Ready to take first steps!

10 Replies

Hi Everyone! Just finished reading a few real estate investment books and I'm fired up! What first steps did you take to get started? Thanks in advance

@Charles Leon    congratulations,  what is your exit strategy?  meet some investors,  also start analyzing 100 properties before buying one,  you will learn a lot,  you can contact me anytime if you have any question 

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@Charles Leon

It depends on what you want to do.
What do you want to do ? Flipping houses? buying rentals? Building apartment investing? Doing new constructions? 

Originally posted by @Charles Leon :
thanks @Patrice Penda! Looking to buy, fix and hold

 Great! Once you know how you want to get started.
You need to know at what price point you need to buy. what is it you can afford, what is it you can fund or get the funds to do the purchase and the rehab.
Then you need to look for properties, on the mls, from wholesalers, from real estate agents and analyze the deals that could be of interest to you

What worked for me and for many BP investors (according to a poll awhile back) was to rent out the place you live in now (if you own it & it cash flows ok).  

You have the financing in place, know the neighborhood, how to do the maintenance,and just need to educate yourself on landlording some.

Then move on to your next place-- lather, rinse, repeat. Maybe even try a 2-4 unit next.

If you are renting, look for getting into a 2-4 unit. 

For more info, check BP or the book Investing in Duplexes, Triplexes and Quads is an interesting and quick read (by a FL investor). 

Best of luck!

Hi Charles,

@Carlos Zapata said it well, you want to know your exit strategy first. Are you going to buy and hold (portfolio income), house hack (portfolio income), wholesale (liquidate), rehab (liquidate), or finance (portfolio income)?

Getting started you want to know what how you plan on making money. You don't make money going into an investment, you make money coming out. That's either finding renters or finding investors/buyers.

Develop that strategy before you start putting money down for investments :)

Hope that helped!

Duane

@Charles Leon find some investors locally that do the exact same thing you want to do. 

Mirror them as much as possible. Ad value somehow to them. Learn real-world strategies from them. Learn the good and the bad.  Then see if you can partner on a deal or go alone. 

GO!

All the best. 

@Charles Leon

The first thing I did when I caught the bug was to buy a unique SFH with a guest suite that my wife and I rent out on Air BnB. Books are great, but you find true wisdom and understanding from getting your feet wet and going through a real life deal. Coinciding with that, build your network. There are plenty of people out there (and here on BP) that are more than willing to help you with any question. Good luck!

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