Where do I start?

Question

Sooooo, i just finished reading the ultimate beginners guide.... And I'm stuck on where to start. My credit score is a 520 and I fear that it'll affect my ability to get a mortgage loan. Who should I turn to? Does my credit score even matter? If not, what should my first step Be? Talk with an agent?

Michael Lee · Answer

Hello! I am so sorry I am just getting back to you but I just found this option the other night.  There are many options for real estate.  Just do what you think you will like.  There is short term and long term investments.  Fix and Flip and Sale is more of a short term option.  Renting out is more long term investing.  Your best financing is by the owner.  Your credit score typically matters to banks.  The Chamber of Commerce guy can typically tell you what you need to select a market.  I hope to advise you in the future.  I hope to get back to you a lot sooner.  Best wishes!

Mia Gomez · Answer

thank you so much. Would you happen to know any legitimate real estate courses I can go to here in Philly?

Thanks again!

Michael Lee · Answer

Hello!  Yes it saves you about 6 percent of the sales price on you budget.  But you do not have to have one but you do learn some good stuff.  One of the first things you have to do is decide on what you feel like doing.  If you think you can work with contractors fix and flip offers some of the best money.  Wholesling can be good if you do not want to work with contractors and unclog toilets. Allways do your numbers and make sure you want that deal.  Know your market and what it will support.  Do not count on anything in the future.  I hope all of this is good for you.  Please get back to me if it is not.

Mia Gomez · Answer

hi Michael.. Yes, I'd love to hear any advice and tips you may have for me for first timers... Is it worth having a license? I was interested in getting my RE livens was, but don't want to waste the most valuable thing- time... What should I do? There's so much to learn in RE, I don't want to screw up.. What are the main key points when considering a first time property home? Area, price, rent, etc? I don't know how to calculate all these things..

Michael Lee · Answer

Hello and welcome!  The thing that you should consider doing is owner financing.  That probably will be your best bet.  I am 59 years old and I found BP about 3 months ago and I am still learning.  I graduated from college and I got a broker license in 1980.  Regardless of that I felt more comfortable with the construction business.  I have been in that business since I was 17.  If you think I might be any help to you please contact me at any time.  Good luck!

Mia Gomez · Answer

thanks so much @linval and @michael really appreciate the help and tips and most of all the resources!!!

Linval T. · Answer

@Mia Gomez

Welcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.

You made a great start by reading the ultimate beginner's guide, but, there is more work to be done and it starts with getting your credit fixed. I added a link that will offer some tips.

https://www.biggerpockets.com/renewsblog/2015/07/29/invest-real-estate-bad-credit/ (REI with bad credit)

Your time on this social media site will be well spent.

You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.

Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.

The bottom line is that you must take action to start.

Don't get bogged down with analysis paralysis. You must take risks, but, ensure that they are calculated risks.

Below are some links to get you started.

• http://www.biggerpockets.com/starthere
• http://www.biggerpockets.com/meet
• Setting up Keyword Alerts
• How to Use @Mentions on BiggerPockets
• https://www.biggerpockets.com/rules
• https://www.biggerpockets.com/invites

https://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Before making your 1st REI purchase please visit the link below for some useful tips

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Michael S. · Answer

@Mia Gomez

Welcome to Biggerpockets. Finding a mentor that will guide you will be a good place to start. These articles would help out if you would go for mentors

http://www.biggerpockets.com/renewsblog/2014/04/16/finding-mentor-real-estate/

http://www.biggerpockets.com/blogs/3225/blog_posts/26426-how-do-i-find-a-mentor