New To Investing....Would Love Advice on Where to Start First

13 Replies

I'm a licensed Realtor in South Orlando and I'm looking to get into RE investing in the Central Florida area. Any and all advise you guys can provide is greatly appreciated. I've watched a few of Brandon's webinars and trainings and have several pagers of notes but any additional info you guys can provide would be awesome. Thanks in advance.

Start by figuring out your goals and what you want to get out of investing in real estate. Join local real estate investor networking groups and attend regularly. Learn about the various investing strategies, commit to one, and move forward!

@Red Johnston

Hey Red, I am a Realtor and investor from the Tampa, Florida area. I would look into doing STR's. Being in the Orlando area, you have a great market for them. I have an investor friend that makes 3k a month with theirs. Where else can you make 3k a month on one property? Worse that can happen is that you turn your STR into LTR if it doesn't work out. You really can't lose. The best way to get a property though is to use the BRRRR method. Find one that needs a little love and do the improvements and either long term rent and refi or get it set up for short term rental and refi. Either way you can cash out refi and do it all over again. Best of luck!

@Red Johnston

Best place to start would be to figure out your goals, where do you want to be? What do you want real estate to do for you?

- earn passive income?

- quite your W2?

- more free time for your family?

Once you figure out what it is your looking to gain out of it you need to look at the big picture and work your way back from there. Figure out what you need to do on a daily basis to be able to achieve what your end game is. Doesn’t have to be huge steps at a time. Me personally I set small achievable goals for each week. It helps me keep focused on what I am doing and not get discouraged when I am unable to hit a unrealistic goal for myself. Best of luck!

@Red Johnston Welcome! I'm a Realtor® locally here too and really get a lot out of BP. I would have advised to join CFRI, but Sandra beat me to it. She is a past president and her, along with many, many others have helped me gain great knowledge about investing. So glad to hear you joined!

Happy to have a conversation with you sometime if you would like to spitball some ideas you have or need direction on local resources. Good luck!

Originally posted by @Red Johnston :

@Bruce Woodruff Pardon my ignorance as I'm new to investing but what is STR's?

 Sorry - These are 'Short Term Rentals' or AirBnB type places. They are the big new rage because they can (if properly executed) give you a huge return on investment, sometime 3-5 times what a typical rental would get you....

There is a whole sub-forum here on them, check it out.... :-)

Originally posted by @Mya Toohey :

Where else can you make 3k a month on one property? Worse that can happen is that you turn your STR into LTR if it doesn't work out. You really can't lose. The best way to get a property though is to use the BRRRR method

Yep. It should be noted that you can BRRRR a STR. I don't hear that mentioned much. STRs are the real deal....