Extreme newbie looking to get started

3 Replies

First off, hellos everyone. I am an extreme newbie in this world. I have been very interested in rental property investment for some time and have been doing a lot of self learning from BP, Ramsey and just about anywhere I can learn something from. I’m terrified in taking the first step, the risk makes me so nervous.

We found a duplex we are interested in that is affordable not too far from us. I have been doing all the market analytics, running spread sheets, cash flow calculators, etc. My question to the community is what made you jump and take the leap to that first deal? What gave you that confidence and how did make it happen. Is there anything you could tell your newbie self what you know now with experience?

I am a firefighter paramedic by trade and finance and investment is all new to me. I want to succeed with calculated risk! Please teach me I am a sponge! Thanks!

@Allan Hernandez Great question. I work in the banking world and I’ve seen financials from people who invested in real estate long before I did. Seeing the wealth they built up made me decide to take the leap.

If I could give advice to my younger step it would be to think bigger. At one point my options including buying a 4-plex. I was afraid that I couldn’t do the work. I didn’t take that leap and I regret that. I’ve built my property ownership up over time, but I would be in a much stronger position now if I decided back then to buy the 4-plex and live in 1 of the units.

@Corey Hawkinson

Corey, thanks for the reply. We have a home and just want to purchase and rent out the properties. Rent hacking would’ve been great if I knew about it sooner! Could’ve been in a much better situation and would’ve purchased when the market was recovering and prices were incredible!

What evidence makes you say “100% lock in this deal!” I feel like I keep running numbers and coming up with like $125 of cash flow...to me that’s a scary low number. But others say that’s golden. What’s your criteria

@Allan Hernandez I’m probably not the best person to ask. I’m far more conservative than others on this site. In the past year I’ve taken a serious look into only 3 properties.

I’m very picky with what I’m looking to accomplish. That’s likely not the “best” mentality to have.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you