Hello to the BP world! Newbie here looking for some help/ guidance on
figuring out the MINS (Most Important Next Step)! Working on completing
the Personal Financial statement thanks to the BP peps! Once, that is
complete is the typical next step to find the first deal?.. Been
Looking on websites to see what possible deals might be out there as
well.. Is analyzing a deal really as hard as I might be making it out
to be?.. Looking to get into Wholesaling, Rental Properties, or
Flipping. Still a little unsure which option might be better to start
with for a Newbie. Any advice, Help, or information is welcomed!
Thanks very much.
Be great to meet some more contacts as well,
and if anyone is looking to partner up on some deals?. Also, if there
are any investment meet ups happening in the DFW area soon?.. Would be
interested in going to one of those as well.
Thanks to any info or replays to this post a head of time! Have a good day.
Welcome to the BP community! To answer your question about where to start, I think that househacking is a great way to start, get your feet wet, and see if you like the rental game. Plus it will lower your expenses in the meantime.
@Jason Heffron congrats on getting started! I would personally recommend house hacking for your first deal, as it is low risk and a good way to gain experience in home ownership, property management and maintenance. You can put 3-5% cash down on a primary residence and rent out the other units to live for free or even cash flow. This can be done buy purchasing a house with many bedrooms or by purchasing a duplex/triplex/fourplex. A couple books I recommend for this is “the househacking strategy” by Craig Curelop and “SET for life” by Scott Trench. Wholesaling may also be a good option for you if you have a good mentor or company to learn from. I wish you the best!
I have heard and read about the house hacking strategy!
However, I already own a house that we just moved to almost 3 years
ago. We have one room we could rent out, but we also have a little boy
that is not even 3.. This strategy seems like it would be a little
later in life is all?..
Do appreciate the help and response gents!
@Jason Heffron, Thank you for that introduction, and welcome to BiggerPockets.
I hope you continue to learn from everyone on this platform.
If you have not, great books to read are:
• Rich Dad, Poor Dad
• The Millionaire Next Door
• Cash Flow Quadrant
• Tax Free Wealth• Set For Life
• Rental Property Investing
• The Millionaire Real Estate Investor
• The REAL Book of Real Estate
• So Good They Can’t Ignore You
You are more than welcome to reach out if you have any questions.
Good Luck and go make it happen!
Hey Jason! As others have said well, house hacking is the best way to get started. Everything they have said is spot on
@Wale Lawal, Thanks for the response sir. Yeah I have so what started me down this path was How to Invest in Real Estate by Joshua and Brandon. It was a really good read!.. Going back through it now to pick up the major points and start making a plan and get what my MINS are for me! Appreciate the good list of books! Love to read it is a great way to better yourself, and learn some new skills I feel.
I see people recommend the book Rich Dad, Poor Dad, and its seems to be on all the top lists. What is it about that book that makes it so good??.. Just curious is all, since I have two other real estate books as well to read!
So you are a buy and hold investor in Houston?.. How did you get your start in this business if you don't mind?.. What does buy and hold mean for real estate? Is it similar to what people with the same strategy as investing in stocks with buy and hold?.. That is another subject I have read a lot about and follow what Warren Buffet has done, and trying to adopt similar strategies for my own investing.
Well thanks again for reaching out, and appreciate the book list sir!
Have a good night.