Where to start?

18 Replies

Im new to the BiggerPockets platformand im exited to be a member with all the good reports ive heard about it. Im interested in becoming a full time realestate investor in Northwest Indiana and Chicago. Im doing a lot of studying on the subject but just would like to hear from some investors that are actually in the trenches . I want to get my investment business off the ground, setting up my company, websight, etc;. Being a self employed contractor the last 5 years i have a lot of knowledge in the rehabbing field, but the investing side is a whole new world,any suggestions?

Hi Albert -

Welcome to the community and good luck in your adventure!

A couple of suggestions:

1. Read all the "Free How To Guides" found on Bigger pockets (BP menu bar Learn -> Free How to Guides)

2. Start listening to the Bigger pockets podcasts from episode #1 until you are caught up...maybe a goal of 2 podcasts a week?

2. Join your local REIA & network with like minded people

3. Identify others in your area from Bigger pockets and network with them

Since you probably are more comfortable on the construction side of the business, it probably make sense to learn about

  • How to identifying potential properties (MLS, direct mail marketing, online marketing, driving for dollars etc. etc.)
  • Communication skills for interacting with sellers 
  • Analyzing a potential investment

I think you can find everything you need on this website. Good luck and keep us posted!

Originally posted by @Albert R. :

 I want to get my investment business off the ground, setting up my company, websight, etc;.

 Getting the mechanics set-up is necessary, but don't get hung up on it.  It does not have to be perfect when you first get started.  It is much more important to get out and do your business.

@Albert R.  I am all about the efficiency technology bring to life however you need to get connected with other local investors.  Join your local Real Estate Investment group or if there is nothing close to you feel free to come out to Fort Wayne, Indiana and visit the one I am a part of.  At these meetings you can get deals that are only presented to investors you can find a mentor or at the least find a few friends.

Yeah I went out to my local REIA a few weeks ago, and it was just what you said, they were talking real estate, deals and more. Ill definitely be at the next one. Im sure the more i commit and build relationships, it shouldn't be a problem finding a mentor. Thanks a lot

@Albert R.  

You don't need a website, or powerteam, or mentor, or anything else. Go find a cheap distressed house in a C class neighborhood. Fix it up and make it a rental. You have the knowledge for that right now.

Buy the cheapest piece of raw land you can afford (or a mobile home) and pay all cash. Then figure out what to do with it. That'll get you moving.

Give yourself a full day to go to the county/city and do due diligence. Then pull the trigger.

Welcome to BP community @Albert R.   It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Wishing you the best! 

I really thank you guys for your support, as i said , ive really heard great things about this Platform, and so far its holding up to the hype. Thanks a lot!!!

Originally posted by @Account Closed :

Hi Albert -

Welcome to the community and good luck in your adventure!

A couple of suggestions:

1. Read all the "Free How To Guides" found on Bigger pockets (BP menu bar Learn -> Free How to Guides)

2. Start listening to the Bigger pockets podcasts from episode #1 until you are caught up...maybe a goal of 2 podcasts a week?

2. Join your local REIA & network with like minded people

3. Identify others in your area from Bigger pockets and network with them

Since you probably are more comfortable on the construction side of the business, it probably make sense to learn about

  • How to identifying potential properties (MLS, direct mail marketing, online marketing, driving for dollars etc. etc.)
  • Communication skills for interacting with sellers 
  • Analyzing a potential investment

I think you can find everything you need on this website. Good luck and keep us posted!

 This is wonderful. Ive noticed almost every post or reply has someone lending off really helpful advice! This website is amazing. Thank you!

Real estate is all about relationships. The more people you can tell about what you are looking to do the better. I'd go to every local meeting I could and start building my network. Get on everybody's buyers list as well.

Since you're an experienced home renovation contractor it sounds like you'd be in an excellent position to work the fix n' flip angle once you get the numbers side sorted out. After all, why just get paid to fix the house when you can get another $15,000 to $75,000 after the house gets sold too? Or is that not enough money to justify the work you'll be putting in? (I honestly don't know! I don't expect to be focusing on such angles for a long time, I consider them more advanced for someone like myself who has no specialized knowledge related to the business)

Welcome Mr. Albert. I am in FL. I am glad you posted what you did all the replies are making the butterflies leave me. I like to read so it looks like in between starting my new job I will be reading and listening to podcasts. But first the keyword alerts. Mr. Albert you would be a great person to contact regarding flip and fix options.

Welcome @Albert R.  !

- it's always good to see another Hoosier utilizing this great site!

Of course, you need to read The Ultimate Beginners Guide to REI here on BP

If you haven’t already, please read/listen to these books ASAP!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The E-Myth

The 4 Hour Work Week

http://flip2freedomacademy.com - free e-book

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier – You Tube Memphs Invest channel

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