Newbie that wants to be Real Estate savey

Newbie that wants to be Real Estate savey

Peru, IN · Member since 2015 · 35 posts · 5 votes

Hey BP!! This is such a incredible website. I'm a newbie I really hope I don't bore you guys to death, but here is a little bit about me. I've been thinking STRONGLY about getting into Real Estate here lately!! Mainly wanting to get into Buy and Holding properties, and flipping house's while owning buy/hold properties. I have recently been listening to @Brandon Turner book on Rental Property Investing. Very Very informative book i'm on my 3rd time listening to the audio book trying to absorb as much of it that I possibly can . Currently I'm a 22 year old miserable Truck Driver. I absolutely hate it. I need people in my life I am not here to sit on my butt and drive. I don't mind work one bit I love to work, and I also love making money. So why not put almost all your motivation into making money for a incredible life to where I will eventually not have to work ALL the time, and just set back, and go on vacation when I want. I been thinking about just toughing out being a Truck driver at least until the beginning of the year, and just save all the money that I can. I don't plan to go with out a job. I thinking I am going to have to keep at least a part time job while I get even more into Real Estate. I've also considered becoming a part time contractor, or something along those lines, because its going to help out even more with my Real Estate journey. I'm planning on being in it for the long run. I will most defiantly be running it more as a business instead of a hobby. It just makes much more sense to do it like that if your in it for the long run, which I'm going to be. 1 Thing that's really been on my mind is. That since i'm a truck driver possibly buy a multi-unit property 3-4 units, fix it up nice get everything, Rent worthy, working good, and rent it out, I think it would be a good idea for me to start out in real estate by using the "House Hacking" method. I'm really not sure though since i'm not able to be home during the week in case a some what major maintenance problem was to occur that couldn't wait until the weekend. I have 1 or 2 family members that could possibly help out. If I was to give them a little cash. I just don't no. Another reason I was wanting to wait for the new year is to just continue to gain knowledge from other Real Estate books, and continue listening to Josh and Brandon's Absolutely incredible BP podcast. I have learned so much just by listening to those 2. So by the time the new year rolls around I would have TONS of knowledge on Real Estate and have a little money saved up, and get started. I also have a pretty major problem holding me back, and the my social anxiety. I try so hard not to get nervous around crowds of people. I just can't help it. I'm ok with 1 on 1 conversation's. I'm a likable guy I just cant handle crowds bigger than 3+ people. That's Just a little about me. I hope to come on here in the near future, and share my success story or story's I just to see how things will turn out. I'm hoping you guys held on through this boring post. Those of you that did that is great Thank you guys! BP is also the 1st blog or forum that I have ever posted on. So you want to talk about a newbie that's me!!

Thanks BP your great i'm ready to see what my future holds for me.

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  • Property Manager · orem, UT · Member since 2016 · 29 posts · 4 votes
    10y

    Welcome to the community! It's a great site to find information and ask questions. Rental property investing is the way to go!

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    10y

    Hey @Cody May thanks for sharing your story and it's a pretty good one. I can't wait to hear success stories coming from you. It seems like you have a good plan in learning more about REI, so feel free to jump in the community if you have any specific questions. There are tons of awesome people here! Rock on!

  • Residential Real Estate Broker · Ft. Lauderdale, FL · Member since 2016 · 45 posts · 8 votes
    10y

    Whew! you sound like my husband and I when we really started to pursue real estate. While you are studying @Cody May, I cannot stress enough how important it is to evaluate your budget and your savings plan. Living below your means to save for your future will definitely help figure out what path you want to take in your real estate career. It helped me to realize that I needed to focus on buy and holds for my start and I'm studying and getting to know like-minded people and it will definitely help you too.

    Welcome to BP. Looking forward to seeing how your journey progresses!

  • Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello and welcome to BP!  Educate yourself as much as you can before starting.  Just do like what you like to do and be honest.   Find an experienced and trustworthy Team who will help you when called on.  Having a good attorney or Inpector will pay off in the long run.  Do not try to do everything yourself.  Do not want to cut any corners.  Always do the project numbers and make sure anything given to you is real.  Try to look at property until you get more experience yourself.  I think Buy and Hold is good along with Fix and Flip.  They are short and long term things that you can do.  You might consider a partner that will complement your talent.  I think the "House-Hacking" service is good for a young and single man.  It might take longer to be involved in that but it is a way to go.  It is a good way to borrow money to do rehab.  Because they will lend you what you need.

    I am 59 years old and I found BP about 6 months ago and I am still trying to decide what to do.  I went to college and got a business degree that emphasized real estate.  That same year that I graduated from college, in 1980, I got a broker license.  Regardless of what I had I felt more comfortable with the construction business.  I have been in the construction business since I was 17.  My father has been in real estate for about 40 years and he has taught me a little bit.  If you think that I can help you please contact me through BP at any time.  Good luck!

  • Flipper/Rehabber · Charlotte NC · Member since 2015 · 39 posts · 18 votes
    10y

    Welcome to BP community @Cody May

    Yes buy&hold is probably the best investment in REI. Good luck on your journey brother feel free to ask any questions you have. lots of great folks on here.

    Dishant

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    Welcome to BP @Cody May. Keep reading and listening here. Over time you path the Real estate will become more clear. 

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Kimberly Dunbar Thank you Kim! Hopefully it's a good thing that I sound like you and your husband. I will defiantly always be aware of my budget!! Buy and hold properties are going to be the types of properties that I will be working with. Just going to keep reading and researching all about real estate, and then hope I can put all my plan together and execute it. Thanks again I hope you and your husband are having a good Real Estate journey!

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Michael Lee Thanks!! I will defiantly be educating my self as much as I possibly can!! I'm soon going to be putting my self out there to meet some knowledgeable, good people that want to work together and be better in Real Estate. I'm going to be as proactive as I can. I will always do everything as close to perfect as I can. It'll make things run a lot more smoothly. I'm going to try and not cut that many corner's. More than likely if I do try cutting corner's it will catch up to me in the future some how. I've still got a TON of stuff I need to learn and study more before I get out there. 

    Good Luck with which ever path you decide to take!! I'm hoping for the best for you!! 

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Cody May

    Welcome. You might consider and entry level property management job good companies will provide training, I am told AIMCO is very good at training.

    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

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    Awesome Thank you @Paul Timmins I will defiantly check into AIMCO and other related company's. Thank you also for telling me about the 2 books you mentioned I will check them out!! Anything that someone recommends to me I will be looking into it. It never hurt's all it can to is teach me a little more, and thanks for the website where I can go to, too find meet ups very much appreciate it!  

    Thanks again

  • Investor · Longwood, FL · Member since 2015 · 221 posts · 130 votes
    10y

    I know you said you dont like trucking but if you bought a duplex and rented one side you could also get a roomate for your side.  you could take reduced rent for a roomate who agrees to coordinating things while you are on the road. The trucking also makes you very versatile on where you can invest. Imagine, trucking around the country with duplexes being run by many roomates while you are gone. You could have properties anywhere and everywhere.However, when you get married you cant do that. Now you have freedom.

  • West Des Moines, IA · Member since 2016 · 11 posts · 1 vote
    10y

    @Cody May BP is truly a great website. I stumbled across their podcasts while looking at real estate and have become addicted. I too am 22 years old and looking to get started with a rental property; unfortunately I am still in college and don't have the full-time good paying job that you do! Keep on learning and gaining any experience you possibly can. It'll all pay off if you do things right. Good luck and hope to read a success story from you!

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Scott Harper I'm not so sure if I want to deal with being diverse with that many markets. Definitely being the newbie that I am with REI. I am also doing what ever I can to get out of the truck driving industry it just not for me. I would have a tough time as well finding a roommate in different states that I could trust, and having a handy man in many states. I just don't think I want to take on all that yet. I do Thank you for you input though definitely gets my brain thinking of idea's on things I can do.

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Jacob Bell This website is absolutely incredible. I've found myself a little addicted to these forums, and Brandon, and Josh's Podcast. They're great I started listening to there podcast earlier this week. I'm currently on #23 I probably will spend much of my weekend on here, and probably listening to them. I'm going to shortly be hearing them in my head telling me all about real estate. They are great. I would highly recommend listening to them if I were you. Currently I am thinking about finding myself a deal or 2. Within the next few months. Just learning a little more. I need to figure out more on what numbers I need to run while evaluating a property. I'll be looking around on here though for a little while. I'm sure I will figure it out. I'm assuming your going to be getting into rental properties as well? What kind of college course's are you taking? Just curious? I hope all is going well for you!

  • West Des Moines, IA · Member since 2016 · 11 posts · 1 vote
    10y

    @Cody May Do you listen to the podcasts from iTunes or YouTube? If you can i'd recommend meeting up with someone in the real estate industry that kind of specializes in whatever market you want to get into whether it be single family, multifamily, etc. I just met with a local guy and asked if I could do a free part-time internship with him this summer to learn more and get more hands on experience and he was thrilled to have me join in with him. Even if it's only a couple hours during the week or weekend I think the hands on experience will help you tremendously. Yes, I plan on getting into the duplex/triplex rental properties within the next year or two. I attend Iowa State University and i'm majoring in Management with a minor in Psychology. So really my college courses aren't going to help out too much in the real estate business which I plan to eventually make a full time job out of. You have any books or other podcasts you'd recommend reading or listening to? Dave Ramsey has some podcasts and books that are good on saving money, getting rid of debt, and real estate. 

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Jacob Bell No I listen to them on Sound Cloud. I've been thinking about approaching some how, A landlord that I used to rent from back in High school. I just can't figure out how to go about asking him to be my mentor. I remember him saying that he had 21 properties. At the time though I had absolutely no thoughts about getting into REI. That's a great idea what you did, asking if he would be interested in helping you out, and doing a free part time internship that's great! Hands on experience I would say is hands down the best way to learn always!!! Psychology could actually help quite a bit with negotiating deals, and reading people, and you'll be really good with dealing with people. which is a really big help. I'm hoping to invest full time in about 4 or 5 years is what i'm pushing for. Honestly I haven't listened to anyone else yet beside's BP Podcast, And I've only read the books Brandon's wrote. I can't do much reading being a truck driver I listen to the audio books and there podcast that's about it. I have read Dave Ramsey Total Money Make Over. It's been a few years ago though I should probably reread it again soon.

  • West Des Moines, IA · Member since 2016 · 11 posts · 1 vote
    10y

    @Cody May Good to know, I didn't even think about them being on Sound Cloud. I'd just get in contact with that landlord and tell him you're really interested in owning rental properties and ask if he'd be willing to show you some things and if you could help out in anyway. I showed him a list of things I wanted to learn more about and added that i'd do any physical labor he may need help with. I don't know how anyone could say no to that!  I agree with the psychology part helping on reading people and understanding how they work, but I too have social anxiety and can sometimes be a bit awkward when dealing with people. I'm curious as to what price range of rental properties you're looking at in Indiana and what the average rental properties go for in your area?

  • Fort Wayne, IN · Member since 2016 · 38 posts · 7 votes
    10y
    Cody May I read your story and it seems like we have a lot of the same goals. I ultimately want to be a buy and hold investor as well. And That's awesome to hear what you want to do with real estate and to see that there are like minded people our age. I am 22 years old as well! I actually will be working as a real estate agent for century 21 in the next few weeks and I am from Fort Wayne which is about an hour from you.so maybe we could connect and get to know what Each other's thoughts are on things and how we could help each other out. Good luck with everything! Tom
  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Jacob Bell I actually decided to switch how I listen to there podcast. I decided It would probably be better to listen to them in order, and not use up as much data. So I downloaded a app from Google Play called player FM. I started listening just from the website on my phone. Not being able to connect to wifi I was running up my data like crazy. So I decided Sound Cloud but I was just skipping around podcast's out of order, and I didn't didn't really like that so I was looking around at different apps to listen to them and I found that one to be the best. I'm able to listen in order. Still using a bit much data, but of well. My social anxiety is extremely bad as well I definitely no that feeling I just can't help it. I am really trying to over come it, but its really tough tbh. Starting out in just going to start in a little lower income neighborhoods probably going to look for properties around 15k-30, and fix them up nice. Then rent them hopefully anywhere between 650-800, and hopefully end up with cash flow around 150-200$ a month. That's what I am pushing for. So we'll see what happens.

  • Peru, IN · Member since 2015 · 35 posts · 5 votes
    10y

    @Tom Tippmann That's great!! It's awesome to see there are other younger guys wanting to get into the Real Estate industry. I hope everything works out becoming a Agent. I'm hoping to purchase a Property or 2. Then quiting my current job, and then look into getting a job as a agent or PM, or anything along the lines of real estate to make things a little easier. I got you message though. I hope to keep in touch!

  • Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

     Hello!  Thank you for those kind words.  I am sorry it has taken me so long to get back to you.  I just found this page or I would have written you back earlier.  I will try to get back to you sooner if you write me again.  If you need any help on construction or real estate just write me back.  I wish you the best!F

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