I am new where would I start?

Question

Hello I have read two books in real estate and I’ve come to the conclusion that this is something I want to do. But I do not know how to get started. I want to go into rental properties because I think it is the best strategy for long term. I’ve also thought about doing whole sale as well because I think that would be a good first deal to get my feet wet. My goal is to one day start a brokerage firm. But I need quite a lot of guidance to get there!

Jerryll Noorden · Answer

OK advise like that you should not take. Dude.. seriously?!

If wholesaling did not make you any money why are there countless of wholesaling businesses that are making a  killing without selling courses?!

Let me tell you something my green padawan. Have you ever seen Bigfoot? No? then how do you know they don't exist? You can only prove they exist. You can't proof they don't! (well kind of.. you see my point).

Let's translate this to this scenario.

Someone that doesn't make any money on wholesaling, that never tried, or that simply is tot good enough to succeed at it can NOT tell you that wholesaling simply factually does not work. All they can say is that it doesnt work for THEM.

This is why I KEEP preaching, DO NOT EVER LISTEN TO BP MEMBERS BLINDLY. Don't think because they are "big" guys that they are right.

I started this way as well and I learned early on that most people here have no clue what they are talking about.

So back to our mathematical prove and disprove theories lesson...

So take my case...

and to add.. I HAAATE WHOLESALING with a passion... so I would have no incentive to write my story here.. other than I am allergic to ignorance.

So this is concrete validation that the previous statement of the poster somewhere up there is just wrong.

Will everyone make money? Nope, is wholesaling garbage? Absolutely not. You just need to be good at it. If it was not for wholesaling I would have never been able to start my REI career. NEVER!!! I would be stuck!

So if you are stuck and you want to make it.. big? First thing you have to do is have faith in your intelligence.

Think on your own and use your awesome analytical powers to dissect everything you come across.

Then write down where you want to be in 3 years. If you were like me, you would see yourself sucking on crab legs and calling the help to bring you more or you will bish slap them with a piece of steak!

OK then walk backwards..

what do you need to get that done?

Well you would be able to hire "the help". Make sure they are not bigger and stronger than you.. or pay them extremely well. Oddly enough some help get a bit feisty when you start bishslapping them with food. WT EFF

OK so you need money and tons of it if you are to hire good help.

Well how do you get money...

Well buttercup.. you do real estate investing.. duh..

Well still how DO you get succesful doing real estate?

Well my sweet little english muffin...

what do all REI desperately NEEEEEED.

Leads.

They need good dels.

How do you get them?

there you go.

THAT is the question... and guess what.. MSOOTKAUG HAS the answer... to life.

Website (SEO + Credibility)

Get a website going RIGHT now for several reasons...

1) doing so you have stopped just not doing anything and you ARE doing something that WILL get you to your goals

2) Websites take time to be functional when it comes to SEO, so start now

3) Websites can be INSTANTLY effective when it comes to credibility so this means it can instantly make you money.. so again.. DO IT NOW

Then Set up your first Direct Mail Marketing campaign.

Don;t know how?

GREAT!! do NOT ask for help here because you will get crp answers.. TRUST ME ON THIS. My success rate doing direct mail marketing is between 60 and 80%. Everyone that does DDM th "standard way" has less than 1% success rate. THen why is everyone still doing this?!?! Exactly.. see my previous rent.. because often people just accept.. they don't analize THINK and deduct... Their problem!

Then after you do it all right you make your first deal.. and your second.. and your 3rd.

After you 10th deal, flip a few houses...

then you can start buying and holding, flipping some, and wholesaling some depending on the deal.

Now Read this message..

read it again..

read it AGAIN!

Now why are you still not starting?

All you have to do to start is go to YourDaddy..  oh wait.. or was it Godaddy...

Get a domain name.. and get it going.

The second step will follow automatically as will the 3rd and 4th.

Get off your butt and DO!

James Wise · Answer

1st tip to getting started in the biz is that wholesaling is garbage. Nobody makes any money expect for the guys selling wholesaling courses. On top of that most of the time it's illegal as well.

What I'd do if I were you (well actually I am me & this is what I did to get started, today I run a $50 million portfolio so it's a pretty solid plan of attack). Keep your current job then get your real estate license & save up the commissions until you've got enough money for a down payment on a rental property. If you go with an owner occupied 2-4 unit you can buy it with an FHA loan so you'll only need a 3.5% down payment. If you don't want to live in close proximity to your tenants you'll be looking at a 25% down payment.

It all grows from there.

Jerryll Noorden · Answer

Ask away my man. I am here and shall speak my crazy mind

:)

Jonathan Anderson · Answer

@James Wise okay thank you!

John Thedford · Answer

More education. Consider getting your real estate license

Chris Shepard · Answer

If I could start over again, I would recommend finding a property manager who is a prolific investor as well and pester them until they gave me a job.

I would definitely get my real estate license and I would practice property management.

I would then focus my week with these proportions:

50% Making an income as a property manager

25% Meeting with power partners (people you want to partner with, investors, property owners, mortgage brokers, real estate agents, contractors, etc) with the goal to find an investor who wants to put up the cash to participate in real estate deals with you.

25% Searching for, analyzing deals, and purchasing deals (you can share these deals with your power partners).

After a while, you can quit your property management job and then focus on being an investor.

Marisa R. · Answer

The power of networking can never be under estimated

Align yourself with successful investor, just make sure you dont become a taker though

Ehsan Rishat · Answer

@Jonathan Anderson welcome to BiggerPockets!

I recommend you to study more and there are plenty of useful blogs here. I started with listening to podcasts and reading blogs which helped me a lot.

Also try to attend your local REIA meetups and network with other investors.

Good Luck!

Yusef Griffin · Answer

My advice to you: Listen to EVERY SINGLE BP PODCAST!! I started with the first one in September and I'm literally listening Ep 259 right now, there is A LOT of great information and they give you a great foundation to build upon. Right now I only own 1 SFR, but am working on house hacking my next property.

Kurt Michaelson · Answer

@Jonathan Anderson Welcome to the BP community. You'll learn a lot here and from listening to the podcasts.

As far as wholesaling goes, it does work and people do make money. I'm still working on getting my first property under contract, but I have a good friend in CT who just closed his first deal and profited $11K. Don't listen to the naysayers. The BP podcast regularly has guests who successfully wholesale real estate property and there are countless examples of success vs. one person who says it doesn't.

Continue reading and educating yourself through the books that people are reading and recommend. You can never read enough, so become a student of the books you read and the BP podcasts you listen to.

When I re-read Rich Dad Poor Dad by Robert Kiyosaki a few months ago, it made me realize even more how much real estate can become a wealth building financial strategy. All the best to you as you begin your real estate investment journey.

I am new where would I start?

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