I have always been interested in real estate and I have been doing lots of reading, but reading can only take me so far. I would appreciate and welcome any advice on the best ways to get started.
Getting educated is always the first step, so congrats on that. What exactly are you looking to with real estate? If you provide more information about your investment strategy, I can give a more specific answer.
@Canesha Edwards first thank you for the response. My interests are in flipping but also in single or multi family rentals.
Hi @Fran Dixon !
I closed on my first investment property in October 2020. The biggest thing for me was my masterminds group. Meeting with them, having discussions, hearing each others stories and experience really made me feel confident that I knew enough to make my first investment.
My advice would be clearly define your real estate goals and surround yourself with a great group of people with similar/related goals.
Another point I would like to make is I learned more in the process of buying my first investment and owning it these past fews months than I learned in any book, from any podcast, etc.. Definitely build a good base of knowledge and make sure you always do your due diligence, but at some point make a decision to make that first investment.
@Fran Dixon congrats on starting your real estate journey. Education is #1...biggerpockets, podcasts, books, REIA meetups. #2 Find your niche and determine multiple sources for your deals. #3 Take action...you can gain a ton of education, but without action it will be in vain. Continue to look to surround yourself with investors doing what you want to do and you will be on your way!
@Joseph Schweizer thank you so much for the advice.
@Johnny Lynum thank you for responding and the advice.
@Fran Dixon no problem! Take a look at my YouTube channel that I launched last month. I have a couple videos discussing how to get started in real estate investing and some of the strategies I use in my business! Don't hesitate reaching out if I can be of any assistance!
In regards to flipping: I would start by studying the properties that are currently on the market. What are they selling for? How long are they listed on the market? What are the finishes? Etc.. This will give you understanding of what your ARV will be.
Next I would run sample flips through the BP calculators. I recommend reading J.Scott’s book on Estimating Rehab cost. Lots of good information. You have to analyze properties to get good at identifying a deal. Remember with flips, this is a short term investment.
Rentals are completely different than flips. You want something of quality, not necessarily best house on the block. Why? Because tenants are temporary and not looking for a forever home. Again, look to the market to see what’s renting and what’s not.
Always buy based on numbers and not emotion because you make your money when you buy, not when you sell.
@Canesha Edwards thank you so much I will definitely read J. Scott's book. Thank you for the recommendation. Thank you for all the advice.