Hey guys! My name is Joe, and I'm new to REI. But before we get into details about that, first I'm gonna tell you a little bit about me. I'm 21 years and I have a beautiful family of my wife and 2 kids. I'm currently a night shift foreman at a machine shop and absolutely hate my job! I've always been an entrepreneur at heart. I'm looking to make passive income from real estate, which is why I am wanting to buy and hold with the occasional flip (1 or 2 a year). I'm open to any advice, so feel free to share! Thank you and God bless!
Welcome Joe , you're starting out at this early in life so good for you . When I was your age I had small children too and was in graduate school , so I appreciate how thin you'll be stretched. My one piece of advice isn't so much about REI as life . Go ahead and make a future for your family , but take every opertunity you can to spend time with those little ones too !
Excellent advice Mr. Harvey! And yes I agree, they are the greatest blessing on this earth that God has given us. Have a great day!
I to, am in the same area. Claremore specifically. I have been researching and researching and am starting to make sense of everything. Tulsa area is a great starter location. Currently, I am learning the ropes of the process of fixer-uppers. Locating contractors, appraisers, real estate agents that specialize in investment properties, partners to bounce ideas off of and drive around neighborhoods, luncheons, etc. I have a problem though as far as appraisers, contractors, suppliers, etc of only being satisfied with the best-of-the-best, yet am learning those are hard to find. So many claim they are the best, but there's always a high chance someone else can do it better, cheaper and more reliable. I have also noticed it would be HIGHLY helpful to buy subscriptions for sites like Angies List (to find and read reviews on contractors, agents, etc.), foreclosure sites(then again I want to find the BEST one), but this can all add up to a major monthly fee, collectively. Money that could be put into savings to buy a property with.
I like how foreclosures already have a profit turn-out (or at least a high chance of it) without any repairs. PLUS repairs only adds even more to the resale value. Cosmetic looks and functionality especially tend to up those numbers.
Maybe we could meet for a cocktail at a bar Downtown one night and discuss strategies, network, gain some insight off each other. I just turned 22 on the 25th so we're in the same age bracket in the same location. We could end up being the wealthiest REI's by the time we're 30. Very possible and WILL happen if the hours are put in (even if we're tired) and play the right cards. All of which is easy to do with the right amount of knowledge and implementing it.
Yes Connor I absolutely agree. The Tulsa area is a beautiful market for REI. I've yet to have to start looking for subs and laborers. But on the fortunate side of that, my family is in the housing industry already.
Hey @Joe Crabb and welcome to Bigger Pockets. BP is a great place for all things real estate. At BP, you can get the information you need on REI anytime you see fit! BP also has it's own podcast in itunes for you to listen to as well. You came to the right place and I wish you all the best.
Welcome Bp Joe read ultimate beginners guide and you will find your niche also listen to podcast and Look at forums read a lot of Rei books and educate yourself ask pros question on forums they will help you . you will succeed in your journey good luck David c.
@Jill DeWitt thank you for the excellent advice! I've already learned so much from BP, as it is such an amazing website. I've have yet to check out the iTunes, but I will for sure add it to my check list!
@David Coleman yes I will have to agree, there is quite a bit of information in The Beginners Guide. I've since then read about 15 other books. What's your favorite book on REI? or one that you would suggest that would be the best read for the criteria I've described in my introduction?
@Joe Crabb I am highly overwhelmed with everything I think* I need to be paying attention to right now. Should I work on making money for several years before I even start? I feel like there's a much faster and more efficient way. Right now I'm trying to absorb everything on this website like a sponge. It seems as if in EVERY sentence there is a term I want to research and learn to the max. At which point I lose track of what I need to be focused on. Is this where a mentor becomes necessary? Or should I just read a lot of material first?
Hang in there! What you are overwhelmed with now, you won't be overwhelmed with a month or two down the road. Every investor goes through this stage. It just takes time, effort, determination, and a little patients. The hardest thing I would think is making the first steps (which is what you are doing now).
There is always a more efficient way in everything, you just have to find it. I don't know what your financial state is, but if you don't have the funds for a down payment ( or whatever it may be) don't be afraid to ask family members that want to see you succeed. Or maybe even partner up with somebody that has been around the block a time or two and you guys go half and half on a down payment. (Just food for thought)
On the mentor part, that's completely up to you. I'm sure it wouldnt hurt anything for you to have a mentor, it may even clear things up for you, however I would advise on not spending thousands on one. And make sure your mentor has had success doing whatever it is that you are wanting to do. It also wouldn't hurt to maybe have someone that you can just talk real estate with. I'm a shop foreman at a machine shop and some of the biggest epiphanies I've ever had (machining wise) is just talking to some of my guys and simply just picking at each others brains.
If your wanting to do flips( or whatever it is that you are wanting to do) then I would suggest research stuff on flips only. It's so easy to get caught up in all the other things, which results in confusion and can potentially scare new investors away.
I don't know if that helps out much, if at all, but try and keep your head above water.
Hi @Joe, here are my two cents... I listen to audio books every day in traffic. At least one hour a day in traffic can be fully utilized. Brandon Turner's Book on Rental Properties and Gary Keller's Millionaire Real Estate Investor are my favorite.
@Ryan Yio yes! That is what I have recently started doing. Thank for the info!
You are welcome and best wishes!
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