Real Estate Investing For Rookie

Real Estate Broker · Detroit, MI · Member since 2018 · 10 posts · 5 votes

I have recently been interested in the field of Real Estate Investing. The past couple months I have been learning everything I can about Real Estate by reading books, watching videos, listening to podcasts, and attending seminars. With all this knew knowledge I’m obtaining, the one thing I am still searching for is a true first step in how someone with literally zero experience in ever purchasing a piece of property would get started. I am currently playing professional hockey and have a lot of down time that I’m using to learn about real estate. Any suggestions on which steps I should take?

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

Originally posted by @Michael Gunn:

@Alex Deacon thank you for the guidance as it’s appreciated more than you know! Any suggestions as to where I can find a place where I can gain the knowledge in what makes an “ultra safe” deal?

An "ultra safe" investment is one of good quality with very little leverage and professionally managed. In other words, you probably won't make much of a return on it.

Listen to the podcasts and you'll hear many reasons why investors never get started. At some point you will have to make the decision that you're not going to be that kind of person and take the leap. It may work out great. It may enroll you in the school of hard knocks. Keep pushing on and you'll figure it out.

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Tom Wright
Member since 2018 · 5 posts · 2 votes
8y
@John Morgan If you don’t mind me asking how did you get finances for those properties? I’m also a beginner looking for my first deal!
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John MorganPro Member
Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
8y
@Tom Wright
I bought my first one with a 1031 exchange. Then bought three more with a cash out refi on my primary home putting 20% down on 15 year loans. Then bought one a couple months ago with a 401k loan from my company that has to be paid back in 5 years. They all cash flow $3,500/months after expenses.
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Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
8y
i would get on the buyers lists of some of the wholesalers in your market.....just to see what deals are going for in your area.......and network your butt off......
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Jabari Long
Real Estate Broker · Detroit, MI · Member since 2014 · 384 posts · 149 votes
8y
@Michael Gunn since you don't have experience, consider what other components you can bring to the table. Cash? Credit? Private Money? Access to great deals? I suggest looking at joint ventures starting out. Find someone with experience and you bring other pieces to the puzzle. Experienced investors can be found here on BP and at your local REIA's.
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Keleisha Carter
Investor · Tampa · Member since 2018 · 289 posts · 107 votes
8y
@Michael Gunn Hi Michael, I am in the same position as you. An advice from my mentor and a few other person in the business has rold me the best thing to do is to get your license. In that way, you have a little understanding in various areas and at that time all your reading will make sense. I am working on getting my Florida license throggh Real Estate Express.
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Joshua Levasseur
Specialist · Clearwater, FL · Member since 2018 · 69 posts · 33 votes
8y
@Michael Gunn I jumped a 2 years learning curve soley based off of my network and mentors. Having a mentor is key if you are still unsure of things. Taking the first step can be a challenge. Alot of people get stuck in Analysis paralysis, and it can be detrimental to your success! Aside from a mentor, going to every single local REI meet-up helped me tremendously. My most powerful connections to this day are from REI meets! Network=Networth!
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Kelly Iannone
Rental Property Investor · Orlando, FL · Member since 2018 · 301 posts · 354 votes
8y
@Michael Gunn I’m also from Michigan, it’s a long shot but did you happen to go to Ferris for college? I got my undergrad there; at the same tIme as Chris Kunitz, we had several classes together. Anyways, check out podcast 277, her hIsband was also a hockey player and they leveraged that notoriety to rent the players home In the off season. https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-277-building-a-six-figure-family-real-estate-business-with-ashley-wilson/
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Kelly Iannone
Rental Property Investor · Orlando, FL · Member since 2018 · 301 posts · 354 votes
8y
@Michael Gunn I’m also from Michigan, it’s a long shot but did you happen to go to Ferris for college? I got my undergrad there; at the same tIme as Chris Kunitz, we had several classes together. Anyways, check out podcast 277, her hIsband was also a hockey player and they leveraged that notoriety to rent the players home In the off season. https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-277-building-a-six-figure-family-real-estate-business-with-ashley-wilson/
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Nathan Wankel
Investor · Denver, CO · Member since 2018 · 57 posts · 30 votes
7y
Always trust your gut.
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