Newbie Member from Inland Empire, CA
Hi everyone,
My name is Jeff Darr although I go by JD. I'm pretty much a newbie when it comes to RE investing. I've been to some seminars which were probably a waste of money since they all seemed to say that to really learn I just needed to invest more. I came across this site and the idea of a community that exists to truly help each other succeed really appeals to me so here I am. I'm looking forward to meeting a lot of great people and getting started in pursuing RE investment which has been a dream of mine for many years. I'd love to hear from others in my area. Thanks for reading and have a wonderful day!
Best regards,
JD
Hi Jeff,
It might be helpful to mention type of investing you are going after and deal size.
For instance of an example you might say ( I am going for 4 plexes for 50k a door for 800 rent in such and such area.)
Lot's of different investors on here so the more specific you are the better usually your connections will be for what you want to do.
Hi Joel,
To be honest I'm so new that I really don't know where I should be investing or what is the best strategy for a newbie. BTW, what does it mean when someone votes on your post?
Thanks,
JD
Welcome @Jeff Darr ! BP is a great source for learning, figuring out what type of investing you want to do, and networking. I'd suggest listening to the podcasts, they're a great source of info! Also, check out some of the local REIA or BP meetups in your area, set up keyword alerts for your city and the surrounding area & you'll get notified of new posts/discussions that are relevant.
-Tara
Hello @Jeff Darr !
Welcome to BP. There are a lot of free resources on this website that you can use to help decide on the right type of investing for yourself. Most BP members are against paying for info that is readily available on this website. One of the best things you can do is to network with professionals that are already successful in the area of investing you are interested in. Surrounding yourself with like-minded people and mentors will really motivate you to succeed. Although, you can learn a lot from BP, eventually you have to take the first step and purchase a property. Experience is hard to replicate.
I'm an investor in the Inland Empire myself. I flip homes all the way from Perris to Victorville. If you want to see what I do on a daily basis I'd be happy to give you a tour of my business.
Best of luck!
David Friedman
Hi Tara,
Thank you for the tips. Are the podcasts under resources?
JD
Hi David,
Thank you for the encouragement, advice and kind offer. I would very much like to see what you do on a daily basis as a RE investor and take a tour of your business. I think I would like to flip houses because I do have a background in construction, but I'm not really sure if that's the best way to get started. Any and all suggestions and advice are greatly appreciated!
JD
Hi David,
The very first thing you have to do is work out what area of the market you are most comfortable with and then specialize in that for a while. Most people know SFRs (Single Family Residences) so as you are just getting started that is probably the most logical and least risky place to start.
The next thing you need to do is to setup your resources for locating cheap properties, e.g. wholesalers, agents, foreclosure auctions, and if your due diligence research skills are good then even tax deed auctions. If you are considering tax deed auctions, be aware that they are more specialized than most people think and the unwary can lose a lot if they jump in without understanding the rules and due diligence processes for each individual state and county that they are investing in.
Feel free to reach out if you need help.
Sorry I meant JD
#2 New Member Introductions Contributor
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#2 New Member Introductions Contributor
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Welcome. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 90 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul
Hi JD,
Welcome to the site... looks like you got lots of good advice already, but here's a website tip... When you want to reference someone in your post, type the @ symbol and 'space' and the first letter of their name... a list should popup and you can choose that person. Then, they get notified that you used their name in a post.
So, are you interested in being a landlord, or flipping houses like they do on HGTV? Maybe you just want to find houses for other investors. Your main areas might be: "Buy and hold", "Fix and Flip", or "Wholesaling"
My advise? just keep reading, reading, reading the blog and forum here.... and asking questions on the forum. and listen to the BP podcast as well as other Real Estate podcasts.
Hope this helps!
Steve
By the way,
there is a ton of info under the "Learn" tab at the top of the website... (Podcasts are there as well)!
Steve
Hi Steve,
Thanks for the tips. I'm definitely following that advice. I've almost finished the beginners guide to real estate investing, I've ordered a couple of books that were recommended and watched a video. I'm also going to start going to the local REI meetings to see if I can connect with someone to help show me the ropes. The consensus seems to be that you really do need to have someone to help mentor you if you're going to succeed as a real estate investor. It's all a little overwhelming right now, but there does seem to be a ton of information on this site and everyone is very helpful! Thanks again and have a wonderful day!
JD
