Preparing to be a real estate investor.

Preparing to be a real estate investor.

Member since 2019 · 3 posts · 1 vote

Hello Bigger Pockets community! My name is Roberto Diaz and I’m very eager to begin investing in real estate. This year I’m working on paying off all debt and saving $1,000 a month, as well as read as much as possible about the subject. 

My question is, if you were in my shoes what would you do? Our current income is about 100k a year, and we already have our first deal lined up. My parents are willing to sell us their house about 100k under its value. Where would you go from there? I’m really interested in doing Multifamliy and would like to start with a fourplex if possible after the house. 

Thanks I’m advance!

Edit: I should also mention I live in PNW here in Washington state where prices are, well, high. I was looking into other Markets like Michigan, Montana, Or Indiana.

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  • Honolulu Hi · Member since 2018 · 188 posts · 27 votes
    7y

    @Roberto Diaz Whats up man ? first , cheers to your journey in real estate investing !

    I know you said you wanted to do multifamily properties are you doing wholesale? fix and flip ? buy and hold type thing? 

    Your parents home what do you plan to do with it ? fix and flip ? buy and hold ?

    that 1k you saving ? use it for marketing thats where i would focus a lot of money towards. also try to invest in your area before branching out to other states.

    Hope this helped in some way ! best of luck to you my friend

  • Member since 2019 · 2 posts · 0 votes
    7y

    Try to invest in several projects at once. Multifamily, student housing, some renovation projects. Better even in different locations. Anyway, good luck!

  • Member since 2019 · 3 posts · 1 vote
    7y

    @Vick Galu Thanks, I was definitely going for the monthly cash flow for all the properties, I’d like to take advantage of the 4 Generators of wealth. As for my parents home I plan on just living in it with my family for the time being, but am looking into using part of the equity in the home within a year or so into buying it for the next purchase. I’ll look more into marketing that’s something I didn’t even think to do until much later on when I’m buying maybe multiple properties a year.

    @Charlotte Evans Thanks for the tips, didn’t think about student housing but buying something to renovate is for sure on the radar.

    I appreciate your time and suggestions!

  • Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    7y

    Congrats!  You've taken the first step to get started, and that is huge.  

    Does your parents home need updating? Can you BRRRR it? Are you planning to sell in the future?

    Theres so many ways to skin that cat.  

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