New investor and don't know where to start exactly.

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New investor and don't know where to start exactly.

Rayshad Gibson
La Place, LA · Member since 2016 · 6 posts · 1 vote

Hey, my name is Ray. I just finish reading "The Book On Investing In Real Estate With No and Low Money Down" and I'm ready to get out there an get some cash flow and experience, but my credit isn't so great and I don't quite know where to start. I personally want to try multi-family and eventually learn how to do lot's more different types of real estate investing from there.

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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    10y

    Welcome to the community @Rayshad Gibson , good luck on the first deal

    BiggerPockets
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  • Joe Strmiska
    Investor · Temple, TX · Member since 2016 · 11 posts · 1 vote
    10y
    Rayshad, Welcome to bigger pockets. My advice is to continue reading educational material, learn a skill in real estate. (Painter, drywall, framing, title examiner, appraiser, or real estate agent, etc.) this will give you a base to continue growing your knowledge of the industry. Save, even if it's $10 a week, you will need cash at some point to make investments, and now is a good time to start. Work on improving your credit score. People will judge you based on your credit score, the higher the better. Go to meet ups in your area, and meet real estate agents, investors, and other deal makers in the community, they will be able to help you down the path far more than anyone from a distance. Word to the wise, real estate agents are looking to sell you something, they don't care if it's a good investment or not. Make sure you do your own homework. Lastly, start looking for a good deal. Find out what real estate is worth in the market you are looking at, so you know what a bad investment looks like when the time comes and what a great is. Best of luck.
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  • Junior Silva
    Investor · Tampa, FL · Member since 2016 · 19 posts · 7 votes
    10y

    @Rayshad Gibson Welcome to Bigger Pockets, I too am new to this and have bad credit and want to get into this venture by starting out with a multifamily home. I actually found a 4 unit place and got the owner to agree to a Subject To deal. But, the condition was I pay for the realty fees, attorney fees, closing costs, and I have to pay the taxes for the year prorated. Honestly speaking it's very difficult to get any kind of property without having your own money already saved. You could attempt to get a hard money loan or private loan but, they too will ask for some sort of money down and the monthly payments aren't cheap. Coming from someone who also has bad credit the best advice I could give you is work on getting your credit fixed either on your own or a paid reputable professional. I'm personally having my credit fix by a professional to help me clean up some of my history and saving money on the side..create a savings account specifically for this venture and don't touch that money until you reach your goal no matter how tempting. Best of wishes and good luck.

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  • Ayodeji Kuponiyi
    Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    10y

    @Rayshad Gibson welcome to BP! Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche. Best of luck!

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  • Rayshad Gibson
    OP
    La Place, LA · Member since 2016 · 6 posts · 1 vote
    10y

    I appreciate the advice everyone, got a seminar coming up I'm going to attend this week and some books to read. ill definitely work on my credit, and keep my goal strong. Thank you!

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