Where to start- NEWBIE FROM MIAMI, FL!

Question

Hello all!

My name is Amy, 27 and I am in sunny Miami, FL. I am new to Real Estate investing and BP. I'm currently attending a FB 3-day summit (which has been awesome so far). One of the points that is stressed is to have a coach show you the ins and outs of the game..not to reinvent the wheel but duplicate a proven system. I am very eager to learn from the best and hope to potentially find a mentor that is willing to guide me through transactions. I initially wanted to buy a triplex in south or central Florida and rent out units using a FHA loan to start off but now I am more interested in wholesaling.. eventually learning all exit strategies of course.

Any thoughts on where to start is greatly appreciated!

Paul Timmins · Answer

@Amy Bien

Welcome. Remember the price offered only for today will still be available next week, next month etc. If there are "only 4 seats left" they will add another row. Immerse yourself below then figure out what you want and truly need.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Vacation rentals might be great given your hobbies. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good Luck

Paul

Brandon Turner · Answer

Hey @Amy Bien welcome to the site! Great to have you here! If you haven't checked out the The BiggerPockets Podcast yet, I highly recommend it!

Amy Bien · Answer

@Tony Cavalli & @Steve Smith thanks for the warm welcome!

Amy Bien · Answer

@Paul Timmins

Great input! I was actually considering targeting people who are 55 and up. I'll be sure to check out everything you have recommended!

Amy Bien · Answer

@Raymond B

Yes, I can already see that the system they are stressing during the summit is leading up to pitching their mastery program. I am taking notes of what I need to research more in depth from BP,  books, other REI etc.

Amy Bien · Answer

@Mehran Lamar

Thanks for you input that video helped tremendously!

Amy Bien · Answer

@Joe Fairless

Thanks. Great article!

Mark Ferguson · Answer

There are many factors to consider when putting rentals in a llc.

1.  Will your lender finance an llc owner?

2.  If the lender won't finance an llc and you transfer the property to an llc after closing the loan could be called due.

3.  If you ever want to refinance you could have problems with an llc.

4.  An llc will offer more protection if done correctly.

5.  A proper amount of insurance may be just as much protection, but others on here may know more than me.

Having said all that I have all my properties in a separate llc because I have a lender who doesn't care.  If I were starting out I think the low down payment of FHA owner occupied far outweighs the downfalls of having the property in your name.

Amy Bien · Answer

@Mark Ferguson

The FB coach advised not to put rental properties in lour own name but rather your business name. However I would still like to take advantage of being a first time home buyer.

Steve Smith · Answer

Welcome aboard @Amy Bien  welcome to the biggerpockets family