I'm an inspiring real estate investor , I'm extremely ambitious and is ready to get started. My only problem is idk where to get started. I've read books and its all saying I should start off by wholesaling , PLEASE RESPOND !!!
Welcome! EDUCATION IS KEY! I'm starting with wholesaling to learn the business and to build cash reserves for the next phase, flipping. The advice I got was to focus on one area and get educated.
My standard advice is to start out working for someone, in particular a property management company. That way you can make some money and learn how to do things the right way (or the wrong way, and hopefully you're smart enough to figure out why it's wrong). In theory you could find a local investor and work out a mentoring arrangement with them, but having no experience that'd be a hard sell.
When you're ready to move on and do your own thing, I'm a big fan of house hacking 4-family properties. They're great income producers, you can live and manage on-site in one unit, and they'll (probably) get you experience dealing with other investors when you're acquiring it. If you're not interested in rentals, then flipping single families is probably your next step.
If you've got the money and are willing to absorb losses from inexperience both financially and emotionally, you could just jump to the second step, but you'll be better off learning and earning to start, especially since knowing more gives you more options.
What is your goal with RE investing?
You can start with wholesaling but realistically that is probably the toughest place to start because you have to be good at every aspect such as marketing, negotiating, rehab costs, networking etc.
Most books say to start there because you can try to do it with no money but the problem is that most wholesalers I know spend a $1000 per month on marketing.
So take a inventory of your assests both monitary and character wise to see what avenue of RE inesting would fit you best.
Thanks for being 'inspiring'! Under the 'Learn' tab at the top of the site are a lot of how-to's and guides. Also, listen to the podcasts! Great experiences and knowledge shared by real investors there.
The books you are reading must be about wholesaling or low money down. There are also books on LLing, flipping, other creative strategies, note buying, etc.
To aid you better, it would be good to know you're goals and capital available @Brandon Joyner . What is your current living situation? Debt levels? How's your credit?
It's like drinking from a fire hydrant for all of us when we first get started. That's normal. Take your time and learn about a niche that excites you. When you hear a strategy on the podcasts that peaks your interest, learn more about it!
Go get your Real Estate Salesperson License. It is an incredible way to learn the industry and your local market while networking with other folks in the industry. You will really get a good feel for working with homeowners, buyers and sellers and if you are able to sell a house, you'll bring is some good money to start squirreling away for your own investments!
If you are going to start by wholesaling, I would recommend talking with @Jerry Puckett
about some marketing campaigns!
Start with educating yourself. Send me a colleague request, include your email address, and I'll send you a free 3-video "Wholesale Accelerator" course on wholesaling (I give it to my colleagues here on BP). It's not a sales thing, pure education. Here's the first video if you want to check it out.
Next, you need a team in place. Until you are an agent, you need one on your team. Offer to give them leads (people that want full price) if they will give you CMAs ("comps") on properties you find. You MUST use recent sold comps to determine your ARV. You'll also want to find a title company that has worked with other wholesalers in your area, so you are not having to "train" a title company on an assignment (tho you shouldn't, I hear all the time about title companies that don't understand these transactions).
Last, you will need to create a marketing "engine" - website, phone number(s), email - the basic stuff, so you can go do marketing and have a process to collect and respond to the incoming leads.
Wholesaling is ALL ABOUT MARKETING. You are a deal FINDER. Become as smart as you can about (1) real estate, of course, and (2) marketing (paid advertising, online and off).
"Dreams are only foolish to those who lack them." ~ Peter Reese
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