Looking at the Market very tempted
Hi everyone, my wife and I are very excited to get into the world of realestate. We own a home in the LA real estate market and have saved up for our first invesment. Problem is we are at a lost to what or how to make the next move and we are super excited to have found this amazing community! hope we can grow and help others grow.
It starts with understanding your why and getting educated. There are a ton of free resources where you can learn the ropes and most of the basics.
@Cesar Cruz
The first thing you would want to do is know your market. So you need to figure out where you will be investing. Will it be local or out of state? If the price doesn't make sense locally, take time to research markets and find one that fits for what you are looking for. I would recommend checking out Columbus OH. It has a lot of population growth and job opportunities, especially with the new Intel plant that is being built. The Columbus market offers a balance of cash flow and appreciation. Once you have found a market it's time to start building your team or as David Green calls it your core 4 - https://www.biggerpockets.com/.... Your Core 4 will be your boots on the ground.
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Real Estate Agent Ohio (#2021001448)
- (614) 412-4565
- https://www.reafcorealestate.com/
- [email protected]
Hi @Cesar Cruz,
Welcome to the BP community! You will find tons of like minded individuals looking to help each other on their path to financial independence and generational wealth. Would love to connect and find out more about your goals with real estate and the possible avenues you can take to get there. My favorites are short term rentals, house hacking, live-in flip and building an ADU. I've personally done all but short term rentals, and would highly recommend all of those techniques.
Robert Reynolds
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Real Estate Agent California (#02166235)
- The David Greene Team
- 310-720-1057
- [email protected]
Welcome to the BP!
This is a great forum with very knowledgeable members that will help to guide you in the right direction.
There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides
I really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts
Quote from @Cesar Cruz:
Hi everyone, my wife and I are very excited to get into the world of realestate. We own a home in the LA real estate market and have saved up for our first invesment. Problem is we are at a lost to what or how to make the next move and we are super excited to have found this amazing community! hope we can grow and help others grow.
Welcome to BP! There are plenty of investor friendly realtors and investors here that you can connect with. There should be local meetups available in your area as well. Read through the old forum posts here as there is plenty of value and wisdom in the old posts! |
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Real Estate Agent Ohio (#2021008169)
- 614-502-5316
- http://linktr.ee/joshjanus
- [email protected]
- Podcast Guest on Show #1
Take a couple years to seriously learn about real estate. By then you'll know which way inflation and interest rates are headed and whether you should buy or not.
Hey Cesar, awesome post and welcome to the community. I think your next move depends on where you want to go and your goals. Get crystal clear on that and then pick a path that fits that. For example, often times the goal is financial independence through passive income. Ideas that fit this would be turning your current home into a house hack by renting out extra space so that you can save more money. Or, since you said you already have money saved up, you can keep your current home as a rental and go buy another rental or house hack. Hopefully this helps, good luck Cesar!
Hey @Cesar Cruz,
Taking the first step in real estate investing is a big commitment. You have a number of points of view here, but it will come back to setting your goals; including why/why not now is the time to buy, do you want to move into this next home or invest? where?, how much money do you have to invest?, do you want to add value/buy distressed properties?, the list can go on. If you find yourself easily answering these questions, then you'll know whether it's time to move forward, or set the goal of what that timeline looks like.
Hope this helps?
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Real Estate Agent California (#02130216)
- The David Greene Team
- 323-362-6665
- [email protected]
Hey Cesar,
Congrats on taking the first step! Very exciting (and nerve racking!) to get into this space.
As a first step, I always tell clients to figure out what their goal is. Is your goal to own properties and manage them yourself? Or is your goal to build wealth with less hassle? This depends on the kind of person you are, are you the person to have your hands on every aspect of a deal or the kind to trust the experts to do their job well? If you are more active with it, then owning properties in the way everyone thinks is the way to go. If you are more hands off, then investing through a syndication may be the way to go.
Once you establish this, it is a matter of deciding WHAT you want to invest in. Single family, multifamily, traditional business? Passive investing has many avenues like self storage, nursing homes, commercial spaces like grocery stores etc.
After that, you need to have a region in mind. Are you looking for low bar to entry with great value to grow and produce cash? Midwest is king in my mind. If you are looking for a real gamble (these days) with the upside to win big then maybe the south/southeast.
It is all about what you are looking to get out of it and starting moving in that direction.
Good luck!
Quote from @Cesar Cruz:
Hi everyone, my wife and I are very excited to get into the world of realestate. We own a home in the LA real estate market and have saved up for our first invesment. Problem is we are at a lost to what or how to make the next move and we are super excited to have found this amazing community! hope we can grow and help others grow.
I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.
https://www.biggerpockets.com/...
I invest locally in Columbus, Ohio
Quote from @Cesar Cruz:
Hi everyone, my wife and I are very excited to get into the world of realestate. We own a home in the LA real estate market and have saved up for our first invesment. Problem is we are at a lost to what or how to make the next move and we are super excited to have found this amazing community! hope we can grow and help others grow.
Welcome to BP, Cesar! That is so exciting that you and your wife is planning of getting another investment property! I totally understand that it can be overwhelming and dont know where to exactly start. Have you thought about house hacking a property? It is a great way for newer investor to get to know about real estate more. There are so many ways you can invest in real estate, so you just have to figure out what kind of investment property, where to invest, and when you are willing to start the move.
If you are interested of investing out of state, Spokane Washington has been booming.
Good luck out there. Feel free to message me if you have any questions, Id be happy to answer them!
Start with the BP podcasts and some of the intro books. This will give you ideas for what direction you want to take your real estate investing goals.
