Hello Bigger Pockets community! I am excited to start my journey in Real Estate. I am an Electrician by trade and have run my own business for about 10 years now.As an electrician I have great first hand knowledge about how houses are built and function but that is where my real estate knowledge ends. I look forward to expanding my vocabulary and to start getting my feet wet!
Welcome to BP Augustus,
Use your unfair advantages of how houses are built and function and how to run a business to jump into your next adventure!
Listen to the Podcasts here and ask questions. This community is here to help you and encourage you. It will be times of doubt and fear, but don't let those times discourage you. Perseverance is key. R.E is very forgiving and if you persevere, you will succeed!
Thanks so much Vania! I appreciate your kind words.
@Augustus Rainone Welcome to the community! You have a huge advantage with your electrician background which can help you with the properties that need that type of work.
Before you get started, know why you want to get into real estate investing? Are you interested in cash flow or appreciation? Do you need immediate cash flow or can it wait? What is your appetite for rehab? This is going to be your guide throughout your roller coaster journey and will keep you looking forward through the good and bad days. After you know your why, work backwards to establish short-term and long-term goals to help you accomplish your why.
Understand what to you constitutes a great deal. This is typically a personal decision and can include specific returns you want to see from a deal. This will also help you stay focused and to not give in to a make a bad deal work.
One of the most important skills of an investor is deal analysis. You will want to practice analyzing deals everyday, even if you don't plan to buy yet. This skill is invaluable and a perishable skill.
Continue educating yourself everyday as there is too much information to learn in a short amount of time. Know that mistakes will be made, but the great thing about real estate is that over time and if purchased right, many mistakes can be mitigated or overcome. Don't be afraid to make the leap. Analysis paralysis can and does stop many from moving forward. Some of the best learning comes from jumping in and figuring it out.
Thanks AJ for the great advice!