Rental Property Investor · Fort Lauderdale, FL · Member since 2020 · 13 posts · 8 votes
Hey there. I am saving up to buy a duplex, triplex, or 4plex in the future as my first investment. I live in the heart of Fort Lauderdale where real estate is insanely expensive. Any tips, advice, or book recommendations are welcomed. I have come to this app to learn. Thank you ahead of time.
Hi @Cayman Fox welcome to BP. If investing in your home area is expensive, what about outlying communities or investing out of state? You may want to take some time, learn more and see what unfolds in the next few months. If you haven't already read them I would suggest Rich Dad Poor Dad and The Cashflow Quadrant by Robert Kiyosaki. I would also suggest The Millionaire Next Door by Stanley & Danko and The E-Myth Revisited by Michael Gerber. Those should help build a good foundation for the investing mindset. As you're reading those get more familiar with markets you might want to invest in. Hope this info is helpful. Best wishes. Let me know if I can be of further service.
Rental Property Investor · Fort Lauderdale, FL · Member since 2020 · 13 posts · 8 votes
6y
@Craig Sloan I read Millionaire Next Door and Rich Dad Poor Dad. I will get on the other books you suggested. Thanks so much for the reply and thanks so much for you time.
Investor · Colonial Heights, VA · Member since 2015 · 78 posts · 53 votes
6y
@Cayman Fox I would definitely recommend house hacking and making that your first investment. You will be able start saving a lot of money due to the fact that the renters in your residence will be paying most if not all of your mortgage. It's also much easier to do while you are young and don't have a spouse or kids.
Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
6y
@Cayman Fox Hello and welcome to BiggerPockets. You're doing the right thing by coming on here and being active. Lots of knowledgeable industry professionals who are always willing to help. I recommend reading books, listening to podcasts, and partnering with real estate investors in your area so that you can learn from them. Most folks are open to helping if you approach them and show interest. Best of luck.
Rental Property Investor · Fort Lauderdale, FL · Member since 2020 · 13 posts · 8 votes
6y
@Nicolas Biangel Thank you for the response! I’m going to start researching! Then maybe in the long run years from now I can come back and invest in Ft Lauderdale! Haha
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
6y
@Cayman Fox
Aside from BP look up Freedom Mentor on YouTube. Phil Pustejovsky makes 1000s of videos on REI, covers everything under the sun. You don't need to buy his product, he shares enough info on how to do it yourself.
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
6y
@Cayman Fox Take the time to educate yourself on the real estate business as a whole so when the time comes when you have the money to execute you hit the ground running in terms of a strategy.
As far as the business in general you either need money or access to it so the focus should be on saving money and growing your network/reputation in the business day by day. Small steps each day lead to big results. I realize how cliche that sounds, but it's true.