New to Real estate investing

[Luciano Espinosa]

Just found BP a couple weeks ago, and have listened to close to one hundred hours between BP OG, and the rookie show, I'm committed and ready to pull the trigger looking for my first deal!

[Todd Jones]

Quote from @Luciano Espinosa:

Just found BP a couple weeks ago, and have listened to close to one hundred hours between BP OG, and the rookie show, I'm committed and ready to pull the trigger looking for my first deal!

Great news!
Now the next step is preparation. Checking your debt to income ratio. Credit score. Looking at the MLS just to get a read on the cost of areas. Identify what strategy you want to do (I. Long term rental, short term, brrrr, etc).

Just know the area you are investing in. Finally, realize this is along term setup, not get rich quick.

Preparation meets opportunity.

[Jacob Valle]

Congrats and welcome to the BP community!  There are a lot of great resources on the podcasts, blogs, and forums.  But, I think the best resource to help you avoid analysis-paralysis and actually start investing is a good team around you.  Find a loan officer, real estate agent, contractor, property manager, and a couple of mentors.  Lean into them for guidance and advice.  Best of luck!

[Luciano Espinosa]

Thank you,  I have talked to several lenders. And a seller. And right now I'm just trying to learn the most I can about different strategies. But I plan on closing 1 property this year,  I want to start in my area because I know the different neighborhoods, but like I mentioned I just started learning a few weeks ago so I want to take a few months to learn and analyze deals, and figure out the strategy I'd like to pursue first and see how much money I can save for down payment, I know for sure I want multi family even if its not right away, about analysis paralysis I wont get that, I'm an entrepreneur to the core, and trigger happy, I've lost alot but learned even more, I have a high risk tolerance and I know for sure I'm closing at least 1 property this year, but I'm thinking more September-November so I have time to get a little more educated and better prepared financially plus I will be out of the country till mid August without income which is why I gave myself a reasonable timeline, 

[Zach Edelman]

Welcome to BP Luciano!

[Jacob LeBar]

Hey @Luciano Espinosa, welcome to bigger pockets. The first thing you need to do is develop a strategy and criteria based on how much you want to purchase, cost of rehab, what rehabs you're comfortable with, and what you expect on ARV in terms of a profit percentage. Let me know if I can help in anyway!

[Austin Steed]

@Luciano Espinosa welcome to BP! 

I started listening to BP in 2015 and its help me grow my portfolio a ton. I mostly invest in Columbus OH now. Sounds like it's time for you to start buying, I love BP but it seems for me the best way to learn had always been ojt (on the job training)

[Jonathan Aversano]

Hey Luciano, welcome to the forums! Ready to pull the trigger.. have you been pre-approved, or have other finacing lined up? Have you determined your property type (single family, multi, commercial) and rental type (LTR, MTR, STR, month to month, etc.)? Have you determined your target market and areas within it to invest? These are all very important to consider before buying a property. I think a great way to go about this is to consider your long-term goals, and adjust your short-term actions so that you can reach those goals!

[Dmitriy Fomichenko]

Welcome to BP @Luciano Espinosa ! It's a perfect place to start your real estate investing journey.

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...

Good luck on your journey!

[Sam McCormack]

Quote from @Luciano Espinosa:

Just found BP a couple weeks ago, and have listened to close to one hundred hours between BP OG, and the rookie show, I'm committed and ready to pull the trigger looking for my first deal!

 Hi Luciano! What type of deal are you looking for? What are you looking to get out of a deal? That will help you figure out what market to be in

[Jimmy Lieu]

Quote from @Luciano Espinosa:

Just found BP a couple weeks ago, and have listened to close to one hundred hours between BP OG, and the rookie show, I'm committed and ready to pull the trigger looking for my first deal!

Hi Luciano, wishing you best of luck on your first deal. For your first investment, I personally recommend that you look into Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. Just this month, I’ve gotten under contract for my clients for multiple 20%+ cash on cash rental properties so there’s definitely tons of opportunity here. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

[Irving Casas]

@Luciano Espinosa

One thing that helped my buy my first deal was to analyze 5-10 deals per day. BP has tons of resources on how to analyze deals. I used the BP rental property calculator.  I focused on small muti-family investing. Best of luck investing!

[Christopher Slowey]

Hey Luciano,

Welcome!  Preparation is key!  Next I would find a team that can help strategize for you with their proven models.  One thing we know is inventory is low so getting pre-approved and being prepared is vital.  I'm also new to BP but I would love to chat about the Cleveland Market sometime.  Best of luck!

[David Leggett]

Congrats and best of luck!  Sounds like you did your homework and due diligence and will do great!  

[Aj Parikh]

Hi Luciano, Welcome to BP!! Real Estate Rookie podcast is one of my favorite podcasts as well and it has been instrumental in helping me build my real estate portfolio. I would love to connect and see if I add some value to your goals. Feel free to reach out. 

[Ryan Smid]

Welcome!

I was just in this boat earlier this year. I wanted to get my feet "wet" like you, so I bought a townhome near a hospital with my primary conventional loan and currently live in it. I plan on furnishing it while I live here and renting it as a MTR next year. This is an easy way to get into investing quickly and fairly safe as its your primary home. Also, it'll make you look at the house as if it were an investment so you don't overspend on certain things you might not get value out of. For example, I'd love to redo the kitchen but in my specific area, my competition isn't doing that and MTR rents are still high. Hope this helps!

[Mark Mazzucco]

Quote from @Luciano Espinosa:

Just found BP a couple weeks ago, and have listened to close to one hundred hours between BP OG, and the rookie show, I'm committed and ready to pull the trigger looking for my first deal!

 Hi Luciano! Welcome to BP and for taking steps into pulling the trigger on your first deal! 

I am also a huge advocate of investments both STR and LTR properties and have over 5 myself! So if you ever have any questions about what makes more sense, location, etc. I am always happy to help. I am a mortgage loan officer so can definitely give you insight there (although I'm sure you're flooded with plenty of information by now). All of my properties are following the BP mentality and generate more than 10+% COC return and happy to help you in anyway I can to educate!

[Sloane Kraftsow]

Welcome to the BP community! This site is an incredible platform that has numerous resources so definitely take advantage of it all. I'd love to get you started with your first rental property.

Would love to connect.

[Luciano Espinosa]

Thank you everyone, for all the support, as I had mentioned I was going to be on vacation a few months, I got back in the country last month, quick update I did end up closing my first property, a new build in Cancun area, hot vacation spot, will be STR most of the year but plan on staying there for the summer every year, plenty of pros, but the one caveat is cash only, I would like to buy a multi next but struggling with the funding, I had a bankruptcy last year and can't get mortgage until September next year.

[Sloane Kraftsow]

Welcome to the BP community! This site is an incredible platform that has numerous resources so definitely take advantage of it all. I'd love to get you started with your first rental property.

Would love to connect.