Hi, I am new to the real estate investing world. I would like to eventually create my own rental property business with single family homes. I have read many books and talked with many people already in the business. I do not know where to start or how much money is needed to start with my first property. Any help or advice is greatly appreciated! Have a great day!
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). Find them through Google and meetup.com
Lenexa, KS · Member since 2015 · 206 posts · 53 votes
10y
Hey Blake, welcome to BP. I'm a buy/hold investor & Realtor living in Lenexa & investing in KCMO. Feel free to reach out, I'd gladly help you start down this wonderful path of investing.
Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
10y
Hello @Account Closed and welcome to BP. BP is a great place for new real estate investors. Not only can you connect with other investors, you can take the free online courses and watch the free online videos that BP has to offer! You came to the right place for real estate investing and I wish you all the best.
Oakland, CA · Member since 2016 · 104 posts · 47 votes
10y
Welcome Blake,
I am a newbie investor also. One advantage you have is the opportunity to invest locally and I would suggest that you use that advantage. I would say that you could get in with a 15-20k cash starting point depending on the property class, location, and strategy of your investing, as long as you are financing. Just my newbie opinion. Good luck!
Rental Property Investor · Shawnee Mission, KS · Member since 2016 · 58 posts · 52 votes
10y
Blake, I'm not far removed from being in your shoes. This year I finally went from learning and reading to "doing" and bought my first duplex in Shawnee. This website is amazing, the hardest part for me was finally telling myself I understand the basics and will learn the rest as I go (they refer to it often on here as analysis paralysis). I just joined MAREI (Mid America Association of Real Estate Investors) and attended one of their meetings this week. It's a great place to network, I would highly recommend it. Would be happy to share what I have learned
Oakland, CA · Member since 2016 · 104 posts · 47 votes
10y
Welcome Blake,
I am a newbie investor also. One advantage you have is the opportunity to invest locally and I would suggest that you use that advantage. I would say that you could get in with a 15-20k cash starting point depending on the property class, location, and strategy of your investing, as long as you are financing. Just my newbie opinion. Good luck!
Welcome @Account Closed. You have already set yourself up for success by joining BiggerPockets!! This is really the premier place to start learning about RE and what it can do for you!
Since you asked (the most asked question ever) how does one get the initial capital to invest in a RE deal. Well, that answer lies within math and yourself. See, first, what do you want to do (you mentioned SFH). Ok, so if you want to buy a SFH, you'll need at least 3 1/2% (FHA) or closer to 20% (conventional) for a down payment.. so for an 'average' $100k house, that mean $3.5 or $20k..
There are several other methods to raise money (side hustle, wholesale, etc..) but you need some to start. The "invest in RE with NO money down" concept is a farce.
2. Then, download the BiggerPockets Ultimate Beginner's Guide and start reading some more!! The UBG will will walk through many of the key topics of real estate investing. Ask anyone here, its an invaluable resource. --> https://www.biggerpockets.com/real-estate-investin...
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). Find them through Google and meetup.com