Opinions on where to or how to start investing

Member since 2020 · 4 posts · 0 votes

Hello All my name is Daniel Salmo and I am a licensed real estate agent in the state of Michigan and Florida my current main focus is residential sales but I am looking to get into wholesaling flipping and multi family but as I continue to do more research there’s so much information out there I don’t know where to start where does anyone recommend the best place to start is. Thank you

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Matthew McKee
Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes
4y
Always invest in yourself first. Not to plug the obvious but the bigger pockets podcast lineup are brilliant and free. I suggest never listening to music in your car again. A prime rule of investing is invest in what you know. Seems like you know residential so it's smart to start there. My partner and I are going down to Dayton next month because the STR ROI is pretty stellar. You're set up to get some slam dunk investment properties my friend! Remember, your first three deals don't have to be home runs, the knowledge and experience you gain will pay you dividends for the rest of your life.

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Caleb Brown
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
4y
How long have you been an agent? I'd say house hacking but being self employed it would make it difficult. If you could house hack I'd look into that. If not, I would either look into a DSCR loan or HM loan for a rehab property(after saving your commissions up). As an agent I would focus on working with investors. Start cold calling to find them deals, this will help you learn the ropes
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Chris Webb
Investor · Central Virginia · Member since 2020 · 394 posts · 253 votes
4y
House hack a multi family - use the 4,3,2,1 strategy and you will eventually have a great portfolio. Learn more from Mike Zuber and Dion Talk on YouTube -

https://youtu.be/esjtyO0-4Lc

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Ben Rezac
Real Estate Agent · Member since 2018 · 14 posts · 4 votes
4y
Welcome to BP!
I agree with Matthew... listen to as many of the podcasts as you can. And make sure your talk to your principal broker before you get into wholesaling. you can get in big trouble out here in Oregon if you have a real estate license and wholesale.
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Kelly Asmus
Real Estate Broker · Portland, OR · Member since 2018 · 126 posts · 71 votes
4y
As a real estate broker you have a fiduciary duty to the client, not yourself. So wholesaling is a big no no if you're an agent.
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Jordan Sand
Investor · Seattle, WA · Member since 2016 · 87 posts · 30 votes
4y
@Daniel Salmo - recommend get a mentor and follow them around - see what they're doing in your market and offer free help to learn from them, best way to learn!
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
4y
@Daniel Salmo
If I had to start all over again, I'd look to acquire a 2-4 unit property with an FHA low-down payment mortgage.

Getting it under market value would be a bonus.

So, would using an FHA 203k renovation loan, which would allow me to buy something unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

Hopefully, I would increase the value of the property in 1-2 years and be able to refi out of the FHA mortgage. I'd also learn a lot about maintenance and managing tenants.

Then, with my hands-on experience, I could decide if I wanted to repeat the process or target 5+ units - which my experience would help with lenders.

Good luck with whatever you decide to do!
[email protected]248-209-6824
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