Newbie trying to make my first purchase

14 Replies

Hello, I’m new to real estate investing and I’m looking to make my first purchase sometime at the beginning of the new year coming up. Im pretty self educated and have read loads of forums and books and watched hours of investing videos on YouTube. I first truly learned about real estate investing when I stumbled upon a Kris Krohn video and he buttered it up and make it sound real nice. I’ve always been kinda hard headed and done stuff my way but this is something I’m very serious about and want to learn. After reading Rich Dad Poor Dad it really made me want to get focused on assets in life I just need to get started. I’m a 23 year old with 2 kids and a newborn due in October and I work a 40hr a week job and rent a home I’ve only been working at my new job for a about a year so I don’t really have a lot of money to just up and use so I’m trying to gain as much knowledge as I can to minimize my chances of failure but I’m not afraid to take the leap and take risks. I just want to talk to people that have been doing this for years and really understand the markets to lead me in the right direction if I’m wrong about something or don’t understand something. I firmly believe that if I surround myself with successful people and associate myself with successful people it will benefit me and I’m willing to help anyway I can to repay the favor. Insight from professionals would be greatly beneficial and hopefully I can meet some business partners for the future. And help would be greatly appreciated. Thanks in advance!

Hey Hunter,

It looks like you have your priorities in order and that is great to see!  I completely agree with what you are saying.  If you surround yourself with people that will push you in a good direction, you will see results.  Wherever you are, I would suggest reaching out to professionals in your area and try to meet them.  For me, I am meeting with 3 other BiggerPockets members in my area this next week!  From there you will be able to ask them all of the questions you have.

Good Luck!

@Brooks Nicholson Yeah I actually found out about the meet up app on here and there’s a 3 day boot camp coming up in November in Huntsville (Alabama) and I’m super excited to be around and meet new investors and discuss and and learn. The only downside is it’s hosted by a guy by the name Zach Childress and sadly I’ve seen more of where he scams and stuff then actual good reviews. Other then there there’s a few meet ups and discussions till then I’m just gonna start showing up and applying myself and eventually I’m sure I’ll meet a mentor.

Originally posted by @Hunter Kelley :

Hello, I’m new to real estate investing and I’m looking to make my first purchase sometime at the beginning of the new year coming up. Im pretty self educated and have read loads of forums and books and watched hours of investing videos on YouTube. I first truly learned about real estate investing when I stumbled upon a Kris Krohn video and he buttered it up and make it sound real nice. I’ve always been kinda hard headed and done stuff my way but this is something I’m very serious about and want to learn. After reading Rich Dad Poor Dad it really made me want to get focused on assets in life I just need to get started. I’m a 23 year old with 2 kids and a newborn due in October and I work a 40hr a week job and rent a home I’ve only been working at my new job for a about a year so I don’t really have a lot of money to just up and use so I’m trying to gain as much knowledge as I can to minimize my chances of failure but I’m not afraid to take the leap and take risks. I just want to talk to people that have been doing this for years and really understand the markets to lead me in the right direction if I’m wrong about something or don’t understand something. I firmly believe that if I surround myself with successful people and associate myself with successful people it will benefit me and I’m willing to help anyway I can to repay the favor. Insight from professionals would be greatly beneficial and hopefully I can meet some business partners for the future. And help would be greatly appreciated. Thanks in advance!

 Welcome to the site Hunter.

@Hunter Kelley About the easiest way to get into the market is buy your own home to start. The FHA 3.5% down, 620 min credit score program is about the cheapest money you'll get for a fixed 30 year loan. Plus you rent already, so beyond the investment side, there's the peace of mind side of it.

Then consider owner occupying another home in a year or two, keep the original and turn into a rental.  Then repeat. Great way to get started and I've seen many people do it successfully.

Welcome to BP!

-Tom

@Tom S. Yeah that does sound like a mostly surefire way to start. What sources do you use I’ve been looking at propstream to see good investment properties because the filters on there. Do y’all know anymore systems like that beside like Zillow, trulia, and all that.


@Hunter Kelley Welcome to the site! There are lots of helpful RE investors here in the area. I love your enthusiasm!! Look up the Tennessee Valley REI (TVREI) on Meetup. We meet the 4th Monday at Newks on University. Just let us know that you are brand new and start asking questions. I'm usually there, so introduce yourself to me and I will get you connected with some of the others.

@Hunter Kelley For resources for finding places, I did my first two deals off the MLS, with a RE agent that was recommended from others from networking. Learned a lot on how to write offers, inspections, financing, and closing.

After that I went with Craigslist, FSBO, or just driving around and seeing signs in front of houses (not listed on-line anywhere). I could then make offers and then the attorney / title company would assist from there in closing it.

Hope that helps!

- Tom

@Hunter Kelley   Yes, I couldn't find it online either.  The group is run by people who, like myself, have more "life experience" than other groups.  They are not as tech savvy, but I can tell you that when it comes to real estate, there is a ton of knowledge in the room, and they are excited to share what they know with new investors.  The group meets at Newks on University.  Meeting starts at 7:00, but many of us get there around 6 for dinner.  Introduce yourself to me and I will connect you with the other members there.  You can PM me if you have specific questions or want to meet before then.

@Hunter Kelley , sorry to hear about the reviews you read about the local REIA here. I haven't been personally, however I was planning to attend next week, 3 Oct, as they will be discussing BRRRR strategy.

Nonetheless, welcome to the site. You made a right choice by coming here meeting a great number of amazing like-minded successful individuals.

There are plenty of investors in the Madison County that are on Bigger Pockets, just continue to post with the key word Huntsville and it should be picked up instantly to respond to. I have been in this area for a little over a year. I relocated due to me being in the military. I hit the ground running and bought a couple of deals. I also partnered on one as well. The biggest thing I realize is Take Action (in anything), get yourself involved and people will notice your genuine passion for real estate and will be drawn to you!

Happy Investing!

@Samuel Garrett oh yeah I’m just trying to soak up as much info as I can my plan is to invest sometime early next year on my first investment so until then I’m in the books and going to meetings I’m gonna be going to newks when they meet next and get myself involved. But appreciate the motivation nonetheless!