You know that fear you had when you decided to finally invest in real estate, but the drive to change your life is weighing heavy on you?
That's where I sit. I read How to Invest in Real Estate in 2 days because I couldn't put it down, but actually taking action is terrifying when as the sole provider for a family of 5.
I'm looking for help in the St. Louis and Kansas City, Missouri areas from people who have experience. I'm a sales person by day, but in the healthcare industry, not real estate. BRRR's and Flips are what i'm interested in learning about investing in.
My question is where do I go from here? What's the process look like to buy your first BRRR/Flip? I read the sections and plan on rereading them, but am curious about how to really take action and get some skin in the game.
Appreciate any and all feedback.
I cannot relate to your specific area, but as far as getting started I think it's really important to document your goals and why you're planning on doing a BRRR/Flip deal.
After that definitely start to network with agents/lenders/property managers that can help you identify where your goals can fit into different neighborhoods. From there, it's all about analyzing. If it's your first time make sure your network can help you understanding if a deal makes sense for you and your goals.
@Anthony Simboli Thank you for your response! IIt sounds like my next action step would be to start building my 'team'.
My initial goal is to own one property that cash flows $200/month. The idea of consistent cash flow is what I'm really after when I check my gut. So BRRR is likely the route that I need to focus on. Thanks for helping bring that clarity.
@Shaun Keune no problem!
As someone who is "starting out" again in a new state, I can say over the past few weeks I've made so much more headway with building a team around me than I did without them.
@Shaun Keune Are you planning to self-fund? Have you got finances squared away? Either gather the cash, the investors, or the pre-approval, and start analyzing deals using the calculators. Do it again and again and again. And again.
Connect with one or more agents so when you have the funding and find a deal that looks right, you can put in an offer.
Find other investors in your area and ask to tag along on anything you can. Ask to see their work or hear their stories. People love to talk about themselves, so let them do it.
If you're a do-it-yourselfer, offer to help do some work with flippers and/or contractors to build relationships.
I would say, if you've not started anything yet, you do need to analyze the heck out of a lot of potential deals. I'm no sales rep, but the calculators here are handy. If you want to build your own, go for it, but I spent about an hour and a half trying to do it and understand other peoples' spreadsheets and realized my time is worth more than that, so I went Pro.
@Caleb Christopher I haven't done any of that. I'm extremely green. Where are you in your REI journey?
I've got one single family rental at this point. I'm seeking to either:
-build cash with a flip
-(preferably) do a BRRRR on a single family home
-acquire a 4-plex
So far, I'm solo. Have some capital saved and some potential private investors if I can show a complete plan.
You're quite a drive from me on the KS side, or I'd say we should meet up and look at finding a deal together.
Hi Shaun - I just listened to Brandon's webinar yesterday..reading your thread my husband and I are in a very similar boat. The first line you wrote is so where I'm at right now....We just want to get started, but hard to pull the trigger. I just went Pro yesterday to get more committed to this. If you need their coupon code it's 123 that knocks the price down 20% by tomorrow. Anyways, this is my first response to a thread on here, looking to get more active. We have 3 Bigger Pockets books that we have read. I think we are going to firm up our goals, get really specific about location and criteria and use the tools on this site to analyze deals. I committed to analyzing 5 deals a day until I get it down. We're here in California so really looking into deals out of state.
Good luck to you!
Start analyzing. There’s a lot of power that comes with being comfortable with running the numbers, it helps you realize what you need and so on.
My advice would be to find a local group and network; keep on reading, learning and analyzing deals. It’s never too late to get started. Best of luck
@Caleb Christopher I'm currently living in the Blue Springs area for 6 more weeks. So likely not too far from you right now. I'd love to meetup just to talk real estate.
@Tina Cruz @Stephen Spradley Thanks for your responses. Where are you finding the deals to analyze, through biggerpockets.com? Local agents in the market you're wanting to invest in? I'd love to get to work practicing analyzing deals.
@Timothy VanWingerden Thanks for your response. I just joined a couple of investor groups in StL & KC on Facebook and am going to look into some local meetups as well.
@Shaun Keune I find a market to focus on then use the tool on Bp site to analyze the deal. Goal - analyze 3 deals a day to get the habit and work down. All the deals that I initially thought looked great were all negative ROI on each one.