Where to even begin with my first property

Question

I recently graduated from college and work a 9-5 like most people do in this world but I am trying very hard to get my foot in through the door of real estate investing. I have been very passionate about real estate I just don't know where to begin as far as my first investment goes. What I'm looking for is some guidance and any advice any of you all might have for me as to where a good starting point would be for me.

Jeff Copeland · Answer

The first thing you need to figure out is what type of investing you want to do right now:

1. Fix & Flip for immediate income to pay off debts or save capital, or

2. Buy and Hold to provide passive income and long term gains?

(If the latter, @William R.'s suggestion is a good one. Buy a duplex/triplex/four-plex (anything 4 or less is still considered residential) with an FHA loan at 3.5% down, live in one, and rent out the others. This "house-hacking" strategy is a great way to start - especially if you happen to need a place to live!)

From there, there are a number of directions you can go, and tons of resources on Bigger Pockets to help you get started.

A word of caution: steer clear of the "guru" workshops and classes (coming soon to a Holiday Inn near you!). Most are just designed to take your money (lots of it), and don't teach you anything you can't learn here for free.

William R. · Answer

I'd recommend a small multifamily (2-4 units) with an FHA loan.

Jesse Chunn · Answer

Analyze dozens of properties of all shapes and sizes within your $ range. Bite the bullet and get a pro membership on BP and use the analysis tool on as many properties as you can find that look interesting to YOU. You will begin to learn what to look for, and things like NOI and cap rate will begin to make sense and jump out at you. Find a deal you like, and come back here and post the details and ask for feedback. If nobody crushes you with negative comments, just go for it. The number one thing that will stop you is YOU. Just do it. Jump in, make an offer, don't be afraid to negotiate hard, be willing to walk away at a predefined number or if you discover problems that scare you, and if you get it, figure it out. Lots of people are on here doing it, so how hard could it be? :)

Denny Troncoso · Answer

Hi @Gursharn Singh Welcome to BP!

Great advice from @William R. and @Jeff Copeland. I would add that you also read some books on the different areas of real estate and possibly find an experienced mentor that can help guide you. I take a different view on the gurus be careful and do your due diligence. Some of the courses I have attended have helped me in my business you just have to apply what you learn and not spend money going  to every seminar on the earth. Focus on one area and learn as much as you can from there. Now getting it for free on bigger pockets is ideal.

Where to even begin with my first property

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