A noob to RE investing
Hello, I recently caught the bug for real estate investing and am looking to get started. I live in the Ogden area of UT. My goals are to invest in single family and small multi family properties. I’ve been in this area a couple years and know most of the hoods fairly well.
I also am familiar with the Orlando, FL area as I lived there for 6 years as well.
I’m currently on a book binge to learn all I can as quickly as I can however I’d love to hear any unique advice on how to better be educated before I dive into making purchases.
Hi David, you came to the right place to learn more about real estate investing!
Welcome aboard and best of luck investing!
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Congrats on making the decision to start your investing journey! It's great you already know the area in where you want to invest, that can be the biggest challenge at times. Monitor days on market, value add opportunities, rental regulations in the area, and creative negotiations such as seller paying for a points buy down or other closing costs. Even as interest rates rise, there are still plenty of strategies to get the best deal and terms. Good Luck out there!
Quote from @Scott Loud:
Hello, I recently caught the bug for real estate investing and am looking to get started. I live in the Ogden area of UT. My goals are to invest in single family and small multi family properties. I’ve been in this area a couple years and know most of the hoods fairly well.
I also am familiar with the Orlando, FL area as I lived there for 6 years as well.
I’m currently on a book binge to learn all I can as quickly as I can however I’d love to hear any unique advice on how to better be educated before I dive into making purchases.
Connect with a local professional in the market that you want to invest in. Ask the questions you have and build a strong relationship.
Welcome to the Real Estate market! The best way I learned is OJT (On the job training). Obviously you'd want to limit your risk factor here so maybe start small and work your way up. I always tell people that a great way to enter the market is a house hack. Live in one side and rent the other. This way you'll learn some small repairs as every property has them and you'll see the PM side from the other side that you rent. This is how I started in Columbus OH and have been growing since!
@Scott Loud If you plan to invest in your current, local market..I would join your local REIA and start networking, find others that are doing the niche that you are most interested in and take some classes & attend meet ups. There are a lot of shiny objects, some sound easy, some are best when the market is trending in one direction or the other, some are too much of a niche to pursue full time.
It sounds like you want to buy and hold, so find agents, property managers, wholesalers that can help educate you on the areas that make sense, and evaluate properties, maybe start making offers and get over the fears you may have right away. You may also want to meet some lenders or hard money people or build a network of private money lenders that can help you scale.
Lots more advice will be coming, but hope this helps. Good luck. I'm in Orlando if you ever have questions about your old stomping grounds!
Start small. The price of deals are on the rise. Banks are asking borrowers to take a bigger piece than they used to.
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I agree with all the general information here. And I will add this. I read every book, and talked to anyone that would share advice. I spent ten years trying to get up the nerve to buy the first house. Everything I read and heard taught me 10% of what you learn by doing it.
For the most part, the only mistake you can make is waiting. Everything else is learning. Find a great agent in the area that works with investors and shares your goals. If you don't know anyone, I am happy to recommend someone in UT. Run the numbers. Buy something. Learn. Do it again. Eventually, it will seem so easy you have no idea why everyone doesn't do it.
Great insight from all above! I'm a huge proponent of really getting a good foundation of knowledge in order to make sure you can hit the ground running (hopefully in the right-ish direction). Nothing I can really add to the above from a knowledge and preparation standpoint.
One thing I would add; Just start. I see and work with a lot of people who do the reading, have the right conversations, and get 'analysis paralysis' in search of the perfect first deal. Be as informed as you possibly can be when you take on your first deal, acknowledge the risk, trust your preparation, and just make the first leap. The % of MLB rookies who hit a home run in their debut at bat is miniscule. Don't feel like you are 'settling' for a base hit.
Best of luck! Lean into this amazing community as you move through your journey!
Thanks for all the great feedback! The foundation building is definitely not something I’m going to skimp on. I do have a meeting set Friday to discuss the local market with a agent/investor so that should be good to help narrow my focus to certain areas.
I love the action @Scott Loud!
Break Into CRE - I like this channel. A lot of his videos are more from an Analysts standpoint, but does a great job of going into some of the more technical aspect of analyzing real estate. Also has some good videos on financial modeling for real estate.
Real Estate Finance and Investments - Brueggeman & Fisher - If you are looking for something physical that is a great resource for all things real estate investing, this is a great option. I use this as an 'encyclopedia' to refer back to as a resource. 100% a textbook and dry as all get out, but it has proved valuable time and time again.
As you hone in on your investment 'thesis' over time, don't hesitate to reach out if there is any way I can be a resource for you.
Quote from @Scott Loud:
Hello, I recently caught the bug for real estate investing and am looking to get started. I live in the Ogden area of UT. My goals are to invest in single family and small multi family properties. I’ve been in this area a couple years and know most of the hoods fairly well.
I also am familiar with the Orlando, FL area as I lived there for 6 years as well.
I’m currently on a book binge to learn all I can as quickly as I can however I’d love to hear any unique advice on how to better be educated before I dive into making purchases.
I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosak to anyone who is starting out. Some other good books that I have liked are Million Dollar RE agent by Gary Keller, Million dollar investor by Gary Keller, and The Abcs of Commercial Real Estate investing by Ken McElroy. Start listening to the BiggerPockets podcast starting at the very beginning. Start growing your network, look on Facebook/BiggerPockets for different events, find a mentor who is doing what you want to do, and get to know the local lenders/brokers.
Hi David,
Welcome to the Investing community! Getting started can be hard. I was listening to podcasts and reading books for about a year before I felt comfortable taking any action. I think the biggest thing that has helped me is getting around people who have already been in the game for quite some time. It's amazing what experience can teach! I actually work with a team of investors here in Utah and we would love to connect with you and work together. Give me a call or message me back here to connect! I look forward to talking with you.
Quote from @Scott Loud:
Hello, I recently caught the bug for real estate investing and am looking to get started. I live in the Ogden area of UT. My goals are to invest in single family and small multi family properties. I’ve been in this area a couple years and know most of the hoods fairly well.
I also am familiar with the Orlando, FL area as I lived there for 6 years as well.
I’m currently on a book binge to learn all I can as quickly as I can however I’d love to hear any unique advice on how to better be educated before I dive into making purchases.
I did not do any research before I purchased my first property. I house hacked a duplex. After I realized I was building wealth I started listening to BiggerPockets podcasts
Way to go, Scott! BiggerPockets Bootcamps may be a good option for you. They're 10-week online courses led by REI experts - think on demand videos, live Q&A sessions, accountability groups, etc. This fall there five bootcamps, and two of them sound like they may be up your alley - Rookie and Multifamily.
