Hi everyone I signed up for BP a few months back but life got in the way and so I am just now starting to engage and ready to truly commit to Real Estate Investing. My issue is that I have been reading various education materials on how newbies should start and have flustered myself.
Is it ideal to join an REIA (Baltimore for me) before jumping in? I know Real Estate Licences are encouraged and I agree but is it crucial to have before I proceed on? Or are the learning the other trades as in title Agent and Mortgage Broker better?
Hi Kristen! I'm just starting out in Baltimore myself so I completely understand the information overload. I have been researching real estate investing for the past year and half! And while I think all of that information has been a valuable foundation I know that, for me at least, it's time to get off the sidelines and start taking action.
I personally don't think it's necessary to get a RE License, or work in any kind of RE related job, unless that's what you want to do. If you think you'll find that work fulfilling then by all means do it, but if you're just doing it for what you'll learn I'd say you're better off doing something else and getting professionals on your team.
Definitely go to REI meetings, you'll find a lot of them both on here and on meetup.com and while you're there start making friends. But most of all: take action! Drive for dollars, define your criteria and analyze deals, etc. Don't create more barriers for yourself to overcome by thinking that you "need" to do X, Y and Z before you start. Educate yourself, meet people and take action. Just my two cents as a guy who sat on the sidelines for too long.
Good luck to you! Feel free to reach out to me if you need moral support :)
@Kristen Selby there are a ton of members here on BP from the Baltimore area. Many also frequent some of the local investing clubs. Start networking with real investors. If you ever get a chance, go visit one or several of their properties. Ask them about the numbers what it will rent for, what it will sell for etc.?
Personally I wouldn't "Join" a REIA I would pay as you go until you find one that fits for you. There is an unofficial group that meets for lunch every Friday 2601 Wilkens ave 21223. Its free other than your lunch everyone is welcome.
@Kristen Selby it’s very easy to get overwhelmed...I think everyone just starting out feels that way. I’ve been on BP for a couple of years and still feel that way occasionally. You can certainly join a REIA and that will help but it’s just one piece of the puzzle. It def is NOT crucial to get your license in my opinion. I don’t think you need to learn any other trade either, at least not beyond what their basic function is. My recommendation would be to just keep reading RE books and on BP, interacting with others, listening to podcasts, do a ton of google and BP searching anytime you have a question and after a few months to a year or so you’ll have a solid strategy and a much better understanding of everything. Good luck!
I second Ned's advise on not "joining" any groups (or at least paying any long term membership fee). There are plenty of free meet ups and groups where you can pay per event so try several of them and find the one(s) that are a good fit for you. You'll find out pretty quickly which groups are there to provide value to the members/audience and which groups exist for purpose of creating an income stream for the organizers.
As far as getting licensed or not - I think it would be distraction when you're starting out. What you need is a team of people (including Realtors) who are knowledgable about the local market conditions, and you won't get that information without experience (licensed or not).
Keep reading, take your time and you will know when you are ready. Ready is when you no longer feel overwhelmed by the information. There is a lot to learn about financing and investing in income properties.
You must be 100% comfortable with the information before you step up to the overwhelming aspect of placing all your hard earned money at risk.
BP is definitely a fire hydrant of information and ideas. When I started, I absorbed cool sips of information by reading 1 book at a time. Master that 1 thing before moving on.
I'd obtain a book about the niche I was interested in and READ it. I'd turn off all devices/notifications and have a pen and highlighter. Build a foundation. Get some meat and potatoes. We will be here for finishes, gravy and follow up.
Naw..Just listen to the Biggerpockets podcast. Read the forums and engage on here. That's what I've done now I'm looking for my first deal confidently
No need to have a licence, it is not cheap, and it doesn't pay off if you are not sure you will do 3-4 transactions.
What you need to do changes based on your finances and your strategy?
If you have money or you can secure a loan and you want to get rental, I would say just jump on it.
If you want to flipping, you can spend more time on networking.
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