Columbus, OH · Member since 2016 · 13 posts · 1 vote
I have an IT background - business degree /Starting out with real-estate investing.
I have been thinking in real-estate investing for a long time, I wanna be my own boss and finically independent after all the hard work that should pay-off, at least you're doing something for yourself, making yourself rich not someone else rich.
I am just not sure how to start. what will be the best way to start? I think i need to shadow a real-estate professional to know the ins and outs. I need some help and guidance.
I have been reading a lot, it gets overwhelming after a while and you don't know what's your best option and from where to start?
Educate yourself and figure out which route you want to go. FHA financing as a primary residence is how many get started, by purchasing a multi-family.
Educate yourself and figure out which route you want to go. FHA financing as a primary residence is how many get started, by purchasing a multi-family.
@Youssef Elmaraghy There's no best strategy to get started. In fact, you can read many folks' stories as to how they became financially independent and I can guarantee you that there was no one "best" way to do it. There are many roads that can get you to your goals. Wholesaling, partnering up with someone who's currently investing, starting with just 1 house at a time, etc.
The more important next step I believe, is for you to just take action. Any action. Move forward. Pick a strategy and figure out what the very next step is and go out and do it. If it doesn't work, then adjust your strategy, but keep taking action. You will get there and you will learn much faster than continuing to consume more books, reading articles, and listening to podcasts.
Don't just get stuck on more education. If you've already been reading a lot like you mention, that's enough to get started. There will always be more information that you can learn, but you can't let that prevent you from taking action. You will learn as you go. Good luck.
Best place to start is join your local REIA, and bird-dog for someone who is experienced. You will learn while you earn instead of wasting time and money on trial and error.
I am in the IT field myself while being a RE coach and investor. I agree with everyone else here. Pick a technique and run with it because there are many things to do. If you have not purchased a home yet, I recommend the advice from @Jerry Padilla who said to buy a house with an fha loan. This is how I got my first duplex.
If you're looking to build capital first, I recommend doing bird-dogging to eventually move on to wholesaling. You'll learn the necessary pieces of real estate through wholesaling while making money.
FHA loan could be the answer to get a duplex, I have few connections here and there, I am trying to find a mentor, someone to shadow, have some leads in the business. I open to do Real-estate as full time. I have been reading a lot, listening to podcast.
Just not sure how to find the right technique that will fit my situation? My plan is to have a cash flow from renting duplexes, etc. I am trying to get a Job Real-estate related, not sure how that will happen without an experience,?? I think personal connections at that stop will very helpful.
That is great you are looking for a job in real estate. Just make sure you keep your other job. You need a 2 year history in the line of work you are in to get qualified for a mortgage. College education in the line of work does count towards the 2 year history..... But there isn't much college education in this line of work.
As I am new in real estate, what do you think the job title I should be looking for, I meant "when i search for jobs online"? entry level jobs that i learn from, do the job, earn money while I am learning, help people and help myself.
I did that yesterday. now i have a couple leads that I will meet in person this weekend. I am so excited. in-addiion, actively I am looking for Jobs in Real estate.
I have 37 years in IT development and ~5 in hardware repair. Hope this is not too shocking BUT the IT background <=> REI. People(renters) are ... people & not machines or well disciplined engineers. There's lots of people skills necessary for the buy & hold investor.