New to Real Estate Investing

13 Replies

Hello, I'm Edward Thompson currently living in Los Angeles, the Inglewood area. About 4 months ago I attended a free Than Merrill's Fortune Builders seminar and became very interested. So I then paid the $200 dollars to attend their 3 day teaching course. I received a lot of information about the business, but could not afford their $33K to attend their Mastery program. Since I've been doing a lot of Internet research, Andrew Cordle, SREC, etc. Also trying to find what best books to read on the subject and adjusting my work schedule to attend any near by REIA meetings. Really interested in learning wholesaling and then gradually moving into to rehabbing and owning rental properties. Trying to start my family to begin thinking with a more entrepreneurial mindset for means of financial knowledge and gains. Can't wait to meet new people, learn more about the business, make better decisions, and earn generational wealth.

Hello Edward,

Welcome!  It sounds like you have big aspirations.  Honestly, I would highly recommend reading the book "More Than Cashflow: the Real Risks and Rewards of Profitable Real Estate Investing" by Julie Broad.  This will help steer you clear of many of the pitfalls, like the course that you took as well as set your expectations around what you are really getting in to.  It does not go into wholesaling but is a great book to start building your real estate foundation on when you start renting properties out.  Be wary of those get rich quick real estate courses with the celebrity endorsements.  Many are just a pyramid scheme to get you to buy more and more of their courses.  Julie talks about her experiences with these courses in her book. 

As far as getting your feet wet, my best advice I would offer is to start by purchasing a house for yourself to live in.  It is best if you find a fixer upper so you can take the time do get the things done.  Then you can take your time finding the right renter at the right price before you move out to a second property you purchase.  Depending on if you have the credit and income to purchase a second home, this could mean you move into an apartment again short term to allow the property to become a seasoned rental property from the banks perspective. (Usually 6 months in my experience) The property will then not go against your income because an established rent will be shown in your checking account. 

Anyway, good luck!  Especially in LA.  I am in Texas and I don't know how you guys can afford to live there.

@Edward Thompson Jr.

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.

Thank you everyone for welcoming me to BIGGERPOCKETS!!! 

@Ben H. thank you very much for the advice. I will definitely check out the book. Its always good to know the good and bad a business before you get fully involved. 

Welcome to BP @Edward Thompson Jr.

This is a great place to learn about all things real estate. Be sure to connect with other BP members and make some friends along the way. 

While you’re at it, don't forget to set up keyword alerts for topics that interest you: http://www.biggerpockets.com/alerts

If you haven't already, also check out The Beginner's Guide (http://www.biggerpockets.com/real-estate-investing) and BP Podcasts (http://www.biggerpockets.com/renewsblog/category/podcast/) are packed full of great info. 

All the best in your RE ventures!

Welcome to biggerpockets.  I would recommend listening to the iTunes podcast 'biggerpockets' starting at episode 1.  I started in January on episode 1 when I discovered BP, and just finished number 131 two days ago and eagerly awaiting the next episode.  The amount of information can be overwhelming.  But, it is ALL here for FREE:  you don't have to spend $33,000 for a masters class: just start reading. 
There is a white rectangle in the upper right portion of this screen that is a search function.  Start learning all you want about wholesaling, buy and hold, flipping, etc...  Probably the number one recommended real estate book is Robert Kiyosaki "Rich dad, poor dad": its a very easy read, and relays a lifestyle and mindset of an investor.  Please, buy it on amazon or get it from your local library: it's motivational, inspiring, and gets your mind in the right aura for an investing lifestyle. 

Welcome to the best resource on the planet. Prepare to learn more from these wonderful people than any high priced guru! Feel free to reach out if I can help answer any questions about the Midwest.

Hi Edward!

I'm new to BP as well. Here's something I just did while looking for a BP member whose name eludes me... I typed wholesaling into the search the site box and pulled up a ton of info on wholesaling. You can also check the forums/forum catagories: real estate strategies, real estate wholesaling Q&A.

I guess I'm doing this bassackwards! I haven's as of yet introduced myself in the new member forum!

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