Newbies Seeking Advice

Newbies Seeking Advice

Real Estate Agent · Tampa, FL · Member since 2015 · 97 posts · 23 votes

My partner and I live in the Tampa, Fl market and are looking for some good advice to get our investment business launched the right way. I feel we are lucky to be in the vacation state and that we are central (Tampa, Orlando) which gives us an advantage. We will be attending our first local REI club meeting soon to begin making contacts. In the interim, we have made some RE contacts and are looking to build our investor base as well. Should we explore doing wholesale first to get our feet wet? Maybe move into flips then LT properties? Thanks in advance!

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  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    The answer will depend on what you want and what cash reserves or liquid money you have access to.  My goal is to acquire buy and hold properties, at the moment I have cash reserves to acquire property. Once I buy enough properties to liquidate the cash I will need alternative ways to produce money to buy more properties.  For me wholesaling may become a solution.  My personal opinion is wholesaling is a great way to produce money to invest in real estate, same with fix a flips. These are both ways to build capital for a buy and hold portfolio.  But if you do not want to be a landlord then wholesaling and flipping can be a systematized business.  All personal opinion that you and your partner should discuss.

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  • Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
    11y

    @Sherri Southwellwelcome to BP!  There are a lot of local meet ups that are great!  TBREIA is good for beginners, but make sure to go to the others to get a feel of how they work and to network.  I'm close by so don't hesitate to reach out to me.  

    As for advice to get started @Shawn Mcenteersaid it perfectly.  Personally I have a couple of rentals and we are switching gears to wholesale and fix and flip as my day job to fund more rentals.  

  • Real Estate Investor · San Diego, CA · Member since 2015 · 7 posts · 0 votes
    11y
    Welcome to Bigger Pockets and good luck on your journey!
  • Real Estate Agent · Tampa, FL · Member since 2015 · 97 posts · 23 votes
    11y

    Thanks all for the welcome and the input!  Since we have no cash reserves, we have to be creative from the get go in how we structure our first deals until we get some cash flow.  Thanks for the offer Adrian, you may very well hear from us in the near future :)

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    11y

    I think you've got the right idea. Attend your local REIA and read this site and as many real estate books as you can. A wholesale deal up front wouldn't be a bad way to start, but I think it really depends on what you want to do going forward. Are you looking to get into flipping or buy and hold?

  • Orlando, FL · Member since 2014 · 152 posts · 54 votes
    11y

    Cash is king, its tough to do much without a lot of it.  Hopefully you could find someone that will take you under their wing and get some real life experience

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