I am new to BP and am excited to join this community. I am interested in REI and primarily trying to understand different strategies related to buying my first investment home. I am interested in cash flow investment. I am based out of CA and would like to invest in state preferably.
Hey Soumya! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Follow your favorite forum topics and set up keyword alerts! Adding keywords related to your investment strategy or market locations can be updated in your settings. You’ll receive notifications when there is conversation in the forums you follow or if a user mentions those keywords—so keep them updated often!
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review Dave Meyer’s The State of Real Estate Investing Report 2024 (in your resource page as a member of BiggerPockets!) for real estate investors available to all BiggerPockets members!
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
@Sammy Roy, everything you just described ultimately leads to house hacking. First, read, "The House Hacking Strategy" by Craig Curelop to understand the overall concept of the investment strategy. Next, attend a local REI meet-up and find the top-producing real estate agent who is familiar with house hacking and has successfully house hacked before. Next, obtain pre-approval from a preferred lender and start analyzing deals. Next, submit offers and close on your first deal. That's the surface level of it all. No need to spend money on a guru course at all.
To further note, realize that implementing the house hack method will not generate significant cash flow (most likely negative cash flow). That being said, if you are currently renting, this is absolutely the investment strategy you should pursue.