I'm a total noon and I need help!

17 Replies

Ok, I'm a single father of 2 looking to refashion my future for my family. I've been listening to the bigger pockets podcast for a while now, but I'm clueless as to how to start real estate investing, particularly in raising funds. Any advice? Resources? 

Updated about 2 months ago

That's noob. Gawrsh!

Find a local meet up, either virtually, or in person. Listen a lot, learn a bit, and establish some relationships. Keep learning, listening, and reading. Taking action is it critical step. Stretch out of your comfort zone, and enjoy the ride!

Originally posted by @Bruce Woodruff :

It's all easy (relatively speaking) except the money - if you don't have enough of your own. Find a mentor who's done it...

 There's the rub. Find a mentor. So I just head out to the local real estate investor mentor store... I don't exactly know where to start. My sarcasm is intended for fun, not a dig, for the record... 

@Andrew Cummings great that you are considering investing. I am new as well and am under contract for my first rental right now.

First thing I would do is get books from the library and read a little. Obtain books from a few different strategies (flipping, BRRRR, STR, MultiFamily, etc) and see what peaks your interest the most. You can also listen to the podcasts about people that have gone through and done these strategies. Just go through and add them to a playlist and set it to autoplay.

Once you have figured out what strategy and goal you have in mind, take action. My first step was to go to a local meetup. This was the most inspiring and motivating thing for me because although I didn't actually catch all of the things people were talking about, I was able to feel the passion and excitement in the conversations. This is how you obtain a mentor. Just talk to people in the meetups and they will give you advice or info. Maintain the relationship and reach out after. Check in periodically and it will grow.

The meetup store to meet mentors is right here on BP! Setup a keyword search alert under the events and happenings section. I have done this and I don't have it really filtered so I just get email about the meetups from all over. This allows me to have a lot of opportunities to see who is hosting meetups and also to do virtual ones that peak my interest. I have found 3 local meetups that I didn't know about this way as well. I also have encountered very intelligent investors that I can reach out to on things they present in other groups.

Best of luck and feel free to reach out if you like!

@Andrew Cummings

I would figure which strategy of Real Estate you want to use.

Once you have the strategy, find a mentor (Local or Online) and or You Tube University. Learn from them and ask questions.

Also consider a strategy I've heard other people use to their advantage when just starting out.....(casually) mention to everyone you know that you are considering getting into RE (as others have said, you need to put some meat on that even for yourself, i.e., what's your plan..start out with one house, or a duplex for you/family and rent out other unit, or what?).  Don't be pushy.  Don't ask for investment (yet!).  If you are a solid guy and your friends trust you to not screw them, chances are at least reasonable that one of them comes to you and says "hey, I've got $10K  saved up, maybe we could go in on something together", or something like that.  Or, "I know a guy who invests in RE deals, maybe I could hook you up, or whatever".  Remember two things that I was told a long time ago that have proven true:  (1) there is more money floating around our society than you can ever imagine; and (2) the people with the money to invest have just as big a problem as the guys like you who don't have cash but are willing to work their butt's off to make a better life for their kids.  In other words, what you are trying to do is doable.  You can do it.  Maybe not as fast as you'd like.  Maybe takes some more savings and learning and talking to people, but it is doable.  And your kids will be be even more proud of you and thank you in later years.  And that might be the biggest reason of all to do it - to show them what is referred to in books such as Rich Dad Poor Dad as the right hand quadrants (i.e., earning income from other than your own physical work or being employed by others)!  :-)   

@Douglas T.

Thank you for the encouragenent and information. Funny, a couple decades ago when I decided to quit smoking I employed a similar tactic. I'd say to those that I knew that smoked, "You're a smoker?!?" Their response was, "I thought you smoked?" I told them no, that I'd quit. They'd ask when on that first day and I'd say yesterday. They'd roll their eyes, of course. I was trying to fill my head with a fact that I wanted to be true. Speaking like that about RE Investing might be a good idea. Thank you!

@Douglas T. @Andrew Cummings super helpful! As far as the funds, I’m new as well and have a little liquid but you can potentially apply for a loan just to see how much purchasing power you have. That should give you an idea of your budget. I also like peoples ideas about asking people talking about investing. Lots of people know investors, are investors, their family fillips props etc. I’m surprised how many people are familiar with this! It’s great! Best of luck!

@Andrew Cummings same boat as you brother! Aside from trying to network and attending local meet-ups, I’m considering joining the Bigger Pockets Bootcamp. It’s (I think) a workshop that works with you closely to help you get started, hopefully to help you get your first deal. Trying to get comfortable being uncomfortable.