Complete beginner

14 Replies

Hello everyone, my name is Gabi and I live in Chicago. I'm married and live in a house that we bought 3 years ago. I've been thinking of getting into real estate for a few good years now and I'm finally ready although deadly afraid. A bit of background: I'm a teacher and my schedule is pretty flexible. I'm also 46 years old so I wonder if you think it's too late for me to get into this business. I would like to primarily buy to hold and maybe a few flips along the way. I have a bit of money set aside for this, maybe enough for a small down payment. My husband is not at all interested in doing this with me but supports me in my endeavors. Any advice with what to do first would be greatly appreciated. This means greatly stepping out of my comfort zone but I'm ready. And any Chicagoans, please tell me where you guys meet to chat/ network if you do so.

Thank you so much.

Congratulations on making the decision to finally pull the trigger! The decision to invest in real estate alone can be one of the hardest but won't be regretted if done wisely! That being said I don't think there is magic number as far as age is concerned that you need to have invested in real estate. However you may be more risk adverse as you near retirement age and for good reason.

First and for most I would make sure my personal finances are in order before starting to invest in real estate. I say that because many people have their personal finances in such disarray that this carries over to their businesses/real estate. A good starting place is the Dave Ramsey course called Financial Peace University. The cost is a little over 100.00 and would be a great place to get your "personal financial temperature" checked. I would highly recommend taking with your significant other.

After that course you may decide that you are right on track and are ready to jump right in or that you may need to take care of a few personal financial matters first. Once that was done (or concurrently depending on your situation) I would get some real estate education (which I am sure you have done already). I would recommend "What Every Real Estate Investor Needs to Know about Cash Flow" by Frank Gallinelli. This book is a great starting point to understanding/analyzing real estate deals. After you read this book you know what to look for or at least will be well on your way. Knowing what to look for will help you overcome your fear.

One word of caution is don't get caught in analysis paralysis which is very easy to do. You will never know it all (and you don't need to) but get a good foundation and then make the first deal happen. You will learn a lot on the job. Good common sense and the right advisors will go a long way.

Best of luck and if there is anything else I can do please let me know!

Matt Anderson

Hi @Gabi Hanta , nobody is too old to get in Real Estate... and I have to give you the news that probably over 70% of the people on BP are over 46...

You have to come up with a simple strategy based on your goals, and then take action. One good thing about Real Estate is that is forgiving compared to stock.

If you buy a building for long term and overpay for it, and it cash flows, the market will catch up with you.

You have to become really good at analyzing the property so the numbers work and make sure you understand the condition of the property!

Let me know if you have any questions and Congrats for posting! You already took the first step!

Lumi Ispas, Real Estate Agent in IL (#475.113981)
773-392-2906

@Gabi Hanta

Welcome.

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 rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

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 

Thank you, everyone, for your kind words, encouragement and ideas. This is a wealth of information and I will pursue it, besides the books that I already read. Education is key, I know, but one can also get caught up in reading too much and not acting. So I'm going to find some groups to attend and network and I'll take it from there I guess. I will download those books, Paul, as soon as I'm done writing this post. 

I'll keep you all posted. 

Welcome to BP @Gabi Hanta ! There's a great Chicago meetup the 3rd Tuesday of every month run by @Brie Schmidt . Investors from all experience levels and walks of life attend.

welcome to BP it is great place to start and get all the support you need. @Gabi Hanta

(307) 287-9517
Originally posted by @Joey Nakayama :

Welcome to BP @Gabi Hanta ! There's a great Chicago meetup the 3rd Tuesday of every month run by @Brie Schmidt . Investors from all experience levels and walks of life attend.

 Thank you for the info, Joey. Could you please tell me where this meeting takes place? I'd appreciate that.

Originally posted by @Jerry Padilla :

@Gabi Hanta

@Jim B.

is a great local agent that I have done business with.

 Thank you!

@Gabi Hanta here's the info from the most recent one:

NOTE: There will be pitching of products, services or properties at this event!
Time of Event: 03/17/2015 at 06:30PM
Location: Dino's Pizza in Norwood Park
Fee to Attend: Free

The Meetup for Chicago Investors on the 3rd Tuesday at Dino's Pizza located at 7004 West Higgins Avenue from 6:30 pm - 9:30 pm.

Like always, these events are not sponsored by any person or company so the events are 100% networking. We do a "Shark Tank" style event in the beginning of the meetups. So if you have a deal you need a partner on, present it to the group. We have created a one sheet template for pitching deals to streamline the presentations, so please email me at [email protected] to get a copy. This is not a format for selling deals, it is only for people looking for partners

6:30 - 7:00 - Networking
7:00 - 7:30 - "Shark Tank" Presentations
7:30 - 8:00 - Group Introductions
8:00 - ??? - Networking
Day after Event - I email out all the Shark Tank deals that were presented.

The day of the event I always email out a list of attendees, so make sure to email me by Monday at 8 pm with a short description of yourself to be included on these emails. I will also be including a list of people presenting and after the event I will email out all the deals that have been presented.

Any questions, please let me know! Email Brie and George at [email protected]

Originally posted by @Joey Nakayama :

@Gabi Hanta here's the info from the most recent one:

NOTE: There will be pitching of products, services or properties at this event!
Time of Event: 03/17/2015 at 06:30PM
Location: Dino's Pizza in Norwood Park
Fee to Attend: Free

The Meetup for Chicago Investors on the 3rd Tuesday at Dino's Pizza located at 7004 West Higgins Avenue from 6:30 pm - 9:30 pm.

Like always, these events are not sponsored by any person or company so the events are 100% networking. We do a "Shark Tank" style event in the beginning of the meetups. So if you have a deal you need a partner on, present it to the group. We have created a one sheet template for pitching deals to streamline the presentations, so please email me at [email protected] to get a copy. This is not a format for selling deals, it is only for people looking for partners

6:30 - 7:00 - Networking
7:00 - 7:30 - "Shark Tank" Presentations
7:30 - 8:00 - Group Introductions
8:00 - ??? - Networking
Day after Event - I email out all the Shark Tank deals that were presented.

The day of the event I always email out a list of attendees, so make sure to email me by Monday at 8 pm with a short description of yourself to be included on these emails. I will also be including a list of people presenting and after the event I will email out all the deals that have been presented.

Any questions, please let me know! Email Brie and George at [email protected]

 Thank you so much Joey. I will go next month for sure. 

Originally posted by @Larmon Cummings Jr:

Welcome to the BP Community @Gabi Hanta

 Thank you so much. Excited to be here. 

Welcome @Gabi Hanta 

BP is a great RE community!

You can checks www.careia.org for local networking.

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