Newby to real estate investing

Ann Arbor, Michigan
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Newby to real estate investing

Elaine McQueen
Member since 2023 · 5 posts · 3 votes

Hello all! I'm a nurse who wants to eventually leave the bedside and delve into real estate investing. I think I'm still in the learning stages. I'm interested in LTR SFR and MFR. I wake up every morning and watch podcasts. I'm currently listening to Brandon Turner's "Rental Property Investing", and I find myself scrolling through the mls. Im so excited about starting this new chapter of my life. My question is, when do you know when it's time to start applying everything that I've learned so far? I wish there was a readiness test...

Elaine

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Terrance HillPro Member
Realtor · Memphis, TN · Member since 2010 · 425 posts · 117 votes
1y

Hey Elaine — love the energy in your post, and welcome to the world of real estate investing! You're doing exactly what most successful investors do at the beginning: learning daily, narrowing your focus, and getting excited about the possibilities.

I’ve been in the game over a decade now, and let me tell you — there’s no official “readiness test,” but there *are* signs you’re getting close:

 You understand how to analyze a deal

 You know your financing options (or have started talking to lenders)

 You’ve narrowed down your market

You're clear on your strategy (LTR SFR/MFR is a great starting combo!)

You’ve run the numbers on properties and know what a “good deal” looks like

If you can check most of those boxes, it might be time to move from *learning* to *doing* — even if that first action is making offers, talking to agents, or walking properties.

Real estate is one of those things where you’ll learn *so much more* once you’re in motion. And with your mindset, you’ll adapt quickly.

Also — as a nurse, you've got the discipline, problem-solving, and work ethic to crush this. That bedside hustle will serve you well in REI!

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  • Berenger Greer
    Property Manager · Atlanta, GA · Member since 2020 · 74 posts · 38 votes
    1y

    Elaine, 

    First off, congratulations on making the first step to real estate investment- Research and connecting with other investors!

    It is okay to be in the learning stages, and you do not need to do it on your own. 

    If I were in your position I will reach out to a local investor friendly agent (bigger pockets can do that for you) and see what their thoughts are on the current market. 

    You should really try to find an agent that invests themselves/manages properties. They will have the best connections to vendors, lenders, and a good grasp on the current rental market. Property managers are some of the best investor agents as they have more skin in the game, hoping that you continue to use their management services after the deal is closed. 

    Next step is to get a preapproval from the agents recommended lenders  and make sure you're financially ready to take this step.

    It is time to take yourself off being fully dependent on the podcast, and find an agent with experience in your area to learn about the best strategies to use specific to where you are. 

    Thanks, 

    Berenger


    0Reply
  • Drago Stanimirovic
    New to Real Estate · Miami, FL · Member since 2024 · 1k+ posts · 446 votes
    1y

    Elaine, if you’re running numbers and know what a good deal looks like, you’re closer than you think. Keep analyzing real properties, once one fits your goals and you're financially ready, it’s time to act.

    0Reply
  • Micah White
    Real Estate Coach · Chicago, IL · Member since 2020 · 171 posts · 64 votes
    1y

    Elaine! You're off to a great start! Educating yourself is key. I know that first investment is always the scariest but I'd be happy to help you down the right path to success (and hopefully help you avoid the same rookie mistakes I made 😅)!

    0Reply
  • Audrey Schultz
    Member since 2025 · 20 posts · 3 votes
    1y

    Hi Elaine! I'm a blogger, investor, and agent specializing in STR, located in Howell, MI. I'm on an international real estate team and would love to explore markets for your next investment. I'm also an STR business coach and will continue to help you set up your business for success long after the transaction is closed.

    My contact info is on my website below. Please reach out for a free consultation!

    Audrey Schultz

    ListWithAudrey.com

    eXp Realty | Legacy Group International

    0Reply
  • Terrance HillPro Member
    Realtor · Memphis, TN · Member since 2010 · 425 posts · 117 votes
    1y

    Hey Elaine — love the energy in your post, and welcome to the world of real estate investing! You're doing exactly what most successful investors do at the beginning: learning daily, narrowing your focus, and getting excited about the possibilities.

    I’ve been in the game over a decade now, and let me tell you — there’s no official “readiness test,” but there *are* signs you’re getting close:

     You understand how to analyze a deal

     You know your financing options (or have started talking to lenders)

     You’ve narrowed down your market

    You're clear on your strategy (LTR SFR/MFR is a great starting combo!)

    You’ve run the numbers on properties and know what a “good deal” looks like

    If you can check most of those boxes, it might be time to move from *learning* to *doing* — even if that first action is making offers, talking to agents, or walking properties.

    Real estate is one of those things where you’ll learn *so much more* once you’re in motion. And with your mindset, you’ll adapt quickly.

    Also — as a nurse, you've got the discipline, problem-solving, and work ethic to crush this. That bedside hustle will serve you well in REI!

    1Reply
  • Bernice RetzloffPro Member
    Memphis, TN · Member since 2024 · 234 posts · 100 votes
    1y

    Hi @Elaine McQueen!

    First off, major props to you for diving into the education side while juggling a demanding career. That energy and consistency you’re putting in already puts you way ahead. And you're definitely not alone in wishing there was a “readiness test”! Most investors don’t feel 100% ready when they do their first deal, and that’s okay!

    A good sign that it's time to start applying what you've learned is when you can confidently analyze a deal on the MLS and know what makes it a yes, no, or maybe. If you're running numbers regularly, understanding cash flow, CoC returns, and what makes a good market, you're closer than you think. The key is picking one strategy (like LTRs in a market like Memphis where SFRs still cash flow under $150K), then focusing on that until you feel ready to take action.

    Don’t wait for perfect. Progress is what matters. You’ve built a solid knowledge base; now start connecting with investor-friendly agents or property managers, and analyze real deals weekly. You’ve got this, and the best way to learn now is through action. Let me know if you want help narrowing down markets or deal criteria!

    901-664-1949
    0Reply
  • Elaine McQueen
    OP
    Member since 2023 · 5 posts · 3 votes
    1y

    Thank you Bernice! This is good information. Yes, I'm looking at how to properly analyze a deal. I'm not confident in that yet but I'm looking for resources/books that can help me. Any recommendations?

    0Reply
  • Preston DeanBusiness Member
    Realtor · Fort Worth, TX · Member since 2021 · 779 posts · 368 votes
    1y

    Hi @Elaine McQueen

    I would say considering you are hopping on here to ask the question, the time is NOW. 

    The more you get into REI (Real Estate Investing) the more of a team you will need around you. Like Brandon Turner from the BP podcast says get your Core 4.

    1. Your contractor

    2. Your deal finder (agent/wholesaler)

    3. Your property manager

    4. Your Lender

    My suggestion to find #2 & #4 would be to go to the top of this page and click on FIND AN AGENT & FIND A LENDER. There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area. My suggestion would be to select someone with the most forum posts or most reviews. That way you know they are active in the BP community!

    You have taken & passed the 'readiness test' by getting on here. Lets go, no more waiting on the sidelines you got this!

    YOU GOT THIS!

    [email protected]817-480-9452
    United Real Estate DFW Properties 565 Reviews
    WebsiteView Page
    0Reply
  • Timothy ChiBusiness Member
    Real Estate Agent · Anchorage, AK · Member since 2018 · 88 posts · 45 votes
    1y

    Hi Elaine - I was a physical therapist and have since transitioned full time to real estate. I was tired of the crap healthcare professionals have to deal with and declining reimbursements. I was in your shoes 7 years ago when I realized I didn't want the rest of my career heading in the direction it was going. 


    I spent about 2 years absorbing a ton of info through books and podcasts, dialing in on my personal finances, and saving. I also started doing travel PT and learning about different markets. I don't really know when the time became "right" to buy. I just started talking to people about real estate and personal finances and then my comfort level just increased with taking the dive. I live in a market where, at the time, typical 4plexes were going in the 400-500k range. They did cash flow (and still do). 

    I think several factors went into being ready: 1) I had 30k cash savings to buy a property and have enough left over as reserves, 2) I had a Roth IRA that I could access if I really needed it, 3) I had several credit cards with 0% APR in case I really needed it, 4) I felt much better after having the inspection and knowing that big ticket items were ok and that I only need to focus on primarily cosmetic work, 5) I was working full time as a PT with good income and my persoanal expenses were low, so I knew I could support myself financially, 6) my significant other was supportive of me.

    I hope this helps! Happy to chat anytime with another fellow healthcare worker :) 

    425-985-9071
    0Reply
  • Natalie Brown
    Lender · MI · Member since 2025 · 7 posts · 2 votes
    1y

    Hi Elaine,

    I'd love to connect. I, very similarly to you, listen to podcasts and books on this everyday and am determined to get started!

    0Reply
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