Where to begin/How to start

Where to begin/How to start

Member since 2019 · 1 post · 0 votes

Hello, 

I am a middle-aged woman who has always been very interested in real estate investing. I have been to numerous workshops that solicit business by promising to give vast knowledge of how to be successful in the world of real estate. There is usually some valuable information given, there is also a large price asked before the surface has really been scratched. I finally came across a community that I was very impressed with and was finally willing to pay for some of the videos offered that would give me a great deal of knowledge about the topic. I purchased the lower video package of $2000 & didn't see paying for the full $20,000 set. This company struck me as an MLM and although it may work for some, not me. I am not a great salesperson and did not see harrassing people to part with this amount of their hard earned money. Also, this place had way to many conference calls/webinars/meetings to go to about recruiting. This is time I could spend easily learning more about RE. I have been working towards becoming an investor for awhile and did most of these videos instructed.  I have prepared to start by fixing my credit, started an Llc., even began to look for funding. However, I seemed to have stalled due to the amount of information taken in and probably fear as well. I have a huge amount of credit going unused as well. Even with all of these things being the case, I am unsure of my next step.  I would really appreciate advice on how to next proceed. I am not really interested in wholesaling, and would prefer to start with fix and flipping. Should I use some of my personal credit to start? Do I first began looking for properties or hire my rehab crew? Do I secure funding first, how do I next proceed? Are there any types of funding I should stay away from? I believe that I have set myself up for a good start. Being completely new to this world, I don't want to make any costly mistakes or skip and needed steps. Can anyone give me seasoned advice on how to next proceed? I would amensely appreciate it

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  • Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
    6y

    @Ebonie Mayo Sounds like you're getting a bit overwhelmed with all of the information pertaining to RE investing. There are so many paths to choose within real estate that it can be hard to decide which one to start with! 

    I'm not expert on fix/flips but I can speak on house-hacking as that's how I got started and it has been an excellent experience so far. 

    I house-hack my 4 bed single-family house and I not only have my mortgage covered, but also my utilities, gas, and food bill each month by my tenants. There's no reason why you can't do something similar. If you don't want roommates in the same unit as you then you can buy a 2/3/4 unit and house-hack that way. Regardless, it's an excellent way to get started!

    -Dan

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