I am coming up on graduation from Georgia Southern University and will be starting my real estate venture at the same time. I am working towards become a real estate agent while finishing my undergrad degree in accounting. Do you all have any suggestion for me starting out in the industry. I am leaning towards vacation rentals. Please give me some advice about this or any other helpful tips you may have.
John L. Knight
@John L. Knight , welcome to BP! First of all let me say that if you are wanting to get started in real estate investing you have come to the right community to grow and learn. Be super clear on your goals! WHY do you want to invest in real estate? Make short term and long term goals! Also set process goals (example, I will read 1 new real estate investing book every month, I will talk to 1 local investor every 2 weeks etc.)
Commit to your education and really don't take any shortcuts as it relates to your learning! Don't be in a hurry be patient and find locals who are doing what you want to do and build relationships! Real Estate is very powerful and has changed the lives of many but i have also seen it hurt many who try to do too much too soon or invest without proper education. Don't judge yourself too harshly on your first deal as you will likely evolve and do better and better deals! Best of luck to you!
@Stephen Akindona I have been educating myself ever since I was in high school while saving money as much as possible with hourly jobs. I currently read about two books per week and have set my starting goals along with long term goals. Is there anything else you could recommend? Thank you for your reply.
@John L. Knight get a local mentor! Someone who has experience and is actively doing what you want to do in real estate!
Welcome to BP! Just out of curiosity why are you leaning towards vacation rentals?
First off I'd like to say, congratulations on the graduation! The best piece of advice that anyone can give you is to never stop learning. Even when you have 100 properties under your belt, you will not be an expert. Make sure you educate yourself in every way you can soaking up as much information as possible.
I would say to start off with, look around your campus for rentals. Not necessarily to buy one for yourself, just to see how that market works. You're already in a market that is flooded with rental income. That will give you a good way to judge whether or not that's the type of Market you want to invest in.
If you were looking at vacation rentals, make sure you look at an area that has some type of draw. Beach, mountains, downtown area ect. Find an agent or investor in the area that is familiar with what your goals are and just start asking questions. You would be surprised how many people want to help you even if it doesn't benefit themselves. Good luck!
@Aaron Flake - Airbnb; limiting liability as well as having vacation locations to visit with my family. My goal is to eventually have a vacation property in over 100 locations (multiple properties in some) that I can travel between as I will be financially free and can enjoy various vacation hubs while still collecting cash flow.
@Tyler Hardy Thank you for the comment. It is appreciated and I will always keep learning for sure.
Have you watched the BiggerPockets podcasts with guests that had Vacation Rentals?
114 & 229 are the two that I know of. Plus you can look at AirDNA for area research.
@Jason Goretzki I have listened to them. I will look into AirDNA as I have not yet done that.
Thank you for the tip.