My name is Sean Shirvan and I'm reading a lot here on BP and it's definitely a tremendous resource. I'm 23 years old and am interested in doing buy and holds. The market here in this area is crazy and it's gonna be fantastic getting started. I'm looking for any sort of advice for a beginner like me. I likely cannot qualify for a conventional mortgage at the moment so I'm wondering what the best way to get started possibly using an alternative financing method without making any major mistakes. Glad to be part of the BP community, much thanks!
Welcome @Sean Shirvan . Check out the Ultimate Beginners Guide for a start. From your profile you say that your dad did or does REI so you have at least a little insight there. That's a good start. To get financing there are many options, but you will almost always need to bring something to the table. That can be an awesome deal, cash down or great credit and income. There are lots of creative ways to get into it, but it's always good to have something to offer. You're already ahead since you are acting interested in it in your early 20's. What do you currently do for a career?
Welcome! Love the "go get'em" attitude.
Best to you!
Hello @Dan Mackin , I've recently read the ultimate beginners guide and found it extremely helpful. I have started a career in water treatment not too long ago. I've been considering getting a real estate license to get access to the MLS. Do you think that that'll be worthwhile in order to look out for good deals? At this point I'm still doing what I can to learn as much as I can about REI.
A big part of finding the deals on the MLS is being able to do something with them when they come up. I do think having your license is a benefit, but for someone new you need to weigh the costs and time involved. At this point my advice would be to keep researching what interests you and possible avenues for you to get into the business. Taking action is an important step with REI, but it also is something that needs to be done intelligently. So, research and learn for a little bit, but don't get caught up in analysis paralysis. Feel free to ask any questions.
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 (cash buyers). You can Google to locate them and go to meetup.com
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.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
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