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Getting started is INTIMIDATING!!
Hello, I am a new investor in Oklahoma looking to make investing a full time job. Commercial Real Estate is my ultimate goal, but I am willing to take whatever steps are necessary to get into the investing door. I'm looking for mentors, meet ups, and investors in the area that I can just add value too. I've been doing a lot of YouTube watching and book reading, and I think it's time for me to just jump into the water. If you have any tips for a new investor who is extremely motivated I'll take any and all advice.
- Real Estate Broker
- Cody, WY
- 40,008
- Votes |
- 27,176
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Go to BUILD YOUR TEAM at the top of your screen, and you can search for other MEMBERS or LOCAL MEETUPS. You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!
5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.
7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.
This is awesome thank you so very much. Can I save this response to be able to go back and read it when I need it?
Hey there!
Welcome to the Oklahoma real estate market—you're in a great place to start your journey! It's awesome that you're already diving into education with books and YouTube, but you're absolutely right: at some point, you just have to jump in.
Here are a few tips to help you get started:
1. Focus on Networking: Attend local meetups, REI groups, and seminars. Oklahoma has a solid real estate community, so make those connections. Mentors can really accelerate your learning, and don't be afraid to ask questions or offer value in return for guidance. Sometimes that means helping out with deals, or even just handling grunt work in exchange for mentorship.
2. Start Small and Build Confidence: While commercial real estate is your ultimate goal, starting with smaller residential properties like single-family or duplexes can give you hands-on experience and help build up your cash flow. You might want to explore multifamily units or even Section 8 housing (guaranteed income) to get some reliable cash flow early on.
3. Build a Strong Team: You’ll need a solid team of professionals: real estate agents, contractors, property managers, and lenders. Having people you trust around you is crucial as you grow.
4. Know Your Market: Focus on learning the Oklahoma market inside and out. Identify the best areas for different property types and know the local rent prices, property values, and vacancy rates. It'll help you spot good deals faster.
5. Analyze the Numbers: It's easy to get emotionally attached to a property, but stick to the numbers. Make sure every deal makes sense from a cash flow and return on investment (ROI) perspective.
Feel free to reach out if you have specific questions or just want to talk through your strategy—always happy to help a fellow investor get started!
Good luck, and I look forward to hearing about your success!
@Gooden
Welcome to Bigger Pockets ! You have come to the right place to begin your investing journey.
Have you looked into attending local meetings and joining Facebook groups?
Having a solid team around you like agent, lender etc.—will be key to success!!
See if you can get a copy of The Millionnaire Real Estate Investor by Keller.
The Slight Edge and Atomic Habits too.
Awesome board with many smart people having own suggestions and ideas to grow wealth!!
I wish you all the best!