Philadelphia, PA · Member since 2018 · 57 posts · 22 votes
Hello everyone! I’m looking to venture into real-estate. I currently have no experience at all. I live in NJ and I want to dive right into multi family buildings. Any pointers on how to get started? Should I start small? Any information from anyone would help. Thanks so much guys!
Investor · Phoenix, AZ · Member since 2017 · 583 posts · 919 votes
7y
@Quinyana Mosley you don't have to start small. When I started looking into multifamily, I went right for the big stuff because it had the type of management structure I wanted (on-site personnel).
You're going to need to spend a few months learning first, though. Listen to every BP Podcast on Multifamily. Read the books they mention at the end. This will give you the foundation you need to start having conversations with people in the industry. Then I'd start going to seminars, conferences, and workshops on multifamily investing. There are plenty of them all over the country.
Rental Property Investor · Chattanooga, TN · Member since 2018 · 74 posts · 19 votes
7y
@Quinyana Mosley
I’m in the same boat as you, actually posted something very similar to you a few days ago.
One thing that I don’t think anyone specifically covered here yet was to network with someone who syndicates deals. I took a local syndicator to lunch a few weeks ago. Learned more that I had from any other single source (besides BP of course).
Developer · Durham, NC · Member since 2018 · 64 posts · 47 votes
7y
@Quinyana Mosley you are in the right place. First thing is get educated on what you are trying to do. Duplex, Tri, quads or small apartments. Go to local meetups and start networking especially with your local banks so you’ll want to figure out how you will fund the deals. How much skin in the game (your own cash) are you comfortable with. Analyze deals or find someone who is doing multifamily locally and build relationships.
Investor · Austin · Member since 2018 · 51 posts · 22 votes
7y
@Quinyana Mosley I'm in the same spot as you looking to buy my first multifamily. It comes down to i think living in it and house hacking is a must and making a decision when the numbers makes sense. The best way is to learn by doing take the action and the rest will come naturally
Rental Property Investor · Member since 2018 · 21 posts · 14 votes
7y
Quinyana, I feel your frustration because i still consider myself to be a newbie. Thankfully i attended a local seminar in my area that was teaching on wholesaling. Come find to find out, they also had a program for newbies which helped me find, fix and purchase my first income property w/ all of the analysis done for me. After I gained trust with them, it was as if I learned how to swim by diving water in the water and that's how the learning came faster. I did all of this within a matter of months. It's been a year and a half since and still a great experience. They also have seminars online so you don't have to be local here in California.
Philadelphia, PA · Member since 2018 · 57 posts · 22 votes
7y
@Larry Nobu Thank you! What info do you need? I stated I have no experience, this is my 1st shot into pursuing real estate, multi-family units in particular. I don’t understand the “you girl” comment either. These people are just giving me a little advice and some are in the same boat as I am.
Philadelphia, PA · Member since 2018 · 57 posts · 22 votes
7y
@Eric Ingram Hello! And Thank You! I was thinking of starting small. Educate myself, start with a Duplex and then go from there. I just feel so overwhelmed already and I haven’t been to a meet up yet lol
San Jose, CA · Member since 2018 · 11 posts · 5 votes
7y
@Quinyana Mosley
I am also in the same boat as you are. And I am on the path to getting educated (reading blogs, opinions from forums, listening to podcasts on BP and attending the next local RE club meeting).
BP does seem like an amazing place to learn and the willingness by which the vets and PROs share advices and opinions is remarkable.
My current plan is therefore to get the education and start small.
Philadelphia, PA · Member since 2018 · 57 posts · 22 votes
7y
@Liz M. Thank you Liz! I heard of wholesaling. I actually read on it a little a while back though. Thank you for that information. I found a few in my area that I’m interested in going to but I haven’t online.
Rental Property Investor · Chattanooga, TN · Member since 2018 · 74 posts · 19 votes
7y
@Quinyana Mosley
It was for me! For the cost of lunch and a couple drinks I got about two hours of time with a multi millionaire who walked me through his deals.
Still haven’t close one but it gave me some good ideas about a subject I didn’t know much about.
Rental Property Investor | Realtor · Jacksonville FL | Savannah Ga |Raleigh NC · Member since 2017 · 467 posts · 161 votes
7y
@Quinyana Mosley
Sometimes aligning with a person who thinks bigger than you can stimulate action and bigger opportunity... It does take putting yourself out there, some exposure, aligning with other people's time experience, money, ... It's scary stuff...
You have a winning personality and a great attitude towards learning. Sooner or later those of us that survive in real estate investing get around to understanding that we should apply intelligence to our craft and a big part of that is to educate ourselves first before we take the leap. Hopefully you are also patient because it is a matter of knowing to identify the right move and understand the reasons for it, then having the courage to pull the trigger.
It is not just a matter of making deals but of making the right deals, at the right time, for the right reasons.
It is important to realize you should pick up knowledge but its also important to understand you also need good management skills and to be disciplined. Learn to view real estate investing as a profession not just something that can earn you money and a wealth of assets to control.
You do not only need to have a vision but also to have a plan of how to get to where you want to end up.
It is great to get lucky but luck is nothing to depend on.
I have never met you but to me you are a winner.
I am very proud to see so many young people coming into real estate with winning attitudes and plenty of smarts. Take this from someone who has plenty of lumps and bruises. You do not want to do it like I did. I am just grateful that there has been plenty of room for even someone like me to succeed, but then again the times they are a changing.
Be the consummate professional and believe me you are going to win all the support you will want and need.
Investor · Pukalani, HI · Member since 2017 · 413 posts · 291 votes
7y
@Quinyana Mosley
I’d just like to add a little heads up regarding guru education; many beginners fall for the over promising hype that a lot of the seminars are known for.
Typically these gurus first bring you in by having a free seminar to teach you how to join their team of house flippers, then they say to start you have to take a $500 course, then at that course they tell you a $40,000 course is needed to learn what you really need to know, etc. (And they tell you to charge the 40k bc you’ll make it back on your first deal)
A lot of schools out there do this, usually with a high profile/well known famous investor as the face of the training program.
I’m not saying these are bad; I have heard graduates say that it helped them bc they needed someone to walk them through everything, but I think that 95% of people are capable of figuring it out with the help of BP, podcasts, books, REI meetups, etc. I think most people that pay for those classes are lolking. For the easy money, but nothing comes easy. REI is simple, but it takes a lot of work.
Just based on you posting here, you’re on the right track. Anyway I just had to make sure you’re aware of these programs so you don’t get sucked into huge debt for something you don’t need!
Aloha
Accountant · Grand Rapids, MI · Member since 2018 · 28 posts · 7 votes
7y
@Quinyana Mosley
I just picked up “Financial Freedom with Real Estate Investing” by @Michael Blank.
I haven’t quite finished it yet, but it lays out really well the steps you should take and will definitely help get you to where you’re going. I’m in your shoes; I’ve got a couple of duplexes, but I think that multi-family is the way to go.
Best of luck!
East Orange, NJ · Member since 2018 · 7 posts · 3 votes
7y
@Quinyana Mosley hey there, I am doing the same here I Jersey ! As plenty have advised, education is key.
On The more more applicable side, NJ offers a down payment assIstance grant that would gIve you up to 10K to assist you In buying your first property ( it can be a multi family). I am also partnering with a couple of friends of mine do potentially do a flip for some additional cash. We can definitely catch up one of these days and share ideas !
Hi all!
I would love to get into investing through wholesaling and flipping houses to generate enough money to be able to buy and hold. I’m completely new to bigger pockets and would like to know if anyone has recommendations for websites listing seminars, conferences, etc in my area!
Regarding wholesaling, are buyers hesitant when it comes to buying contracts from non licensed sellers?
Thanks!
Lewis
Investor · Charlotte, NC · Member since 2017 · 791 posts · 479 votes
7y
@Quinyana Mosley I agree with @Sam Grooms, you definitely don't have to start small, but get educated. Like he said spend time on here, go to conferences, seminars, and get a coach! Don't do it alone. Build a team!
Philadelphia, PA · Member since 2018 · 57 posts · 22 votes
7y
Thank you for your kind words @Gilbert Dominguez! I’m willing to learn, I’m very patient, I’m not trying to rush and I believe once I learn and finally be able to take that leap I’ll be good. I know I’ll have road blocks along the way, but trust me, I will fight to get over them! I have nothing but time, and I plan to use that time to get to the level I envision me being at. Thank you again sir!
Philadelphia, PA · Member since 2018 · 57 posts · 22 votes
7y
@Greg Gaudet Aloha!!! Lol thank you! Yes I know that so well! A few people I know have been to those type of seminars and they paid the money but went nowhere! I dont want to be like them. Thank you for that!