Phoenix, AZ · Member since 2018 · 40 posts · 12 votes
Hello All,
My name is Tyrone and I am new to the whole concept of real estate and investing. I am currently listening to BiggerPockets podcast. I’m trying to gain as much knowledge as possible on how to buy, sale and structure deals. I was wondering if there is anything more I can do to gain more knowledge? I currently have $10k to invest I know that’s not a substantial amount of money, but I would like to know where I can also start with that amount of money or do I need more to invest? I would like to look into maybe rentals, or wholesaling real estate if possible. Any advice would be greatly appreciated! And I currently live in the Phoenix Az area the development here is still growing.
Diversify! Check out the great BP library of books as well as the wealth of information out there from other authors as well, and don't just focus on RE! Look into business planning, management development, coaching basics, finance, etc etc...it takes more than just podcasts to run a successful business.
Also, forget wholesaling for now! Stick that $10k in your back pocket and start analyzing every deal you can in order to learn how the numbers work, and use the Events page on here, your local REIA, meetup, and facebook groups to find other local investors to network with and learn from.
Okay, I understand that. I’m trying to balance learning and dealing with real estate while working at night. Since being a truck driver I sleep during the day, so I’m also trying to get my wife into learning so we both can learn cause she has a little more time than me.
@Tyrone Hood ha! I hope you have better luck than I with getting a wife into RE.
Figure out a way to turn downtime/work time into learning. Podcasts/audiobooks
I work long night hours too...at my reg job but I can listen to what I want while I work so I do that.....
Def stick with those areas if that’s your background. I started to do suburbs after I got some money and I didn’t understand them too well. Got banged up and went right back to my strengths.
Sounds like you got a great attitude and with that and focus you can’t be stopped from succeeding.
Okay I will try to email you again! And I try my best to remain positive regardless my up bringing. My wife is game she just procrastinate like the norm so it’s takes a little more effort on my part with that. I listen to podcast/audiobooks will I drive cause I’m a trucker so it helps out a lot. And I also watch Brandon on YouTube with his BP channel as well great info. I really appreciate all the feed back and time you are giving to respond to my messages I know you are busy, so i wanted to say Thanks again!
Oh I was thinking about maybe looking into purchasing my first home as a duplex, to stay in one and rent the other half any thoughts on that would be helpful..
@Tyrone Hood that's a great idea look up NACA, Sonyma, Fannie loans in your area and see what kind of assistance they are offering. Don't rush into a deal...unless you get lucky and you know it's a great deal!
I would look at 100 houses before you buy...it might take a while but you’ll have analyzed and looked at so many houses that you’ll have all the calculations down.
But unfortunately the housing market for duplexes out here sucks, and the ones they do have on the market is ran down and over priced. The ones I have seen is in the $400k price range to the mid $300k. But I’m going to keep looking maybe have to go another route.
@Tyrone Hood look up how to find deals thread. It’s old but there is like 20 ways to find a deal thread I think. Dust that off and read through it. In different markets it’s either easier or harder to find a deal depending on economy and stage of the Market.
5-6 years ago I was getting lists of houses that were good deals. Brokers were emailing them out non stop. Now those brokers are doing other deals. The distressed market shrank a lot. But there are still deals. Just need to figure out the new way to get them. M
I’m old school. I get out of the car and ask moms waiting at the bus, people sweeping up. Go out early on the street you want to buy on garbage day. See who’s taking out the trash.
I’m not kidding. Here. True story.
February of 2017. Driving for dollars. I see two guys getting in a big black SUV in my farm area. It was about 50 william st in newburgh. I drive up as they are trying to pull out of and block them in.
I roll down the window and the guys starts yelling at me. I pull out my I buy houses card and say you guys don’t look like your from around here. I’m not messing with you...but I buy houses for cash if you have one.
The guy starts laughing. He goes yeah I have a house for sale. Right here. Go look. No good for me tho the house was overpriced.
But he had another. 15 Lutheran newburgh NY 12550. I look. Text him back 15 minutes later. He asks me for 30k. I offer 10. He’s says 15. 16. Done deal.
Closed mid May of 2017. Second house I bought that month.
I’m selling it right now for about 250k.
I had about 2k in the bank when I bought that house bc I was buying another a few weeks before. Both deals got done.
I will take that approach looking up deal threads and see what I can find. I just have to stick with it and not get discouraged from my goals and what I want RE investing to do for me and my family!! It will happen in time..
Yeah I can understand why there are, it can be tough getting started if you lack knowledge and the capital to get you through the first deal. I guess you just have to get creative with it. But I will keep it up for sure!!