What Strategies To Look Into For Starters & Why?

Question

Goodmorning good people. I am a new an upcoming investor an open ears to all information. Just wondering what strategies would you all recommend looking into an why? Please feel free too direct message me with more detailed information. Thanks and happy holidays!❄️

Tiamo Wright · Answer

Welcome!!! It might be helpful for you to share your goals or things you enjoy. I could say fixing and flipping is great but I also like to work on projects. I think if you share more you will get better answers to align to your personal goals.

Charles Carillo · Answer

@Jordan Blakney

It all depends on where you are now (financially and time wise) and where you want to go. If you have money and want to directly invest in property; you might want to look into residential long-term rentals/multifamily. If you have money and want true passive income; you might want to look into real estate syndications. If you don't have that much money but, you have time; you might look into wholesaling and flipping.

Randall Alan · Answer

Strategy 1:  network with people in the business… and locally is best. Find a real estate investment group that meets up on a regular basis.  The real conversations and immediate feedback will be invaluable.Strategy 2:  don’t get stuck in analysis paralysis.  Until you take an action, nothing will happen.  I attended a seminar 30 years ago, and to this day I remember this quote:  “You are where you are because you choose to be there.”  The very next day I quit my job… not to go into real estate, but to start my own company.  You control your destiny.   Don’t get stuck living a life that you don’t want.  And it’s not that I’m promoting quitting your job… but maybe if you are making $X/ year, you look for one that makes $X + $10,000/year to push you closer to getting into real estate?Most avenues in real estate are going to take money…. When I started buying houses 4 years ago, it took on average about $30,000 to buy a C class property that would make a good rental.  That’s probably gone up by  $10-15,000 now where I live… but the next step would be to figure out how to find those funds.  They don’t always have to be all yours… maybe a family member would want to partner with you if you explain the financial benefits?  But somehow, you will usually need $$$ to get started.There are ways to be in the field without money, but they take other skills.  Wholesaling is like running a marketing company… marketing yourself to potential sellers, and then getting a property under contract and marketing the property to potential buyers.  Sounds easy until you realize it’s a very crowded marketplace… I get 3-4 cold calls a day from wholesalers looking to buy our properties.  So if you are a marketing person, maybe that’s a path, but it’s not for everyone.   There are s lot of sad stories behind wholesaling… deaths in the family, divorces, etc.  It wasn’t for me.The real best strategy is: START! Actually take an action.  Writing your post was step one… figure out what step 2 is and take it! Figure out if you want to to get into rentals, or flips, etc… maybe both (we do both).  From someone you meet at your local group, volunteer to help them on Saturdays (for free) just to learn the path they are on and how they are making real estate happen for them.  From there you will find the next step.  Real estate is a long term endeavor… and seldom a get rich quick scheme.  Our typical rental makes $300-$500 a month.  You aren’t going to get rich quick on that.  But fast forward and say you have 40 rentals.  That’s $20,000 a month!  So step by step you build your portfolio.  Flips offer quicker money, but no residual income - and take more money to pull off (you have to have funds to not only buy the property, but also repair it), and then wait for it to sell.  Frankly,  this very moment isn’t a great time for much in real estate given the Fed’s efforts to slow down the economy and fight inflation.  It’s putting a huge drag on the entire real estate ecosystem.  Buyers are not buying, therefore sellers aren’t selling.  Rentals already owned are doing great… but transactions to acquire and sell properties are tough right now. Hope some of it helps! Randy

Larry Turowski · Answer

You need to define your goals and list what assets and skill sets you bring to the table before talking about strategies. Asking for strategies first is like asking how to start a fire without considering combustibles on hand or available to you,  weather conditions, what you have to start it with, location, why you need a fire (warmth, cooking, light), etc.

Conner Olsen · Answer

The lowest risk and lowest cost way to start investing is house hacking

What Strategies To Look Into For Starters & Why?

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