How did you get your start in REI?

Question

I'm curious to see how others got involved in real estate investing. How old were you when you started researching/learning? How long was it until you purchased your first property? Second? etc. What is your "go to" property type?

What strategies did/do you use? Do you have your own LLC you use to purchase properties?

Do you purchase property close to where you live or in other locations?

I just want to see how others made it work. I like hearing these stories. They give me hope and a better idea for what I could do as I start out.

Best wishes,

Tyler

Ned Carey · Answer

My partner in the bicycle / sporting goods business pushed for us to get into real estate for long term wealth and cash flow.  He later decided that he wasn't interested in real estate but I loved it.

Jennifer Lee · Answer

[b]

Liz Brumer-Smith · Answer

Tyler,

I started learning about real estate investing when I was 21. I joined my local REA and started my REI education from there. It has been an expensive endeavor and I'm no where near done with my education but is well worth the cost. I would suggest finding your local REA and attending a meeting. Sometimes it's free or a minimal cost that is often deducted from your membership dues if you join the club shortly after.

It's difficult to say how you should structure your company. Entity structures vary in different states as to what offers the best protection. I suggest finding a CPA and a lawyer that have worked with real estate investors in the past (there should be good contacts through your REA) and discuss what will best fit your needs in regards to setting up your entity. I would suggest purchasing your assets through your company, it offers you the best protection and often offers tax advantages.

In regards to the strategies used/locations/etc thats simply up to you. Every investor has their niche and there is no right or wrong way. I would say explore as many avenues that interest you and try to gain as much information in that field as possible. I personally began in wholesaling and was primarily interested in buying and holding but after continuing my education and broadening my investing knowledge I became more interested in buying and selling non-performing and re-performing notes. If an opportunity presents itself in the buy/hold/lease option/seller finance/wholesale avenue, I'm not going to turn it down, but I have found something that both interests me and provides a high return on investment instead.

Some investors don't like buying property outside of their local area. They have a network built and know the market conditions. I myself am comfortable buying notes anywhere throughout the United States with a few exceptions. It basically boils down to your risk tolerance and your comfort level. There are endless possibilities for money if you branch out to other cities in your state and other states throughout the US.

I wish you the best luck Tyler! It's a fun business to be in and it's great that you're starting out young!