What do you think I should do first? (and second, and third...)

Question

I'm looking to flip my first deal in the next year. Does anyone have advice on best place to get started? (Other than reading as much as possible from this awesome site of course!)

* I could start a real estate agency license class this Wednesday. Would this be advisable or would it hold me back?

* What's a good timeline to be as best prepared as possible? ie:

1. become expert in market for specified area (how?...)

2. Marketing marketing marketing (what's best way to get a phone number?)

This site has great information just not in chronological order. I'm basically looking for a roadmap I can create for myself to hustle in accordance with a timeline of things to accomplish. I am just so lost on how to get started!

Thank you all!

Jessie Creighton · Answer

Neil you've been extremely helpful. Thank you! I am now equipped with some excellent books (shout out to Brandon Turner and J Scott), I'm going to my first REIA meeting next week, and I've got a much clearer plan of next steps.

Very excited to be jumping into this awesome new world, and inspired by so many like you on this site!

Neil Goradia · Answer

@Jessie Creighton,

I completely understand...everything is very confusing at this point. I think it took me over a  year of networking, reading, learning, driving around before I bought my first deal - and even that deal wasn't very good (ha)!

My #1 recommendation, outside of learning from BP, is to join a local REIA (Real Estate Investment Association). Hopefully there is one in Maine..there should be. That's where you're going to meet all the movers and shakers in your community, the title companies, the rehabbers, contractors, wholesalers, flippers, etc. Things will just start to click once you surround yourself with those people.

1. One way you can become an expert in your area is to drive around areas you hear are "hot" and up and coming. You will learn more about these areas from the REIA meetings. Start following pages on facebook from local neighborhood groups that have formed to develop certain areas of the city. Talk to wholesalers and ask them which areas are selling right now - and ask to see some houses they have - even if you're not ready to buy yet (don't mention that part :)

2. Not sure what you mean by getting a phone number and marketing? If you're looking to flip then wholesalers are your best friend. Also find investor friendly real estate agents that can help walk you through what a good flip deal would be. Have them send you some listings to analyze. Practice analyzing deals until you can pretty much do it in your sleep.

I'd wait a little while before getting your license, it's not really necessary at the very beginning and might side track you from learning about the investment side. After you get a deal and have some time and experience then go for it as it will open up other doors for you.

Thanks and good luck.

Neil Goradia · Answer

@Jessie Creighton, Awesome! Glad you found a REIA... you will be investing in no time! :)