Long term rentals

[Zachary Dylan Nelson]

Hi guys, I'm new here and to real estate I'm originally from Asheville, NC but the Army moved me to Clarksville, TN I'm looking forward to getting my first rental property and keep learning and expanding my portfolio so I can set myself up in a better position for the future so I can spend more time with family and friends and not be forced to have a W2 job for 50+ hours a week. I'm open to everyone's advice and opinions on real estate investing since I do not have that much knowledge yet. I have cut out all music and have been listening to the podcast and audiobooks for the past week while I drive for work trying to gain as much information as I can.       

[Nathan Gesner]

Quote from @Zachary Dylan Nelson:

Welcome to BiggerPockets!

We’re thrilled you've joined us. BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor. Here are a few suggestions on how you can maximize the wealth of information available:

1. Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass). There's a very good chance the issue(s) you face have already been discussed and answered.
2. Ask questions in the appropriate forum. If you need financial help, ask under the "Finance, Tax, and Legal" forum. Asking in the correct forum will get a better response.
3. Need a spreadsheet or form? Check out FilePlace, where user-created forms are available for free. A link to FilePlace is at the bottom of every page, so it is easy to find.
4. If you have technical issues, send an email to [email protected] and someone will help you.
5. Have a problem in the forums? We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.). If you see someone violating the rules, create a post with "@moderators" and we will receive a notification and respond.

Here's some generic beginner advice:

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together!

5. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still not know enough because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a forgiving world; the average person can still make money even with some big mistakes.

[John Williams]

Quote from @Zachary Dylan Nelson:

Hi guys, I'm new here and to real estate I'm originally from Asheville, NC but the Army moved me to Clarksville, TN I'm looking forward to getting my first rental property and keep learning and expanding my portfolio so I can set myself up in a better position for the future so I can spend more time with family and friends and not be forced to have a W2 job for 50+ hours a week. I'm open to everyone's advice and opinions on real estate investing since I do not have that much knowledge yet. I have cut out all music and have been listening to the podcast and audiobooks for the past week while I drive for work trying to gain as much information as I can.   

 Hey Zachary, I am an Army veteran and fellow investor. I own an investor-friendly real estate brokerage and property management company here in Clarksville. Let me know if I can help!

[Karen Wanamarta]

@Zachary Dylan Nelson Do you currently own your primary residence? Best place to start is with yourself! Clarksville has a lot of creative financing deals so you don't necessarily need to put 20% down for an investment property. Feel free to reach out if any questions.