Coming in brand new and a little clueless on where to begin.

10 Replies

Hello, my name is martin and Im wanting to get into real estate but know the ins and outs. I have been reading books and the "rich dad poor dad" has definitely pushed into this direction. So was inquiring about any assistance about my area that may help me get started. I live in houston, texas and would greatly appreciate any help I could receive.

Hi, Martin.  There are many variables involved that will determine your best path to getting started.  Can you fill in some blanks?  What are your goals?  What are you thinking might be your starting strategy?  What about your current financial situation?  Do you have cash on hand?  Can you obtain financing?  The answer to these and likely a few other questions will help both yourself and anyone replying to your post.
For what it's worth, many new investors are drawn to wholesaling as their starting strategy.  It seems to be pushed as the best strategy for the new kid on the block.  I don't agree, unless you're good at consistently negotiating deals with sellers for .40 on the dollar.  If you're starting out with limited cash and experience, I would suggest taking a look at lease options.  Worked for me back when I was getting started in this business.

Keep educating yourself. Read the ABCs of Buying Rental Property by Ken McElroy and then The Book on Rental Property Investing by Brandon Turner. The first book is easy to understand the author is great at explaining things at multiple levels (which I appreciate as a teacher). The second book is on the same topic but is much more in depth. Watch Youtube videos on evaluating deals, and then start doing that by searching your local area. If you have an iphone, download the Rental Calculator app to help with the numbers. There is an app for Android, but I don't know what it is. Good Luck!

Hello michael. My goals is to obtain as much knowledge as I can so I may reach financial freedom and build assets for me and my family to prosper from. I dont have any cash on hand. And currently unable to obtain financing due to being unemployed, cause of the pandemic of course. But any suggestions or arrows to point me in the right path is greatly appreciated.

Hi Martin! I am a newbie as well and have been a part of the BiggerPockets community for a few months. I would recommend starting a habit of spending a certain amount of time every day on REI study (for me, it's 30 minutes every morning before I really start my day to read an REI book and check my BiggerPockets account).

Like you, I also have very little cash reserves. A book I'm currently reading that I would suggest to you is "The Book on Investing in Real Estate with No (and Low) Money Down: Real Life Strategies for Investing in Real Estate Using Other People's Money" by Brandon Turner.

A great way in for beginners that I plan on employing is the "house-hacking" strategy. Purchasing a MFP (multi-family property) of 2-4 units, and living in one unit while renting out the others. If you find a good enough deal, you can use the income from the other properties to pay the mortgage, other property expenses, and maybe even some cash flow--all while living for free!

I hope this information is useful to you. Best wishes for your REI journey. And welcome to the community!

@Martin Ruiz Jr.

Martin, welcome to the community! I will tell you that the biggest thing when first starting out is definitely educating yourself as many have pointed out. My favorite youtuber that I learned a lot from is Chandler David Smith. I would recommend binge watching his channel. I would go to his early uploads as those were real estate 101 videos. Once you find a good grasp on which aspect of real estate you want to invest in, take action on it. At some point if you don’t take action your knowledge is useless. It sounds like you are interested in cash flow so I’m assuming single family homes and then multi family homes down the line.

What field of work are you doing?

Originally posted by @Martin Ruiz Jr. :

Hello, my name is martin and Im wanting to get into real estate but know the ins and outs. I have been reading books and the "rich dad poor dad" has definitely pushed into this direction. So was inquiring about any assistance about my area that may help me get started. I live in houston, texas and would greatly appreciate any help I could receive.