Ambitious but Ignorant

2 Replies

I would love to become a multimillionaire within the next couple months by flipping properties, but I know that's probably not possible. I realize anything worth having doesn't come easy and that it takes time to become successful. I'm a new member on here and I feel like it would be a great start for me to ask about how people started their real estate careers and what beginner mistakes they committed. I have very little to no knowledge of property investing and it would be great if anyone could inform me about the basic understanding of this market or point me in the right direction to another forum post about the basics. For example, how much capital should someone procure before even considering investing into a project. Or, how someone could manage a property in another state and what are the risks involved. Any knowledge is appreciated. Thanks in advance and I promise to reciprocate any knowledge bestowed upon me.

@Philip Price  

Welcome. Remember this is a marathon not a sprint. 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

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

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