New to Real Estate Investing
Hello All,
I am new to the Real Estate Investing world, but I am already hooked. I have been spending all of my time saturating my brain with as much material as I can get ahold of over these past few weeks, most of which has been at the hands of BiggerPockets. I am a CPA and work in Public Accounting, so I am looking to make my first investment/deal in May after busy season has died down.
For my first deal I am looking at a single family residence (condo, house, apartment, etc.). After some initial research, it seems a lot of the available properties in Chicago (where I live) are out of my budget, so I am leaning towards investing out-of-state with the leading contender being the Metro-Detroit area, as this is where I grew up.
If anyone has any tips on getting started in real estate investing, I would love to hear them. Overall, I am just looking to learn as much as I can and network with others in the real estate space until I can make my first deal
Looking forward to being a part of this Forum!
Most Popular Reply
I am a new investor as well and I am looking to find my first deal. My first rental will likely be the property we live in now. It was purchased about a decade ago, has a good amount of equity, and a favorable interest rate. We plan to buy a new house and rent this one out sometime before July.
Beyond that, I am exploring strategies to finance a second rental by the end of the year. Right now, I am focused on learning how to analyze and underwrite rental properties. I am finding that homes listed on the MLS in my area almost never cash flow, so I have shifted my focus to off market opportunities.
I am an engineer, so I do not have unlimited time to search, but I have gotten involved with my local REIA in Nashville, REIN. I mainly wanted to reach out and let you know that you are not the only new investor on the block. I would be glad to stay in touch and follow your journey if you are open to that. I am also looking for mentors and accountability partners that I can add value to and learn from along the way.
Marcus