Here I am, a newbie, an aspiring real estate investor willing to put in the work while having realistic expectations of the challenges ahead.
First and foremost I want to extend my gratitude to this forum and all of its contributors. While this is my first post, I have been actively reading many of the wonderful posts over the last several days.
TIMING – I’m currently in the process of selling my home which over the last four years became a rental property. I personally managed from out of state and acquired a great deal of education from the “school of hard knocks”. The home sale leaves me with an immediate mortgage balance due and once paid off my family obligation is to pursue another personal residence property. By paying off my immediate debt and saving the additional down payment needed on a personal home I know that I am realistically about a 18 months away from even considering purchasing an investment property. This is non-negotiable per the spouse……so I listen and agree without hesitation (happy wife happy life).
While I have come to grips with my newfound dilemma, I’m stuck to wonder how best to use my time in becoming a more prepared investor.
So, my question to everyone is this: What advice would you have for someone like myself eager to get started in REI but who is sidelined for the time being?
I would suggest taking this time to learn as much as you possibly can about investing and the market that you are considering investing in. Read BP posts and articles, books, etc. Start to research your market area. What are the trends and what specific neighborhoods and areas would be good for investment.
I would also suggest starting to build your real estate industry network. Go to meetups and stop by open houses. Start to meet agents and other investors and tell them your plans. Pick their brains for any advice they have. You could also ask to shadow other investors. Offer some sort of value to them in exchange for you being able to spend some time learning from them.
18 months gives you plenty of time to get prepared. Good luck!
John thank you for taking the time provide me some very useful advice.
I appreciate it.
best in all you do.
Welcome to Bigger Pockets community. Be sure to check out “Learn” for all kinds of useful resources and free how to guides.
I would suggest taking a look at all the information available to you and develop a strategy on what you want and how to get it. It would also be a good time to start networking and developing those professional relationships that will help you reach your goals, ie. lender, realtors, wholesalers, contractors, vendors, etc.
Start studying the markets your are interested in to see what currently best fits your strategy. Another, might be to seek out a local Real Estate Investment Club. I found one here in Houston that I have been very happy with, the negotiated pricing with local vendors has more than paid the membership fees.
Just jump in and start to blaze your own trail; best of luck to you.
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