I am a Newbie to BP. I recently secured a position with a company that is paying me very well, and now starting to pack away some money with hopes to begin investing in real estate. I currently work 7 days per week, but I do have free time during the day to log onto my PC for personal activities. I'm looking for recommendations and guidance for investing in real estate online. Is there such opportunity? Can I begin to build my empire remotely? Thank you.
Welcome. Yes you can build your team remotely but you need boots on the ground. 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 over 90 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
Account Closed provided some great information. Two other options you could pursue would be invest with a service like Jason Hartman. He has a podcast on iTunes, and you can search BP for reviews. Another option would be to partner with someone. Investors are often looking for a money partner. It is getting more difficult to find great cash flowing deals in Colorado Springs, but they do exist. As you have probably witnessed, with many huge apartment complexes going up in Colorado Springs, multifamily could be difficult going forward. Before pursuing anything, make sure you are at least educated on the basics.
@Vincent Hawkes Definitely spend some time on educating yourself as much as possible. The Bigger Pockets forums and podcasts are a great place to start. You might want to search the forums for "out-of-state investing" and "turnkey rentals". There are plenty of people who invest out-of-state and must do the entire process through the internet and phone calls.
Thank you for the advice and guidance. I started reading the Bigger Pockets Ultimate Beginners Guide, I didn't realize how many different ways there are to invest in real estate. Once I get back into town, I think I will get out and establish some relationships. I think to start I would like to partner up with someone. I have quite the skill set in regards to home renovation, and all of the tools to do so.
@Chris Gilbert You are right about the market in the Springs, it is surprising how many new buildings are going up. Where do all of these residents work???
@Michael W. Ill have to look into the two options that you mentioned. "TurnKey rentals" sounds interesting.
Thanks again, Happy holidays to you all and your families.
@Vincent Hawkes welcome to BP!
Michael W. Gave some great advice. I was stationed in Europe (active duty military) when I bought my first rental property through a turnkey provider. I've since moved back to the DC area but still invest in other markets because the returns are better. I continue to use experts in those markets to help me find deals, do any repairs, and put tenants and property management in place. There is a ton of information on this site to help you get started. I found wiring with a turnkey provider helped me learn a lot and made me more comfortable doing my first deal. Good luck, you are in the right place!
We invest long distance but in an areas that we had always established. I also work alot. The key I have found is finding an area that the numbers work. Get to know it and build a trusted team. I know just look at the house and ask less than 5 questions. Based on those answer I either put an offer or don't. I tend to look at the house during the inspection but that is usually the first and last time.
Do you have any interest in a rental or flip or JV in the far northern suburbs of Chicago...Not Cook County, Lake County. Almost Wisconsin. I have a wholesale deal in Beach Park, IL. 1985 sq.ft. 3 bd, 2.5 ba, 2 car attached garage all on 1/2+ acre $85,000? ARV 140K. Drop me a line if yo want to know more or call 224.440.8827
Welcome to BP @Vincent Hawkes ! BP is all the online education you need! Well, other than maybe getting your R.E. license. As far as investing remotely, anything is possible! I wish you luck.
Welcome to BP!! You can to right place to learn about Real Estate Investing... I suggest you check out some of the Podcast here on BP they are awesome and you will learn a lot from it. It's a start and make sure you keep saving money nothing to jump into fast and this is not a get rich quick type of thing it takes time to build your portfolio.
Good luck and happy investing
I was wondering, what are the 'five questions' that you would ask prior to deciding whether to put in an offer? Thank you.
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