Getting started in real estate

[Kristopher Kalieta]

Hey there bigpocketers! My name is Kris, I’m 27 and I currently live in New Jersey. I’m looking to buy my first rental property in the next year or so but am unsure where to start. I would like to invest in my home state in southern New Jersey but I have also been looking at rentals in parts of Connecticut, since it’s a bit more affordable. I have also been told by a real estate agent that I’m friends with that I should start by flipping houses in order to increase my capital since I only have about 30k right now. What do you guys think is the best way to get started for someone in my situation. Greatful for any type of feedback!!

[Jonathan Greene]

Your "friend", the agent, is not your friend. He almost just lost you all of your money to invest and knows nothing about investing. If you don't know what you are doing and want to learn, you don't learn by flipping a house first. And how much money do you have saved to do that or did your "friend" also recommend you use a 12-14 pct hard money loan to finance your rehab and the project above your 30k? Flipping for first-timers costs twice as much and takes twice as long as you think and that's if you know a little. You need to learn and ask questions, meet local investors and go to REI meetups without listening to bad advice like do this now or flip or wholesale first, that is nonsense and will take your 30k lower. Learn about buy and hold, consider a house hack, which is the best first investment if it suits how you want to live.