Starting real-estate investor (23 years old)

6 Replies

Hello everyone, 

I am a new member to BiggerPockets (not sure how that happened, should have been here years ago!). I am 23 years old based out of Miami, FL.  and have been a realtor since I was 19. I did not begin to actively use my license until this year and I recently took up a full-time job as an assistant property manager while finishing my degrees at Florida international University in Economics & Finance to learn the real estate business. 

Enough about me, the end-goal is financial freedom through my passion for real estate which I cannot stop drooling over and thinking about. Over this past summer I took a class on wholesaling which really gave me great info and ideas on how to put together my first real estate investing deal. The only issue is I have been on and off searching for a deal for months and can't seem to take that next step into actually putting a deal together and beginning to make money! I feel that I have the logistics worked out, but keep getting stuck or just not finding the right property.

Does anyone with experience or even just starting out like me have any tips and how to get that first deal in while working a full-time job? Maybe a more experienced investor would like to take me under their wing and perhaps I can bring you some value to find you deals while helping me to get over the ridge i'm stuck on?

Thanks for reading! Happy to be on BP with you all! 

TL;DR starting young realtor wanna-be investor working in property management having trouble putting a first deal together.

@Matthew Rodriguez you really need to be around deals.  The more you see, the more you'll start to know WHAT a deal is, and WHERE they are, and HOW to find them.  Maybe you could work as realtor for investors in your spare time.  They'll tell the what and where.

Originally posted by @Larry T. :

@Matthew Rodriguez you really need to be around deals.  The more you see, the more you'll start to know WHAT a deal is, and WHERE they are, and HOW to find them.  Maybe you could work as realtor for investors in your spare time.  They'll tell the what and where.

     Yes, I am learning every day more and more through using the biggerpockets community. I see you have many years in real estate experience. How do you suppose I should go about approaching investors to represent? Bring them deals? Offer them help?

@Matthew Rodriguez

Well the first thing I would do, if you are looking at putting your first wholesale together that is, is to pick a neighborhood. It doesn't matter much what or why you choose it just that you focus on it. Here is where I should clarify a bit, the place you choose should be a place that is moving a lot of inventory or if it isn't should be the next place "on deck" for investors.

If you are having trouble thinking of an area near you that people are interested in I would go to Investor meet ups in your area and ask around. "Hey man, you said you are looking to source some flips. That's great, what are some areas you have worked before? What areas are you looking in now? What areas would you never consider?" 

These will be your end buyers more than likely anyway so this should be an obvious first step but a lot of people skip it. Next you should take that info and start driving for dollars, send mailers, use the MLS and reverse search people, then put offers out. There really isn't, despite what the gurus tell you, some "wax on, wax off" secret to this business you just run the play and put in the work.

It may take you a month, two months, whatever, to find the first deal but run the numbers put in the offers and then market the poop out of the deal you have to get more investors. The more you do it the easier it will get, at some point people will just start bringing them to you because your name will be out there as someone who gets and closes deals but it doesn't happen overnight and it takes a lot of effort with very little reward at first. 

READ . LISTEN . LEARN . ASK . - Learn all you can in any way you can about real estate, money, personal finance etc. Then just go ahead and jump into some deals. Don't get trapped in the realtor / transaction mindset. Build renewal rental income and become an investor. Read Set for Life by @Scott Trench  - it is a great resource. Also, from someone who has read personal finance books, real estate books, and the like for year. The Bigger Pockets Bookstore has some of the best resources available. not to mention the greatest book ever written by @Brandon Turner  

@Matthew Rodriguez , just call them, be honest, tell them you want to look for properties for them.  It can't hurt, right?  Maybe you could even ask if you could buy them a coffee.  Ask them what you can do to help them.  

When they say, find a great deal, ask them what defines a great deal to them.  Drill down on their answers.  What locations, price ranges, sizes, types of homes?  What work are they willing to have to do?  Nothing?  Paint and carpet?  Full remodel?

Use the BP calculators to practice running the numbers. After a while you'll be able to recognize a good deal. 

Don't be afraid to ask questions. For the most part, people want to help other people.

BP is a great place for networking. Take advantage of it. Good luck!

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