Real Estate Investing: Young and Inexperienced
San Antonio, TX · Member since 2012 · 22 posts · 17 votes
Hello all,
I'm new to the site. I came across this forum when I was researching a real estate investment mentor program called Lifestyles Unlimited out of Texas. I was very interested in the program until I read the thread on this site. I still plan on going to the free workshop but I also thought it would be a good start to throw a question out on this forum.
From a young and inexperienced investor to all you experienced investors, what is a great source for information? I know that seems like a very general question but I'm sure a lot of you have certain resources to share that helped you tremendously when you started. I'm seeking to learn the basics at this point and eventually grow into more advanced material. If you know any real estate investing clubs or groups in Texas that welcome beginners and are willing to assist and educate as mentors, please point me in their direction.
This site right here, alone is full of some very valuable information!!! As far as REI clubs, you can google them in your area and come up with some that way. Also, check into "Meetups" I know they are all accross the U.S. Also, talk, spread the word, let others know what it is you are wanting to do. You will be amazed at the stuff you learn by asking a couple questions, then just listening. I just found a mentor by making cold calls. An 80 year old guy who owns 2 mobile home parks. Believe me, it works, and they are out there, you just have to be creative. Best of luck, and let me know if I can help in any way!!
Thanks Sabrina! Those are great tips. Question: Do you think it would be more beneficial if I found a mentor that lived in the same city? The reason I ask is because I have a cousin that lives 4 hours from me who has been coaching me on some of the basics of REI. But I wonder if I should find a mentor in my city.
Of course it would be an ideal cenerio to have one in your own city, but I guess you have to go with what you can get. I live in California, and my mentor lives in Indiana.... That is awesome that you have someone in your family that does it though!
Welcome to BP Ciera Calhoun ! I love seeing new Texas members on the site.
As far as organizations like Lifestyles, I think there is definitely somethings you can learn from becoming a member. Whether or not you are willing to pay the membership dues is up to you. Definitely feel it out at the free workshop and make a personal judgement call.
With a quick google search you can probably find a handful of investor meetups in your area. Definitely start growing your network, you would be surprised at what you can learn just by talking to different people. The forums here on BP are also a great resource. I have spent countless hours just browsing the forums and I learned a lot!
How do you plan on starting out? Flips? Rentals? Wholesaling?
Regardless of what path you choose, Good luck!
Sabrina Laplante I agree. I'll eventually make an effort to find a mentor here. It'll also help to be mentored by someone who got where I want to be in a similar amount of time. My cousin acquired 5 rental properties in 10 years. I plan on doing much more in a 10 year span. But he definitely has great starter advice.
Gordon T. Thanks! I plan on doing the majority, if not all, of my real estate investing in rental properties. I don't really have an interest in flipping or wholesaling. Which are you into?
Welcome to BP. There are a lot of great resources out there that you will have access to without spending a bunch of money (that you could be using to buy properties). I would encourage you to be very careful about attending free workshops, because you may end up making a decision that you will end up regretting (I have seen this quite a few times).
BP has investors from every real estate area and from most parts of the country (and world). By reading the forums and blogs you can learn a lot of information to help you get started in your real estate investing career. Some other great resources include:
- your local library - there are countless books out there on real estate (use the forum search to find highly recommended books) that you can rent from your local library.
- REIA - investment clubs/associations can be great for new investors, but not all are created equally. Be careful for clubs that were created with the ultimate goal of pitching products. Try to find one that holds regular meetings and has active members. Find some people who are successful and willing to help and latch onto them.
Good luck as you get started!
Ciera Calhoun All of what Sabrina Laplante, Gordon T. , and James Vermillion has suggested is awesome advice. I would suggest listening to what they have to say. I would add, since you know, what path you want to take in investing, research and learn alll you can about the 50% and 2% rule for rentals. Get with a good real estate agent in your area that is investor friendly and knowwhat type of exit strategy to have if something should go wrong. Since you want to go into rentals, I would suggest calling some of the for rent signs in the area you are looking to invest and talk to the landlords. One of them may be willing to mentor you and at the same time you would be learning your market. Good luck and welcome to BP!
I just started out with a real estate investment group in Texas. Aside from all my research done at work and just experience what goes on in the industry I have learned a lot. I also take time to go to Meetups.com and go to whatever seminars they have in the area. They are also resourceful and have great input on how to get started and how to find deals in the area. Classes are also offered on how to find the right deals and how to put in cash offers. I found networking is the best way to get your name out there and ask any advice experienced investors might have! Good luck and I hope you have success!
Thanks everyone for all your suggestions!
Michael Pilarski Thanks! Calling #s on for rent signs is a great idea! I've been asking some of the Vice Presidents at my job if they or anyone they know are heavily involved in real estate that may be willing to mentor a newbie. I'll see where that gets me but calling for rent signs is definitely worth a try.
Ross Schneider I'll definitely check out meetup.com. I'm already a member on that site so I'll do a quick search and see what I can find. Thanks!
James Vermillion Have you ever paid for a seminar? I know there are some people out there who just want your money and don't have the training material needed to match the worth of the bill but one of my mentors is very big on seminars and workshops and she speaks highly of them. If you have ever paid, are there any that you would recommend?
James Vermillion Have you ever paid for a seminar? I know there are some people out there who just want your money and don't have the training material needed to match the worth of the bill but one of my mentors is very big on seminars and workshops and she speaks highly of them. If you have ever paid, are there any that you would recommend?
I have not ever paid for a seminar, but I did pay to go to the Bigger Pockets Summit, because to me it is very different. The speakers were not allowed to up-sell and the summit featured various topics, not a focus on one certain strategy. Additionally, I was able to meet a lot of people I had come to respect from their comments on Bigger Pockets...I do not regret spending that money at all and will be attending again next year if my schedule allows.
On the flip side, I have talked to a lot of people who have paid to attend various seminars and they tend to wish they would not have. It is not that they never learned anything, it is that they have come to realize they could have learned the same thing in other (cheaper) ways.
James Vermillion Have you ever paid for a seminar? I know there are some people out there who just want your money and don't have the training material needed to match the worth of the bill but one of my mentors is very big on seminars and workshops and she speaks highly of them. If you have ever paid, are there any that you would recommend?
I have not ever paid for a seminar, but I did pay to go to the Bigger Pockets Summit, because to me it is very different. The speakers were not allowed to up-sell and the summit featured various topics, not a focus on one certain strategy. Additionally, I was able to meet a lot of people I had come to respect from their comments on Bigger Pockets...I do not regret spending that money at all and will be attending again next year if my schedule allows.
On the flip side, I have talked to a lot of people who have paid to attend various seminars and they tend to wish they would not have. It is not that they never learned anything, it is that they have come to realize they could have learned the same thing in other (cheaper) ways.
James Vermillion Yes I understand. That's definitely the downside to those seminars...you never know what to expect. There's no true way of knowing if it will benefit you or not or whether it will be worth the money. Most likely I'll stick to reading. Those seminars are always so expensive. That's money I could be investing with.
Ciera Calhoun, I would look up your local REIA such as http://www.sareia.com/
I went to my first REIA meeting in my area last week and it was fantastic. Its a great way to meet local investors and also get lots of great information for next to no cost.
Mark W. Quick question. I went to the website of my local REIA and it said they're currently not accepting members. Do REIAs typically have meetings/seminars where non-members are invited? Or maybe some type of welcoming event for those who may be interested in joining?
Yeah they typically have local meetings and seminars. At my local REIA the monthly meeting are $15 for non members, free for members. And they have free weekly lunch meetings. They have a new topic every week over lunch. The membership is $100 a year. About every larger town has one.
Here is another one. http://www.facebook.com/alamoreia
Here is the national site, you can search for another local REIA.
http://mynationalreia.com/clubportal/795files/directory.cfm?clubID=795&pubmenuoptID=11912