Where do I start in Real Estate investing?

Question

I am a college student studying Real Estate and Psychology. I currently work two jobs at a local residential real estate company. I am certain that real estate is something I want to pursue in the future and I am eager and anxious to start leaving my footprint in the real estate realm. I really love the idea of real estate investing. I have applied to many, many real estate investing companies in the area and sadly I am feeling lost as to what direction to move into.

As a real estate investor, can any of you offer any helpful tips or suggestions as to what direction to possibly move forward in? I love the idea of starting to invest in real estate now but I fear I am going to make a mistake if I do it on my own.

Bhekizwe M. · Answer

Networking would be a great bonus.you already are in a residential real estate co. and the real estate course as areas of advantange

Rachel Ivers · Answer

Hi everyone - thank you so much for your helpful insight! I cannot tell you how appreciative I am! Thanks!

Lane Kawaoka · Answer

check out my book list first.

Mariah Arkins · Answer

Hello Rachel!

I am working on my Masters Degree and just started my own real estate investing company.  But I have been working with the family business flipping and wholesaling properties for many years, so I have a good idea of where to start.

Having a business partner could be beneficial, but they have to be the right fit.  So don't worry too much and put things off to find one.  You can do amazing things on your own!

There's a lot of little things to look into when starting, like names, incorporating, phone numbers, networking, etc...  You'll want to look into your states "corporate veil" and find a lawyer or attorney for contracts and such.  If you want to know about any of these things, I can help.

Mariah

Arthur L Dusenbury · Answer

Get on meet up and get involved with real estate networking events.   I put 1 on, and go to 2 others every month.  There are folks out there that will help you get started by teaming up and have you do a lot of the heavy lifting (figuratively).  Making solid relationships and being willing to think outside of the box and open to different ways of doing business is how I got my start.   Academia is great for head knowledge.   It is being willing to jump into something even when I didn't feel comfortable doing it is how I got my start.   I don't know how much help I can be from Chicago.  Feel free to reach out.

Cody Barrett · Answer

Welcome to the site @Rachel Ivers

First and foremost, you will make a mistake with or without a partner.  With a partner though you will make a lot less mistakes but more importantly, a lot less expensive mistakes that really throw investors off their path.  So welcome mistakes with optimism and when they come, learn quickly from it and get better.  Education will always help mitigate mistakes too.  That is where BP will come into play.  I don't know much about REI as I am new too, but the things that I have learned, all came from BP besides a book or 2.

Read the forum questions from other newbies to learn about their pitfalls/mistakes, listen to every podcasts more than once (you can always take something away from those podcasts), read as many blogs as you can from the big time BP contributors, definitely read the guides in the education tab too.  What is critical to do before a lot of this though is develop a game plan or investment strategy that fits your goals and overall intentions when working the field of real estate in general.

Once you have an idea of what you want out of real estate by using a specific strategy like for EX: Buy and Hold, Flipping, Property Management, Turn Key developments, Single Family, Multi Family, or both, wholesaling, etc... See which one makes you most excited and if it will give you the returns you need to be successful. Then hit the education HARD on that type of investment strategy and create goals that have benchmarks to meet as you chug along to accomplish them.

Most importantly though, attend meet ups, REIA's, and the like to talk to the ones who have done all this already.  No need to re invent the wheel as they say, so see what has worked and try to make it your own!  Good luck!!!

PS: I knew nothing about REI about a year ago or so but now I have my 1st property that cash flows very nicely and has some decent equity built into it.  IT IS ALL thanks to BP! lol... This will launch me into property #2 by the end of this year, hopefully... That is my goal ; )

Good luck, eat up all the info you can!

Cody B