Just starting out in the real estate investment game

2 Replies

My name is Will. I have a ton of questions but here we go....

I am interested mainly in buying and holding, learning about that first, then getting into flipping and tax liens somewhere down the road. I have about 20k saved. Looking to use creative financing though because I'm not interested in dealing with the banks and their stringent rules.  I work, I just don't have a steady "job". I do a lot of 1099 work, so I heard banks aren't really into that.  

I am in the Seattle area now, I have a friend who is in Utah, who is also looking to get into investing as well, so I'm not sure if I should stay here or start there. My goal is to find people facing foreclosures and work out a deals. Ideally, my first deal would be to find a place with 2-4 rooms and rent them out while I live there. I want to learn the whole process from being a landlord to dealing with contractors. 

Right now I'm about to order some books to get better educated on the process. In the meantime, I hope some people that are in the same boat as me or people who do this routinely can point me in the right direction. 

Here are some books I'm planning on buying. Are they good choices? Will they actually teach anything of substance? 

1. The Book on Investing in Real Estate with No (and Low) Money Down

2. Building Wealth One House at a Time, Updated and Expanded, Second Edition

3. Build a rental property empire

4. The Book on Rental Property Investing

5. The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties

6. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss

7. The Millionaire Real Estate Investor

8. Long distance real estate investing

9. Land lording on autopilot

10. Unofficial guide to managing rental property 

Just getting started is the most important part, Start small and realize that education has a cost in time, money, lessons learned, etc. My very first deal was a foreclosed mobile home for $4,500 that I sold for $20,000 - the best deal I have ever made profit vs. investment.

Consume books, read posts, listen to podcasts. BP didn't exist back when I started so you have a huge advantage over those of us who are more "seasoned". 

You will begin to develop your style, your mindset, and your goals - find people who know more than you do and be willing to work hard and hustle. 

The books will give you some confidence but nothing will beat getting your hands dirty. Remember that every step is a learning step and you won't always hit homeruns.

Thanks for the reply Chad. I was actually thinking of purchasing a mobile home so I could have my own place, while I get this figured out. It seems like a affordable option, I just wasn't sure how fast it would sell after I'm ready to move on to a single family home.

Also, when you say getting your hands dirty, are you saying I should just get out there and just buy something? This is after reading books and doing some research of course...