Best Way to Start???

Question

I’m completely new to real estate and would like to know others opinions on the best way to start investing/ how they started investing. I’d like to get a clearer focus on what I should be studying/ looking into. Also, what are some books that helped you put a lot? I’m currently reading “How to Invest in Real Estate” by Joshua Dorkin and Brandon Turner.

Alecia Loveless · Answer

@Eliana Fanick I’d recommend listening  to Brandon Turners courses on buying properties and building your portfolio, becoming a real estate millionaire, etc.

I’d listen to the BiggerPockets podcasts, the regular ones and Beginner ones. Read as much as you can, the books on the website are great, or google others. If you have a kindle or reader a lot of them are cheaper it might be worth the investment in a cheap one if you don’t have one snd like to read.

Pay off as much of your debt as you can, particularly high interest debt. Think about a side hustle.

Start Saving up for a down payment.

Figure out what aspect of Real Estate investing interests you. SFH, multi family, flips, BRRR, buy and hold,REITs, STR.

Make a list of your dreams. If your dreams don’t seem ridiculous they’re not big enough.

Make a list of your goals. Make a 1 year plan, 3 year plan, 5 year plan, 10 year plan. Start working on it. Revise it every 3 months. Grow with it.

Join BP Pro and start analyzing properties if your goal is to buy real estate as opposed to other forms of investing.

Then once you have either saved a down payment or gotten money from a partner of another source, creative financing, start investing as soon as possible!

Bhekizwe M. · Answer

I would listen to the BP Podcast with Thach Nguyen on how he knocked on one hundred doors a day , five days a week for ten years and that got him one million USD per year from that ACTIVITY.Make sure you dont miss the part where he says one home seller let loose a dog on him and he had to get attention at the hospital from the bite.

I would also pay attention to the Tom Hopkins Champion formula to embrace rejection on pages 110-125 in his book Mastering the Art of the Sale.Especially the part where he says , you are paid for each rejection you get

Then TAKE ACTION, make the calls, follow up leads, ask for referrals, make offers, buy properties, choose your exit strategy etc

in making calls i would attempt to incorporate "negative phrasing" as taught by Steve Trang, to locate buyers, sellers, private money lenders.

I would also set a saving rate as taught by Anthony Robbins from book Money, master the game,  becoming of an investor, taking advantage of the power of compounding

I would also keep in mind the 10000hour rule from Malcom Gladwell's book, Outliers reminding myself that attaining world class takes commitment