How do I start

Question

Account Closed · Answer

Welcome Miquel!  These are all great replies.  I would also suggest watching the webinar's that Brandon Turner puts on here.  Education is key here.  The more you know before your first rental, the better the outcome.  Having an idea of what your goals are as well is a good idea to have a grasp on.

Some people like having an asset that appreciates in value.  Some like cash flow.  Some like both.  It all depends on what you're trying to achieve.

Also, take a bit to think of some specific questions you might have.  I know that before I found BP, I had a TON of questions that even seasoned owners didn't have the answer to.  It took me 6 months before I was comfortable in buying my first rental.  You might want more time, or you might want less.  It's all about comfort level.

That being said, you will naturally feel hesitant, scared, discouraged, angry, happy, etc throughout your investing time.  That's perfectly normal.  When I bought my first rental and was in the title company's offices signing paperwork, I had a thought of "Oh God, what have I gotten myself into?  This is really real now".  Even though I had WAY more cash than the lender required of me, I had access to plumbers, electricians, carpenters, etc, AND I had someone I could bounce ideas off of who was a rental owner as well.

My advice?  Keep focused on your goals, and push forward always to overcome obstacles.  You WILL run into obstacles during all this.  Banks will say no, repairs will need to be done, tenants may be late with rent, etc.  Just adapt, and overcome, and I have zero doubt you'll be successful!

Rich Hupper · Answer

My best suggestion is to get licensed. The education agents have give you some foundation to many real estate principles. after getting licensed then start your wholesale business. This business literally is all abouy marketing. All you want to do is send letters to people who have not sold their home in over 20 years, people who are in pre foreclosure, executors/administrators of estates in probate ( i am still trying to figure out how to find these leads ), people who own fixer uppers. The list goes on and on. I would also suggest door knocking. Tell whoever you meet you would be interested in buying their home.

You also need to establish a contact list for buyers who would be able to buy your contracts. This buyers list needs to be for cash buyers. Start going to real estate investor meetings in your area. They are also here on bp.

A wholesaler is an expert marketeer. Your weapons are stamps, ink, paper, and persistence. Your mission is to connect buyers and sellers for a fee. You must be fully immersed in your selected markets. You need to know how much it will cost to get  a property to sell at x, or to function in its highest and best use.

Licensing is strongly recommended, because you are entering into agreements with people where you will most likely be marketing their properties for a fee.

Ernie Cruz · Answer

I agree with the previous posts. Start trying to post every couple of days in these forums (questions, answers, etc.). Begin analyzing deals or researching your local wholesaling companies/groups. Eventually you will get a feel for who is knowledgeable about wholesaling and who is active in your area. It will take some hustle on your part to actually find someone you can reach out to, but when that time comes you will already be on the move.

Jack Butala · Answer

Hello @Miguel Velez and welcome to Bigger Pockets. BP is a great place to learn about real estate investing. Connect with seasoned investors, read the forums, and get deals done the right way, that is the best way to become successful. I wish you all the best, you came to the right place. You are not alone in your real estate ambition.

Watu Williams · Answer

I'm new to this and I start my real estate classes in October, so I was just wondering other than researching on the net what other steps do I take in my learning process?

Russell Brazil · Answer

Welcome to BP @Miguel Velez. I have two suggestions for you. Read through these forums. They are the best free education someone can ask for. The other is to get out to your local REIA or meetup groups and start meeting people who are doing this in your marketplace.  Network and learn from them.  You will be surprised how many people will be willing to help give you some tips and point you in the right direction.

Lisa Bryant · Answer

Hi, Watu fro Indiana!

I hope your day is going well. In addition to, searching on the web to educate you, find resources that will help you in the area of interest.

-Then use the best resources, including Bigger Pockets, to keep you inform.

-Find out what the protocol/laws are in your state to start your business.

-Find someone you trust to help you.

-Build on what you are already are good in.

-Get involved.

Learn, Apply, Produce!

All the best.

Michael Lee · Answer

• I hit the wrong button and I have not said anything about myself.  I am 59 years old and I found BP about 7 months ago and I am still trying to decide what to do.  I went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas I was in the world of asking questions and planned on staying there I found out that I was qualified to get a broker license without having to take anything extra so I got the license.  I kept the broker license for about 30 years.  I did close a few deals for other people.  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 sales for about 40 years and he has taught me a little bit.  If you think I can help you please contact me through BP at any time.  Good luck!

Michael Lee · Answer

Hello and welcome to BP!  Russell and the others are right about what they said. Just do what you like.  There are short and long term choices and you can do more than just one.  Education and your goals are very important.  The more you learn before starting the less mistakes you will make.  Mistakes and fear are pretty normal.  Just learn from your mistakes and try to be positive with any fear you might have.  Always do the numbers and try to look before you bid or at least have a clause in the sales contract that allows you the time to inspect and ,possibly, back out of the deal without a penalty that is not higher than your earnest money. Do not try to do everything yourself.  Find/Get a Team that is local, experienced, and trustworthy to help you do the things that hat don't always make you money.  The typical mainTeam members are Attornies, Real Estate Agents, CPA's, Inspectors, and General Contractors.  Right after you close on something get an insurance policy that will protect you if there is a loss.  As soon as you can after closing just change out the exterior door locks.  If they are still good you can just use them at another address.

Larry Watson · Answer

Welcome to BP. This is the best place to start. The best advice I can give you is to take your time. Read Read Read all the books you can, join a local investment group in your area. I would suggest to look at least 100 properties before I would buy my first property. Get good at evaluating a property fast and the only way to do so is to look look and look.

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