How did you get started? Advice to newbies!
Investor · Germany · Member since 2021 · 23 posts · 33 votes
First post alert! Greetings Bigger Pocket Family!
For those seasoned investors (or newbies), how did you get started? Let's be honest, there is a wealth of information found all over the internet and in Podcast. However, when faced with this endless bucket of information, it is fairly difficult to not fall into "analysis paralysis". I have read several books, to include: Long-Distance Real Estate Investing, BRRRR, Estimating Rehab Costs, The Book on Advanced Tax Strategies (VOL 1 and 2), and quite a few leadership books. However, I am still finding myself asking the question "Where do I start?".
I was hoping that someone would be willing to share the beginning of their journey, for those out there, like me, who are stuck on the hamster wheel. For those who are starting with zero experience in real estate, outside of books and podcast. For those starting at "Level One".
I am so thrilled to be on this journey and I thank you in advance for any nuggets that you're willing to share.
- Shannon
This is just a tip, select a market you want to invest in, call it your nitch. Zipcodes could make it easier to remember especially if it's out of state.
Start window shopping in the price range you looking for, by setting alerts on the MLS. Go to realtor.com or zillow.com and save the properties in your favorite this way you get daily or weekly alerts for what properties are available and if your price range is realistic or what are their conditions.
Find ways to finance now. If you have money save, borrowing from your 401k, friends or family or even your credit cards, but just be realistic with yourself if you can handle it.
After your window shopping you will get a fair idea of the market prices in your location and at time on realtor.com you see in the neighborhood section what other house are selling around the location.
The rest of everything is all up to you taking the leap of faith, being determined to get it done during the process and being consistent. Seek advice when necessary. Always but title insurance and casualty insurance to protect yourself and your asset.
Best of Luck.
Prime yourself with the market
The best thing I can say is be realistic with your expectations. Learn as much as you can, but be wary of paralysis by analysis. Your first couple deals will not be great deals more than likely, but you will learn the most by doing deals
I started out with a large wholesale company and then flipped my first house after about 7 months. I didn't do as great on it as I thought I would but if I went back now it was a killer deal and I would have crushed it
I would also work on saving money. Don't fall into the "Do deals with no money" trap IMO
Last thing I would say is be mindful of the market. A lot of resources out there have not aged well with our current market. If you are looking to buy a flip at 70% ARV minus repairs for example you will likely never do a deal unless you luck into something amazing
I am a newbie as well! Just got my second deal under contract and I have to say the hardest part is just doing it! I am a realtor so know my area and can run numbers no problem but I would definitely start with a good agent in your area, someone who may be able to offer you off market deals as well as these tend to offer larger margins.
I also partnered up with someone one on my deals and we are splitting everything 50/50 which makes me feel a little better about the risk. Our first deal propelled us and we were able to use the cash instead of our own money to do this second one and we are working on growing our account to a certain number. Once we are there we will start holding. Key is to get around the right people, run numbers again and again so you can recognize a good deal and to trust yourself to take the leap. YOU GOT THIS!!
First post alert! Greetings Bigger Pocket Family!
For those seasoned investors (or newbies), how did you get started? Let's be honest, there is a wealth of information found all over the internet and in Podcast. However, when faced with this endless bucket of information, it is fairly difficult to not fall into "analysis paralysis". I have read several books, to include: Long-Distance Real Estate Investing, BRRRR, Estimating Rehab Costs, The Book on Advanced Tax Strategies (VOL 1 and 2), and quite a few leadership books. However, I am still finding myself asking the question "Where do I start?".
I was hoping that someone would be willing to share the beginning of their journey, for those out there, like me, who are stuck on the hamster wheel. For those who are starting with zero experience in real estate, outside of books and podcast. For those starting at "Level One".
I am so thrilled to be on this journey and I thank you in advance for any nuggets that you're willing to share.
- Shannon
I have found a wonderful channel on Youtube, dedicated to helping those without money or credit, do wholesaling. They are the best I've ever seen, not only because of their wealth of knowledge, but their story (father and son), and they are constantly talking about how to do Wholesaling, from start to finish. They don't charge for the info they give, and just want others to become financially successful - please see the following link, then browse their channel and videos, and tell me what you think: https://www.youtube.com/c/Flip...