Just joined the military, I paid off all my debt before joining and am looking forward to investing as much as I can. Just looking for tips/ideas/suggestions on how to get started with real estate investment and what I should do to get the best returns. Anything is appreciated!
Would definitely start out by just going through the BiggerPockets podcasts. I have learned a ton about real estate investing through listening to different people speak and their approach to investing in real estate. From there you can determine what your goals are and start to create a plan based on what you want.
Wholesaler · Dallas, TX · Member since 2017 · 306 posts · 133 votes
6y
Hello Zachary! There are many things to learn but I will try to mention the most important ones. One of the most important is your knowledge and including the area you choose. Try to focus on the "hot area" where most of the action is. Do not worry about the competition. Since most of your familiarity might be out of your state our country.
Talk to the local experienced ones that you can trust. That includes city building inspectors and future based associations that are aware of growth areas and employment, population growth, big employers. One thing to consider are turnkey companies with a positive experience and knowledge. Local driving routes are important too.
School districts with good reputations and neighbor improvements should be known as well as their improvements and rental experience as well as average rental rates in your area. Patience with decisions and follow up is critical. There's much to know but it is all pretty simple and are many in quantity and local demand are critical and important.
Confidence usually comes along as you learn. Thank you for your upcoming military experience. They are one of a few that teach about the importance of having a good team that you can depend on and how important they are on a positive outcome. Keep that mentality and how importance you are in your actions.
One reason I may know so much is from having a medical problem over 9 years ago and my concern about the full time I've had ever since since I cannot walk, drive, or work. I'm glad my wife chose to keep me alive even though I have not been able to walk.
I have spent most of that time learning about this including the reading of about 150 books in the last 7 years. I could tell you more about that time but I'll spare you right now. One of a biggerpockets guy, named David Greene, wrote a book about working out of town and how to be good at it.