps you can connect with a someone on BP who is investing in your area as a mentor.
I have been doing this 35 plus years and I am still pay check to pay check they just happen to be somewhat bigger...:)
Texas worries me a little with the heard mentality going on right now. Reminds me of vegas Phx.. Not that I have anything to base that on.. other than when everyone in their brother enters a market you can have some price run up that is not substantiated by any factors other than investor driving the market.
Also Property tax's are so dog gone high there... I see this as a definite barrier to future appreciation..
Just some thoughts.
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