Chicago-Texas · Member since 2017 · 30 posts · 26 votes
5y
@Victoria Hil, I would recommend reading Brandon Turner's book "The Book on Rental Property Investing". Prior to reading this book I had owned small multi unit building for a decade, I was stuck and was not sure on scaling and was even thinking about getting out of Real estate all the way. I followed his advise and now I own 20 doors ( duplexes, multi units). I am split between in state and out of state properties, self manage, work full time. I scaled in last 3 years and thanks to the book, my ROI is in double digits. My goal is to reach 40 doors by next 3-5 years.
My advise for you, one of these day sit back, have a beverage of your choice and ponder on net income per month that would meet your goals, that was my starting point. I can say I have already achieved my initial number in three years, and unlike other investments this number will always stay same or go higher.
In my opinion, real estate is key to building long lasting wealth, it will be slow and not glamorous. I am thinking about quitting my day job in near future (2-3 years) and moving to Europe with my family and I am not European.
I recommend finding good real estate agent, next part is finding good contractors, I would recommend asking your agent for contractor that is reasonable.
When starting out and you are buying property 4 or less units don't worry about LLC, make sure you have umbrella coverage besides the insurance. Also stay away from big name insurance companies they are way too expensive, go with a broker and ask them for A to A- companies only. Finally don't file a claim for small items, my rule is 10k or above, so I set my deductibles accordingly.
Good luck and take a splash in this awesome journey if you haven't already done so.
Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
5y
Hi @Victoria Hill. Be sure to self educate by reading industry books, listening to podcasts, and shadowing professionals in your area. Do you know what market you'd like to invest in?
Asheville, NC · Member since 2020 · 36 posts · 6 votes
5y
@Marlen Weber
I've been reading a few books on investing and they are great! I'm leaning towards SFH for now and building up from there! Do you have any suggestions as far as starting out?
Real Estate Agent · Nampa, ID · Member since 2017 · 439 posts · 361 votes
5y
What made you decide to get into real estate? Join a few local investor groups. Listen to the way they talk, the lingo, the KPI's, anything and everything you can absorb. The culture is a bit different than most business settings and will give you loads of insight.
Rental Property Investor · Woodbury, MN · Member since 2018 · 299 posts · 299 votes
5y
Education x Action = Results. Spend time educating yourself then take massive action to get the most results
Get clarity with your goals and your purpose. Why do you want to do real estate? Do you want to own residential, commercial, industrial? Are you looking for long term generational wealth or just some side cash to supplement your current salary? I think this is one of the most important things to focus on because it can help guide you on your path and keep you on task.
Stay the course and do not get distracted by this weeks shiny object. There are so many different paths one can follow to success in real estate and as you gain knowledge you will be tempted to stray from your goal. This week it could be wholesaling, next week it could be BRRRR, maybe the following week you might hear about syndication. Knowing your goals can help prevent shiny object syndrome.
Asheville, NC · Member since 2020 · 36 posts · 6 votes
5y
@Sarah Brown
I’ve always considered real estate but recently some friends of mine have started their journey to real estate and it motivated me to actually get started instead of just dreaming about it. I really appreciate your response and will look into finding a meetup group!
Asheville, NC · Member since 2020 · 36 posts · 6 votes
5y
@Mack Benson
A lot of great stuff there, I appreciate it so much and will definitely keep all of that in mind! I know there will be mistakes on the way but getting as much advice on real estate can hopefully reduce the amount!
Chicago-Texas · Member since 2017 · 30 posts · 26 votes
5y
@Victoria Hil, I would recommend reading Brandon Turner's book "The Book on Rental Property Investing". Prior to reading this book I had owned small multi unit building for a decade, I was stuck and was not sure on scaling and was even thinking about getting out of Real estate all the way. I followed his advise and now I own 20 doors ( duplexes, multi units). I am split between in state and out of state properties, self manage, work full time. I scaled in last 3 years and thanks to the book, my ROI is in double digits. My goal is to reach 40 doors by next 3-5 years.
My advise for you, one of these day sit back, have a beverage of your choice and ponder on net income per month that would meet your goals, that was my starting point. I can say I have already achieved my initial number in three years, and unlike other investments this number will always stay same or go higher.
In my opinion, real estate is key to building long lasting wealth, it will be slow and not glamorous. I am thinking about quitting my day job in near future (2-3 years) and moving to Europe with my family and I am not European.
I recommend finding good real estate agent, next part is finding good contractors, I would recommend asking your agent for contractor that is reasonable.
When starting out and you are buying property 4 or less units don't worry about LLC, make sure you have umbrella coverage besides the insurance. Also stay away from big name insurance companies they are way too expensive, go with a broker and ask them for A to A- companies only. Finally don't file a claim for small items, my rule is 10k or above, so I set my deductibles accordingly.
Good luck and take a splash in this awesome journey if you haven't already done so.
New to Real Estate · Palestine, TX · Member since 2020 · 18 posts · 5 votes
5y
@Victoria Hill I'm in the same boat as you! I'm learning so much information from the Bigger Pockets podcasts, forums, and their books. It is so nice to have such a valuable asset as Bigger Pockets. I am very excited about the real estate journey that I am about to embark upon, and so should you. I know that building a successful portfolio takes time, effort, knowledge, dedication, and perhaps a little luck from time to time, but I think that real estate has too much to offer for me to sit idly by. Good luck on your journey!
Asheville, NC · Member since 2020 · 36 posts · 6 votes
5y
@Pete Bhanshali
Thank you so much for that Pete! I actually just got that renting properties book in the mail yesterday! I’ve been reading their books and they are a big help! I’m really excited about this journey and am grateful for other people’s advice along with yours!!
Asheville, NC · Member since 2020 · 36 posts · 6 votes
5y
@Dustin Crawford
Yes!! It’s so exciting but I know there are going to be rough patches, we’ve just gotta push through them and thanks to BP and everyone on here it makes it seem a little less worrisome! It would be awesome if you kept me updated on your progress moving forward!!
New to Real Estate · Charleston SC · Member since 2019 · 33 posts · 12 votes
5y
@Victoria Hill I would read Rich Dad Poor Dad. Listen to as many episodes of the bigger pockets podcast as you can. Talk to as many people as you can, and learn as much as you can. Also make sure you that you narrow down what you want to do. whether it's flipping, buy and hold, short term rental etc. Good luck!
Asheville, NC · Member since 2020 · 36 posts · 6 votes
5y
@Daniel Ziner
Awesome! Thank you so much!! I'm putting aside time today to listen to the podcasts! As of now I'm looking into SFH and renting those out, then eventually moving up!
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
5y
@Victoria Hill the best advice I can give is get your first deal done. Don't expect your first deal to be perfect. Buy in a good location and it will work out fine. Too many people never get started because they spend all their time educating themselves or waiting for the perfect deal. You are better off doing an average deal than doing no deal.
Every deal gets easier because the experience gives you momentum.
I have been to Asheville several times and it seems like a great community to invest in. I would start local.
New York City, NY · Member since 2016 · 5 posts · 3 votes
5y
Victoria, all the advice you have been given is awesome. Here, is what I have to say. After you have decided whether you are going to be a real estate agent or an investor or both, you should learn the basic ins and outs of the process of buying and selling property. Like the ABC s what is first second and third. Become familiar with the terminology, buyer-seller, SFR multi-family residential, commercial RE, assignment contracts, lease option, escrow, laws, and by-laws of your state-specifically and then the general laws concerning real estate transactions. A real estate agent has to have a real estate license to do RE transactions. An investor doesn't need a license though so states require it most don't, here you will also learn lot's of jargon, is like sort of moving to a new country and learning the language. So you have will learn a great deal about real estate terminology, like ARV (after repair value) rehab costs, sale price as compared to fair market value. How to calculate fair market value. Wholesaling and a considerable number of terms. Hard money and private money for your deals, the key to any RE investment deal is how much money you will make after all is said and done and uncle Sam gets his cut. Knowing all the steps involved and in which order they are executed. You can learn a whole lot on this page but reading free RE investing books and pamphlets and pdfs is really helpful. Notice keyword free stuff don't buy courses and don't over study get the basics and take the plunge nobody learns how to fight by reading books you have to get in the ring.
New to Real Estate · Bridgeport, CT · Member since 2020 · 25 posts · 6 votes
5y
@Victoria Hill
Hi, Victoria.
I am like you, just starting out. Try to set goals, write them down, but also try to find a good investor in your area to learn from. This will help you shorten the learning curve :)
Rental Property Investor · Member since 2020 · 3 posts · 0 votes
5y
@Pete Bhanshali
Pete thank you so much. This was a great info. I am a rookie and currently reading Brandon’s book “ book on rental property investing”. Info you have is awesome.