Hey Everyone I’m new here at Bigger pockets, completely new to the whole real estate thing. I’m 23yr M, going to be 24 in November, out of Winnipeg Manitoba. Currently out of school, my first year working and would be making between $50-60k annually, I have no debt, and 740 credit score. Currently have $3k in savings for real estate property. Looking to get into renting small Multifamily properties. But I have no idea how to start especially with getting the knowledge and building the funds. Winnipeg doesn’t have much meetup groups just 1 active one that I’ve seen and they do not meet regularly so haven’t been able to meet anyone, nor does it seem like there are much properties over here. Any tips on how to approach meeting people (mentors), funding (looks like it’ll take forever to save to buy a property with 20% down). Anything in general will help. Thanks
#George Uzonwa Hey man, welcome BP! I working on having a financial status like you currently have, but for now I've been working my way 100 BP podcasts since I recently joined. Analyzing properties is my game and reading RE books like, "the Ultimate Beginner's Guide" by Brandon Turner. My advice (like for myself) start with single family homes (I like mobile homes; lived in them for 40+ years). I'm watching a Brandon Turner YouTube video right now and he says to start by finding a realtor. I've found two so have and they've been sending me auto notices from their MLS (multiple listing service). Hey man, get the knowledge and building the funds will come. Now, meeting people, well, here we are. Need I say more? You mentioned finding properties, and that's what the realtors are for, right? Now, I'm not good trying to meet people in a place like this (online, that is) because I'm old school and not very social like this, but I'm trying. So, keep doing these forums and sure you'll be hip deep in people you've met (besides, you're young, you're probably good with this online social stuff; am I wrong?). And like I said, don't worry about the funds, the down payment, or anything. Just get the knowledge, dude! Just get the knowledge. Later.
I recommend finding a local real estate investor and offer him your services--for free. Be prepared to show something specific you can do to bring value. For example, would you offer to do an inside & outside inspection of all his units once every 6 months and report back to him on what you find using a checklist? That's a task that gets forgotten once a person grows past a certain number of units....50 or so, especially if they are part-time and have a W-2 day job.
In return, all you ask for is access to his knowledge and to participate in the processes of finding property, screening tenants, and handling the day to day tasks of being an investor, all to be gained on the job while doing this valuable work for him.
You'll get REALLY GOOD at inspecting rental properties for all of the 100s of shenanigans tenants will try to pull and be ready to start buying properties with your eyes wide open to the reality of this business vs. the typical newbie who goes in all starry-eyed and gets quickly (and expensively) schooled by bad tenants. If I had done this up front, I would've saved over $20,000 at least in avoided damages, evictions, and other time-wasters.
Think of it as an internship paid in knowledge. Maybe if you're good enough he'll even consider selling you some properties later one when he decides to downsize and owner finance them to you.
@Leon Collins thanks for the advice. Guess for now I’ll focus on the knowledge (as I should). I meant meet ups with local people in my area. I also do feel that there is more to learn by doing but baby steps regardless. Thanks
@Erik Whiting Wow! Thanks! I recently just found a local investor, haven’t contacted them yet because I was looking to see someone in the niche I am trying to enter. But I do think I can offer some help regardless and get some knowledge.
I like the idea of knowledge paid internship. Will reach out to them as soon as possible. Thanks again
Hi George, I'm new to Manitoba, about 9 months here now since I bought my first house in Binscarth (3.5 hours drive from Winnipeg), I notice that your post was made over a year ago, I'm just curious to know if you made any progress in your search.
I've studied electrical engineering but never pursued the career. I've also worked with my dad as a renovator for a few years. I've been a painter for close to 12 years now. So I have a lot of hands on experience which lead me to doing a full Reno of my first house. I'm interested in fixing and flipping, but I'm unsure that the rural markets are for things like that. I might have to rehab and hold.
I'll be in Winnipeg on the 14th of this month, maybe we can meet up and have a drink or something.