How Do I Get Started

Question

Hello Everyone!

Currently I am working a job that requires my time for 40-50+ hours per week. The job often requires me to stay later or schedules are put up on the fly at times and due to my position I cannot argue the schedule changes. I seriously desire to get into real estate investing but without anyone in my circle of influence who is even remotely interested in partnering I am finding it extremely difficult to start.

David Dachtera · Answer

@Joshua Martin,

Think of a REIA where everyone is enrolled in the same on-lines classes. Everyone speaks the same language, knows the ins and outs, what to avoid and what to look for, ... It's not AN on-line course, we have over 500 hours of on-line education in seven curricula.

Our suburban Chicago group is the largest of any US city where we have a presence. So, large, in fact, that we need to find a new meeting space: we literally cannot fit the number of people who want to come to our meetings, study groups and workshops.

I see you're in Milwaukee. If you have any contacts in the Western Suburbs of Chicago, we need a space we can lease with circa. 40,000 square feet of floor space (leadership hasn't said, but I think they are prepared to handle the build-out - meeting room, offices, classrooms, etc.) and parking for circa. 300 cars (our monthly workshops are SRO lately!). Old banquet halls, church / school campus, grocery store, etc. might be some possibilities.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."- DJ Benedict

David Dachtera · Answer

@Michael Roundtree,

I see folks recommending some more formal education than just combing thru the BP forums and recommended reading / viewing lists (see the "Education" tab on the BP menu bar).

Yes, RE agent licensing classes will provide some of the fundamentals. Remember, however, that these classes prepare you to work with buyers contracts, attorneys, sellers and title companies. They DO NOT prepare you to be an investor, though if you're really new to RE there's a lot of good info to be gained.

In more direct answer to your question about how they did it with no experience, however, the answer is that education makes a great deal of difference. I'm not talking about 2-hour sales pitches, 3-day upsells ... err, I mean "boot camps" or multi-day seminars costing about as much as Tesla's latest announcement (their "affordable", $35K car) where you have to travel, pay for a hotel, can't record, and can't re-take the classes anytime you want/need to. I'm talking about real education like you might get from an on-line university, only better.

The people in my group all have taken the same on-line classes - over 500 hours of classes, if you took them all. Take them as many times as you like, as fast as you want or as slow as you need.

Most of the newbie questions people post here on BP and many of the mistakes first-timers - and long-timers! - make ... I can just about quote which segment of which class and the time displacement into that segment where they would have learned what they needed or how to avoid their costly mistakes.

Maybe that's not the answer you wanted, but it's best one I can give you.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."- DJ Benedict

JR T. · Answer

@Steve - Wholesaling is supposed to take a lot of time. It is a way for people to make money in real estate with just their hustle and sweat. I understand that it's a way to move yourself up and people gotta do what they gotta do, but OP has a full time income which can get him into his first deal.

I don't think that wholesaling is appropriate for everyone.

JR T. · Answer

@Michael Roundtree How long would it take you to work up to district manager there?

Do you see yourself as a retail manager or a real estate guy? They're very different disciplines.

Do you own the home you live in now? If not, this should be your primary goal - saving, cleaning up any credit issues. You make more than enough to buy in your area, I know there's a lot of small multifamily in and around Union Township. Your first task is to study the market. You should be watching what homes come on the market, doing analysis on those deals and then watching what actually happens to the property. You had an offer in mind, what did it ultimately sell for?

To meet local people you sometimes have to be aggressive and you have to keep showing up. Be at the landlord's association meetings, real estate investor meetings, do a lot of listening and don't get discouraged. The people who are real players in those groups don't pay attention to you until they decide you're serious on your own.

Since you're coming from a different background you should take the classes to become a REALTOR. You don't have to take the test necessarily but the classes will give you a good knowledge base to start off.

Michael Roundtree · Answer

@Luke Gabriel what was your strategy when you decided to quit? Did you find a mentor or did you just take a leap of faith?

Michael Roundtree · Answer

@JR T. I currently work at the supermarket Aldi as trainee for the store management position. I don't see myself being able to get into action anytime soon, so my goal is to find a individual who can help me get away from the job so that I can make this full time

JR T. · Answer

What's the 40-50 hour a week job? Is it going to eventually put you in a position to get into action?

Michael Roundtree · Answer

@David Dachtera thank you for taking the time to post your comment. My one question would be how is this type of investing possible for newbies with no expericnce?

Michael Roundtree · Answer

Thank you @Brian Turnbough For the great advice. Glad to see helpful individuals