Updated over 10 years ago on . Most recent reply
Best Advice!
Hi all,
My partner and I are very excited about the potential opportunity to get started with real estate investing. Of course we are NOT the type to jump in without doing our due diligence and research. Just by the nature of who we are, but I am also on my last leg of an MBA program, and definitely don't take spending money anywhere lightly, anymore. If all of you PROS out there had just ONE word of advice that you wished you would have known, or someone would have told you, what would it be and why?
Thank you all in advance!! Looking forward to this journey :)
Most Popular Reply
#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
- 2,248
- Votes |
- 7,730
- Posts
#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome.
Check out the Start Here page http://www.biggerpockets.com/starthere
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
To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.
You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.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