I'm wondering what is the recommended strategy to get started in real estate investing. There's wholesaling, fix n' flip, foreclosures, house hacking, multi-family.... the list goes on. I'm wanting to pull the trigger soon and really get into the game. In your honest opinion what is a good strategy to start with without shooting myself in the foot? Thanks in advanced for all your help!
No single answer to that
Start by reading this https://www.biggerpockets.com/real-estate-investin...
You need to decide for yourself based on your own skills, background, network and capital as to what is best for you in your market.
Go out to your local REIA meeting and grow your network before deciding which way to go.
Get educated then pick what you feel most comfortable with then educate yourself some more.
Taking action is obviously important but doing it blindly is VERY dangerous.
Yes, go to your local REIA. It's a relationship type business played on a local field.
Take inventory of you strengths and interests. That's the hard work you need to do up front.
Then, after you've done your homework, invest in a way that leverages YOUR strengths.
Just my two cents. Best to you!
@Derek Tellier and @Al Williamson
Thank you both! I've gone to some local REIA meetings and will continue to. Soon I'm going to a lending/borrower meetup. I'll start evaluating my strengths and what I am passionate about.
Wholesaling and multi-family are my two main interests so far from what I've learned about in the past few months.
Can I ask you both what your strengths are and how they contribute to your success?
Thank you for your time!
Full disclosure I'm still very new to investing but I'm an information Junkie and very detail and process oriented. This will help to protect me as I get into deals.
I'm also great with people, love to educate and help others and have a very empathetic side that plays well in showing people I'm really out to help. I've got a backgound as a director level manager currently over 40 employees, some 20 years my elder right down to kids in High School. Being able to adapt to be able to communicate with people of all different backgrounds, ages and personalities is critical.
Someone once said to me that Deals are people, and always will be.
Networking and relationships is what this business is about.
I am about to start a secondary career as a RE Agent which will get me a lot of exposure in my local market and a lot of experience in RE in general.
I also have a decent full time career so the $ I make as an agent is strictly for my investments. The next 6 mos to a year will really help me to see how my REI journey will go.
Short term I'm looking to pick up a couple of STR cabins here in the Smoky Mountains as I have a lot of connections in that arena. I am also planning to likely do a flip to see how it goes as I have already built some relationships with local wholesalers and have a private lender or 2 lined up for once I land a good deal.
These are short term plans to gain experience and build some capital though. Long term I'm going into larger MF but need to get some exposure there and capital of course. I'm attending the Jake & Gino event in Nashville this weekend to build my network there.
So my successes will be stories in REI that will unfold right here as they happen over the next several years. But I've been successful with everything else I've taken on in life so I'm very confident REI will be the same. Just took me a long time to realize what I was missing out on so I'm digging in deep now.
@Jacob Bassett As it was stated by @Al Williamson you have to evaluate your strength and your interests and think logically. For instance you mentioned you're interested in wholesaling and mutlifamily investing. Do you have the funds to invest in multifamily? If the answer is no, then look into wholesaling as it requires very minimal funds to start with. Do you homework on what's needed to become a successful wholesaler, talk to others that are doing it now and see if this is the type of role you'd want to pursue now. Once you advance in it, you may even use it to your advantage of your next interest: investing in multifamily - since 1) you'll earn money doing wholesaling and 2) will have ways to find MFH for yourself to invest in
Best of luck!
Thanks @Alina Trigub ! You're correct in that I have almost no funds as of now to purchase any rental properties. I've started a side hustle as a notary public to earn extra cash. Wholesaling profits will definitely be put towards my first investment.
Good thinking and strategy in the right direction!
Originally posted by @Jacob Bassett :
Thanks @Alina Trigub! You're correct in that I have almost no funds as of now to purchase any rental properties. I've started a side hustle as a notary public to earn extra cash. Wholesaling profits will definitely be put towards my first investment.