Texas Beginner

5 Replies

Hey Everyone. I'm brand new to REI and to Bigger Pockets! This seems like an incredible networking opportunity for this business, so I'm glad I found it.

I have two rather general questions. First--what would you say is the best way to get the most out of this site? I'm a all about learning everything I can in order to begin investing intelligently, so I'm going to try to learn from those of you who are professionals when it comes to REI and/or BIgger Pockets.

Secondly--I'm a young, full-time working professional.  I recently got a quasi-internship with a real estate office, and I'm going back to school to get licensed as an agent.  These are the steps I'm taking to get to know the inner workings of the business.  

I'm coming from the position of a high debt-to-income ratio, but enough cash flow to live comfortably.  In my wildest dreams, I'd like to work my butt off for a year or two to get the cash needed to pay off my student debt, but I don't see that happening.  What would your plan of action be?  Would it include school?

Generally, I'm looking for basic direction early on in my REI career. I have short-term needs mixed with a long-term vision of a legacy for my family.

Any and all information is appreciated.  You're all too good to be true.  Thank you so much.  

@Scott Rowsick  congratulations on wanting to become a real estate investor..  What kind of strategy are you looking to do in real estate?  Everyone wants to make money or be a real estate investor the key is having a plan or strategy in place to accomplish your goals.  Are you looking to buy properties to hold or properties to buy and flip?  This is important to know to figure out the direction that you want to go.

getting your real estate license could be a good step you would at least know all of the contract walls and real estate laws associated it with your state. 

School cannot teach you everything you need to know about real estate investing. Also be careful about certain mentors who are charging you up seeing amounts of money to teach you the business. Try to find some local investors that you can work for or maybe get into a dealer to with them with a little skin in the game to get them to teach you how it's done.  

But first I would figure out which strategy you were trying to take and pursue that.

A dream without a plan is a wish.

You can pick up a lot of good advice from bp.

Let me know if I can help you in anyway good luck to you

Welcome to BP.  

1) Take advantage of everything under the "Learn" tab at the top of the site.  The podcasts are great.  Read the how-to guides. Decide on your strategy.

2) If your credit score needs to be improved in order to get Fannie Mae mortgages for buy & hold rentals, then perhaps direct more of your earnings there for a while, but in general you will have more options of you have some cash to work with for downpayments, rehabs, or just some breathing room.  Check out Brandon's book on  investing with low/no money down:  http://www.biggerpockets.com/nomoney (even when you have money, you want to use it as efficiently as possible to maximize returns).

I've heard there is plenty of opportunity in the Dallas/Ft. Worth area.  Read, listen, ask questions on the forums, and then take action.

Best wishes for success!

Thank you guys for the quick replies.  I'm a big reader, so I will definitely check out that book.  My credit score is good, I'm just worried more about the banks taking my D/I into too much consideration.

As far as a plan is concerned, I'm more interested in wholesaling and/or flipping in the short-term to get out of debt.  Working an extra job and kicking the tires on wholesaling should get me out of debt in a few years.  If that's done right, through everything I've read, it's doable.  And once that goal is accomplished, I want to buy and hold for cash flow and long-term wealth.  

@Scott Rowsick  

Welcome. A buddy rents out his parent inlaw on airbnb for 200 a nite 90% occupied to pay off his tuition. Time to build the foundation below.

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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