I’m new to BP and to real estate as a whole. I would like to start investing in properties around the St. Louis area. The ideal situation would be a duplex or triplex that I can house hack. However, just an SF home to rent out would work as well. Any advice on how to start in this market or where to go to get started would be greatly appreciated.
@Nick Sottoriva Welcome to the community!
Before you get started, know why you want to get into real estate investing? Are you interested in cash flow or appreciation? Do you need immediate cash flow or can it wait? What is your appetite for rehab? This is going to be your guide throughout your roller coaster journey and will keep you looking forward through the good and bad days. After you know your why, work backwards to establish short-term and long-term goals to help you accomplish your why.
Understand what to you constitutes a great deal. This is typically a personal decision and can include specific returns you want to see from a deal. This will also help you stay focused and to not give in to a make a bad deal work.
One of the most important skills of an investor is deal analysis. You will want to practice analyzing deals everyday, even if you don't plan to buy yet. This skill is invaluable and a perishable skill.
Go and build your investment team even if you are in the local area. Get a good agent who can help you find the properties that will help you reach your goals. Get yourself a good contractor to help with maintenance requests.