How to begin real estate investing journey?

Question

Hello BiggerPockets,

I am new to this community and excited to learn all I can about real estate. I am curious about wholesaling and sober living homes. What do you guys recommend to get started to learn about these strategies?

Thanks,

Dominic Jean

Andrew Coleman · Answer

Hey Dominic this is a great question and I would highly recommend starting with wholesaling  either single-family rentals or commercial and multifamily properties. When first starting the most important thing is just to get the experience the reps and to take the time and to build the proper relationships and systems and processes that will help you reach your goals. Always study sales, marketing and negotiation tactics because you will use them later on. You may not have an idea of what you want to do when you first start off, but just by having the experience, networking with people, and educating yourself you will see where what you learned in applied knowledge to the field will greatly help you. Hope this helps.

Arman Ahmed · Answer

The best way to start is by learning the basics of cash-flowing rentals first, even if it’s just paper deals or analyzing MLS listings. If you’re open to out-of-state options, a lot of new investors are pivoting to Midwest markets where you can grab duplexes and small multis well below replacement cost and actually cash flow from day one. That way, you can experiment with strategies, build experience, and see real numbers without overpaying or getting stuck in competitive local markets.

Nicholas L. · Answer

@Dominic Joseph Jean

with a house hack

good luck

Jason Wray · Answer

Dominic,

I usually tell all of my investors to start by doing a self check meaning get with a Mortgage Banker and crunch the numbers.  Start by checking your ability to get a quick quote on a mortgage based on your credit, income and assets.  It's much easier to buy a home and convert to a "Sober Living" or ALF type business if you already own the home versus trying to buy it as a commercial business.

Its also a much more cost efficient approach versus a nightmare "Subject to" contract or Owner finance where you open yourself up to other peoples problems like probate, litigation, seller remorse or unforeseen family drama last minute or after death of seller who is still holding note.

I just completed one for a client in Oregon who purchased it as a Second Home to put less money down and converted it after the fact and changed vesting to LLC.  If you ever have questions feel free to check out my profile or send me an email.  Always happy to help other Bigger Pockets members get on the right path to avoid lost time and money.