I'm New, How Do I Get Started?

Question

Hey all! New to this community. I own one property (my home). I've been fascinated with the idea of owning rentals. I'm 32 and want to get started but just don't have any capital or know how. I think I'm in the right place. Where should I start?

Books? Daily reading? Mentors?

I'd like to take some time to educate myself properly, but I don't want analysis paralysis either. I'm young but I'm not that young. I want to spend my time wisely. What do you guys suggest?

Jonathan Greene · Answer

Find your local REI events on Meetup and meet some local investors around your age and see what they are doing. The most important thing to do is not to rush into it. There are tons of books and resources and everything telling you how you can have 100 units with no money down, but that is not realistic, especially not right now. Search for what you are interested in here in the forums, read the answers, and start with the books that suit what you think you might want to do. Most of us who have been in it a long time have read all the books. Some are better than others, but all of them have usable knowledge.

Nick Rutkowski · Answer

@Sam Hemingway

I’d start here and figure out your strategy. There are plenty to choose from. Once you do that figure out the real players in that strategy and network with them. Then find a deal and implement your knowledge. Take your first step on your long journey.

Johnny Shiu · Answer

Hey Sam, I'm new, too.  As for me, I started listening to the BP podcast 2 weeks ago.  I've been listening to selected episodes to get going.  I also am reading the BRRRR book just to familiarize myself with a proven system.  We used on own an AZ rental pre 2008 and did everything wrong.  This time, I am looking at the Buy-and-Hold play and not so much equity play. One thing that I've learned thus far is to just educate yourself and then start building your team. I'll be talking to realtors, Prop Mgt companies, and people whom I know in the REI space.  I have learned from our AZ prop that the Prop Mgt company is super critical. Finally, I've been analyzing deals as practice just to get the math down to manage overall risk.  Best of luck to you.

Sam Hemingway · Answer

Thanks @Craig Curelop. I will do that and I'll see where i'm at a few months from now.

Craig Curelop · Answer

@Sam Hemingway - Welcome to BiggerPockets! You are definitely in the right place.

I would recommend listening to the podcasts, watching the webinars, reading the books, and just taking the next 2-4 months to absorb as much information as you can. Before you know it, you will be comfortable and ready to make moves on your first deal.

While learning, I would be pinching pennies and trying to figure out how to save up enough for a downpayment in your market. If you are okay with House Hacking, you can purchase a property with just 3% to 5% down (at this time) so the barrier to entry is lower than you may think.

Kyle Curtin · Answer

@Sam Hemingway

Hi Sam!

I am pretty new to the game as well, and I have been learning every single day about real estate investing. This is what works and I totally recommend.

1.) listen to the bigger pockets podcast on the way to work/ in the car every day

2.) check out the Bigger pockets books, especially “the book on rental property investing” and if you wanted to go this route, “the househacking strategy” by Craig curelop.

These are absolutely amazing and packed with information.

I'm New, How Do I Get Started?

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