I saw this asked elsewhere and thought I'd see what you guys have to say!
Hypothetically, if you lost everything BUT your current knowledge of real estate, including all assets and personal connections in the industry, how would you get started again? What would be your first step getting started in the real estate game?
I would get a job working for a high powered realtor, property manager, or local investor. I would find someone that was doing what I wanted to do, and determine how I would create value for them. I would be earning money, but more importantly... gaining connections into the business.
I would save, save, save. And then from the capital I had I would purchase homes with 20% down in an area that has good cash flow AND appreciation. If saving 20% is a little out of the question I would put less money down but use this house as my primary residence and possibly rent out a basement for something extra.
I first started when I was 20 years old and bought a 3 bedroom house, made an extra bedroom and rented 3 bedrooms out at $350 a month. I lived in one bedroom and it was great! But this only really works when you're younger. The mortgage was only $725 a month.
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