Very interested in REI, but I'm new to it
Bridgetown, St. Michael · Member since 2014 · 4 posts · 2 votes
@Darone just a word of advise as I never has any direction when I first started I was all over the place.
First let me saying to avoid seeing this as a get rich quick scheme I think everyone who came in this business first generation would agree that at one time or another we came into this after listening to late night infommercials that promise riches. Im not saying that become rich in this business is not possible my point is more that this business is better when it is treated as passion and a business instead of a get rich quick hobby.
Second, know exactly what avenue it is you want to invest in and focus on that specific nitch. There are many types of techinics and nitches in this business and you will drive your self crazy trying to learn them all at once. Learning multiple things at once will only raise more question in your mind and keep you in a constint education fase(spending unnecessary money on coarse training etc..)
third, once you know exactly what nitch interest you start with learning the lingo. What I use to do is keep a note book close by and every time I heard term I did not know I would write it down and research the meanings later. another thing that help me was, i had a friend who use to be a realtor and had her old real estate books from her licensing coarse laying around, she did not need them any more so I took them home and studied the hell out of those books. The law portion. contract examples, math examples.
forth, learn your local market, the good areas the ghetto areas, what type of home constructions are in your area. What are house selling for? are they Retail sales or wholesale prices, meaning are they full renovated homes or foreclosure/short sales.)
you should also studying and practicing repairs cost. another helpful trick I used for this was going in to foreclosed homes and writing down everything I seen wrong with the house. Then look at Lowes and Home depot flyers to see how much tiles cost per sq. ft. window cost, doors, cabinets, paint, sheetrock etc...(of coarse this did not include labor and is usually on the high end)
fifth, is the one that there is no substitute for and that is get out and talking to people, networking is the key to learning and getting business. Go to open houses, Real estate meeting, actions and where and every were that real estate is happening.
There is so much more i can say but this should help with some direction I hope.
Welcome to Bigger Pockets @Darone Brathwaite I am very jealous of your warm tropical weather you are having. Today, in Chicago, we got into the upper 40's and everyone was out in their shorts. ha. @Darone Brathwaite
Seriously though, REI is terrific, and I have been blessed to have a wonderful life because of it. It does take work, dedication. commitment, desire and some serious passion.
Stay with it, learn, educate and Happy Investing!
Welcome Darone. There are a lot of super helpful people and great advice on this site! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..
You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!
Hey @Darone Brathwaite Thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts."
See you around the site!
Welcome to BP @Darone Brathwaite ! I've been to your island a couple times. Thanks for taking the time to introduce yourself. I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it.And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Barbados" or "Caribbean" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area. Use the Find Members area to network with other members who are local to you or are in an area you're wanting to invest in. Podcasts come out weekly and are great way to learn on the move. I find there's always a gold nuggets of information in each one and I go back to listen to a number of them multiple times.
If you appreciate a post that a fellow member put up responding to you be sure to say "Thank You!" by casting a vote for it.If you think a response you read is good or answers another member's question well cast a vote for it.It's our own version of liking something on Facebook provided you're familiar with that. Simply click the box in the upper right corner of the post!
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And lastly I highly recommend becoming a Plus or Pro member of the site and take advantage of all that BP has to offer you. It like getting the keys to the kingdom. It will be one of the best investments you'll make when it comes your real estate investing.
Again welcome to Bigger Pockets!
@Darone just a word of advise as I never has any direction when I first started I was all over the place.
First let me saying to avoid seeing this as a get rich quick scheme I think everyone who came in this business first generation would agree that at one time or another we came into this after listening to late night infommercials that promise riches. Im not saying that become rich in this business is not possible my point is more that this business is better when it is treated as passion and a business instead of a get rich quick hobby.
Second, know exactly what avenue it is you want to invest in and focus on that specific nitch. There are many types of techinics and nitches in this business and you will drive your self crazy trying to learn them all at once. Learning multiple things at once will only raise more question in your mind and keep you in a constint education fase(spending unnecessary money on coarse training etc..)
third, once you know exactly what nitch interest you start with learning the lingo. What I use to do is keep a note book close by and every time I heard term I did not know I would write it down and research the meanings later. another thing that help me was, i had a friend who use to be a realtor and had her old real estate books from her licensing coarse laying around, she did not need them any more so I took them home and studied the hell out of those books. The law portion. contract examples, math examples.
forth, learn your local market, the good areas the ghetto areas, what type of home constructions are in your area. What are house selling for? are they Retail sales or wholesale prices, meaning are they full renovated homes or foreclosure/short sales.)
you should also studying and practicing repairs cost. another helpful trick I used for this was going in to foreclosed homes and writing down everything I seen wrong with the house. Then look at Lowes and Home depot flyers to see how much tiles cost per sq. ft. window cost, doors, cabinets, paint, sheetrock etc...(of coarse this did not include labor and is usually on the high end)
fifth, is the one that there is no substitute for and that is get out and talking to people, networking is the key to learning and getting business. Go to open houses, Real estate meeting, actions and where and every were that real estate is happening.
There is so much more i can say but this should help with some direction I hope.