Looking to Learn

6 Replies

I am new to the forum and new to the world of real estate investing.  I am starting to look into educating myself on the potentials and pitfalls of getting into real estate.  I am just at the very beginning of this journey.  I welcome any advice or resources that will help me be more informed and successful in future deals that may come.  It's great to be here!

Scott,

What Michael said is true.  There is actually a whole boatload of money to be made, but, unlike the television shows or the investing seminars, it's hard work, lots of research, and even a tad of luck.  I've made a decent living flipping/keeping.  That means, I buy a house knowing ahead of time if it will make good rental property or if it's prime for a flip.  I flip about 6 a year, averaging about $12k per flip.  Getting $30-70k per flip might work for big investor/flipper teams in the expensive markets, but here in flyover country, it just ain't so.

Be prepared to do a ton of work, lots of hours, and be prepared to NOT BUY THAT HOUSE that you want, but the numbers don't work.  

Welcome to the BiggerPockets community @Scott Bromley . You're fortunate to have found BP from the very beginning of your investing career. Now let's get you learning.

Download the FREE book "The Ultimate Beginner's Guide to Real Estate Investing" and read it.

Begin now listening to the podcasts, and the #AskBP podcasts. You can download them and listen to them in your car or while walking the dog or something.

Naturally, you have already found the forums. Troll here daily. Ask a lot of questions. Listen much. Get to know folks and build your network.

Speaking of networking, go to Meetup.com and search for local real estate investing groups. If you can find a Cashflow club close to you, you can learn gallons of information there. Go meet other investors eyeball to eyeball and get to know them.

Congratulations on getting a running start! I look forward to seeing you grow your business and become a superstar!

Always over estimate your expenses, and then add 10% onto that for a reserve, and then add more for fun. I have had issues with every single property I've owned, from fires to floods to squatters but I've always come out on top because I gave myself such a big margin. 

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