Newbie Deal

6 Replies

Hi all,

I am  newbie in Real estate investment. I am wondering how can I go about looking for my first deal in/around my area. Basically, I am thinking  to start with multi-family home investment or for newbie this is not the multi-family home right area?

Whom should I approach? can I use website like zillow, redfin etc? 

I am planning to join local REI group. Any one from Irving or Dallas Area?

Any input would be great to get me started...

1.) local reia club

2.) local attorney

3.) local cpa

4.) local investor friendly real estate agent

5.) lenders, private lenders, hardmoney lenders

6.) start building a team of local contractors

7.) biggerpockets calculators

8.) view at least 9 properties before creating an offer to 

     purchase / letter of intent

9.) rentometer.com 

10.) listen to #askbp and podcast under the " learn " tab

11.)  good luck moving forward with your real estate investing

Jenkins Ramon, JMWPS Ventures, LLC | [email protected]

@Vish S.

I would write down your goals and really try to quantify what you want to accomplish for your first deal. Some of the options are: short-term income, long-term income, flips, wholesaling.

Within those categories are sub categories like: single-family, multi-family, vacation rentals, and many more.

Once you have the goal in mind it changes your whole perspective, you can talk to everyone you meet about it, and they will be your lifeline for finding deals, etc. 

REIs are great, Redfin/Zillow etc. are nice for analysis, but they are not likely to be where the deals are. Focus on people and undervalued sources of information, these are where you are likely to find the diamonds in the rough.

@Vish S.

BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

Medium mysolo 401k logoMark Nolan, My Solo 401k Financial | [email protected] | 800‑489‑7571 | https://www.mysolo401k.net/

@Jenkins Ramon

Great list, nailed it

@Vish S.

Good luck to you, there are quite a few REI groups around the DFW area. A quick google will help you find what you are looking for.

@Vish S.

Welcome. 

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

Thanks every one  for all the comments. 

To start with I am planning to join local REI club. I have joined couple of clubs using meetup.com and planning to attend the meeting in the coming weeks.

once again thanks for the support from BP family.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you