New to REI...NEEDS GUIDANCE

8 Replies

Hello Everyone,

I'm new to investing. I do not have any skill set in real estate investing, however, I've been reading books and listing to podcasts on real estate investing. My challenge is picking a niche for starting out.. what would be a good niche for starting out.. is it wholesaling, flipping, rehabbing, or landlording.. I need a great deal of wisdom and guidance...Thanks

Wholesaling/flipping might be the best place for you to start.  

Start looking for FSBO signs, get those homes under contract and then assign to another investor buyer. There is more to it then this but this would be a great place to start.

Good luck

Good day to you, what are your long and short term goals? Develop your game plan. What I think for starting out is to buy a cosmetic fixer or find a hud repo. It hard to point you in the right direction if your goals are not known. Hands on experience is the best tool for teaching or learning the real estate business. My first home I bought was a light fixer just needed to be updated, it had the old wood paneling, yellow and green tile in the bathroom. When sit down and write out what you want to do, I can give you a few ideals.

Jay

Welcome to Biggerpockets!

This is a great place to figure out what you want to do because other than the fact that we all invest in real estate, the similarities end there. Everyone here has a different "spice" and way to approach things.Therefore, another great resource is to check out the signatures of those who comments you enjoy. My website/blog that I just launched is all about land lording, self management from long distance, buying class A properties and turning them into rentals with lots of other good stuff :) The biggest "twist" is we don't follow any of the 1%, 2% or 50% rule. My husband has a very transient career so we are always moving. Instead of that being bad. I have learned to manage from a distance, invest from a distance, and turn low money down (personal property loans). Into a great investment mode that greatly complements buying pure rentals.

I look forward to seeing you around the site!

Wow! Thanks Elizabeth...I will definitely check out your blog/website

@Tranice Davis Welcome to BiggerPockets! You have already found the best resource available to you online for real estate investing and its right here! I suggest typing "Atlanta" or whichever suburb you are interested in (its good to find a neighborhood that's convenient to you so that you can monitor your investment) in the search box and seeing what comes up. I would also suggest going to REI events here and the best place to start for that is joining this website http://www.meetup.com/AtlantaREIA/. Its a great place to meet people with experience in the business. As for what specific area to aim for when starting out, it depends on how quickly you want your investment returned and which neighborhoods you are interested in. If you can clarify that information for me I would be happy to help!

@Tranice Davis  Your strategy and path will depend a lot on your circumstances, your strengths and weaknesses, and your desires.

If you honestly assess these things, then you'll be able to choose the best way to start.   If you're not honest with yourself, then you're doomed to failure.  

Last but not least, don't take advice from strangers.  :-)  Really, be careful.  You're asking someone to take you by the hand.  Many folks will offer you an easy way and take your money.  

Best of luck,

Rick

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