New to Investing and excited to learn more
Hello Everyone! I just wanted to say hi and I am excited i started my journey into real estate investing. "Started" meaning I've read one book, Financial IQ by Robert Kiyosaki, but I am very excited. I am actually in the northwest suburbs area of Chicago. Anyway Hello Everyone! I see that there are meet ups with CAREIA so if anyone in here goes to these i might see you soon!
Please don't look to Kiyosaki or any of the RE/ finance "gurus" for advice. Join a local
REIA (real estate investors association) in your area as you stated - that's a great start. And again, toss out the guidance from fake internet gurus who are trying to sell you a course that reveals "the secret" to become a millionaire.
Hey Adam!
I would definitely second Greg and look into REIA, however I wouldn't go ahead and toss any guidance from people who sell courses, however you MIGHT not need the courses to have success in real estate. However, I have used a lot of info from their books (that are much more reasonably priced) to have success. I work as an agent in the Chicago suburbs mostly with investors and when I get a first time investor client I try to guide them through the process by first starting out by asking a couple of questions that you might consider:
What are you looking for? Cash flow? A more immediate equity play with a flip or BRRRR?
What do you have in hand? How does your capital position and access to capital look?
What connections do you have? Do you know anyone in real estate or people who know people?
Think about these and feel free to reach out if you have any other questions!
Quote from @Adam Monday:
Hello Everyone! I just wanted to say hi and I am excited i started my journey into real estate investing. "Started" meaning I've read one book, Financial IQ by Robert Kiyosaki, but I am very excited. I am actually in the northwest suburbs area of Chicago. Anyway Hello Everyone! I see that there are meet ups with CAREIA so if anyone in here goes to these i might see you soon!
So I'm going to disagree with the advice you've gotten thus far not to look to Kiyosaki. One of the books my partner read at the beginning of his real estate career was Rich Dad Poor Dad by Kiyosaki. He later introduced it to me. One of the games that Kiyosaki invented is called cashflow. It seems like monopoly but it's not. It's an ingenious game for the following reasons: It focuses on financial principles and running your life like a business with a balance sheet and income statement. 2nd principle it focuses on is playing the game with like minded people, some experienced, some not as much. Essentially you're playing the game of real estate in a safe environment, learning a few things, making some friends (maybe some future partners). After which you may not be as nervous when it comes time to play the Real Estate game for real.
Hopefully I 'll see you at a future CAREIA meeting.
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Real Estate Agent Illinois (#475. 112189)
- 3126817487
- https://www.chicagodiscountproperties.com/
Thanks for the replys! I appreciate all the advice. Yes just doing a lot of research for now. Touching all my bases before I start really looking into a market yet. Thanks again. Hope to see ya in the field.
Quote from @Pablo Chusan:Not sure exactly sure what niche I want to get in.. Maybe flipping. I'm definitely going to read the BRRRR book among a few other. Trying to find my way but excited to start.
Hey Adam!
I would definitely second Greg and look into REIA, however I wouldn't go ahead and toss any guidance from people who sell courses, however you MIGHT not need the courses to have success in real estate. However, I have used a lot of info from their books (that are much more reasonably priced) to have success. I work as an agent in the Chicago suburbs mostly with investors and when I get a first time investor client I try to guide them through the process by first starting out by asking a couple of questions that you might consider:
What are you looking for? Cash flow? A more immediate equity play with a flip or BRRRR?
What do you have in hand? How does your capital position and access to capital look?
What connections do you have? Do you know anyone in real estate or people who know people?
Think about these and feel free to reach out if you have any other questions!
Quote from @Adam Monday:
Quote from @Pablo Chusan:Not sure exactly sure what niche I want to get in.. Maybe flipping. I'm definitely going to read the BRRRR book among a few other. Trying to find my way but excited to start.
Hey Adam!
I would definitely second Greg and look into REIA, however I wouldn't go ahead and toss any guidance from people who sell courses, however you MIGHT not need the courses to have success in real estate. However, I have used a lot of info from their books (that are much more reasonably priced) to have success. I work as an agent in the Chicago suburbs mostly with investors and when I get a first time investor client I try to guide them through the process by first starting out by asking a couple of questions that you might consider:
What are you looking for? Cash flow? A more immediate equity play with a flip or BRRRR?
What do you have in hand? How does your capital position and access to capital look?
What connections do you have? Do you know anyone in real estate or people who know people?
Think about these and feel free to reach out if you have any other questions!
That's perfect! Reading up definitely helps, I would definitely say you might want to start saving up, getting your team started (contractors, lenders, and an awesome agent) and hopefully you'll find an awesome deal! If I could give my two cents RIGHT now might not be the best time to get into flipping, if you got an awesome deal that gave you a great cash on cash return that you could use for a BRRRR that could be great though!
I actually just started reading the BRRRR book. I'm taking it slow and researching. What is your niche and how did you get there if you don't mind me asking?
Welcome! I'll second (sixth?) what everyone here has said, and say continue doing your research & building your team. The more prepared you are to start investing, the better your outcome. Your team will come in handy when knowing what to look for, and helping guide you during the process. Interview a couple agents/contractors/lenders/others and see who you trust, who's responsive, and who you can see yourself working with long-term. Feel free to ask questions along the way!