Hermosa Beach, CA · Member since 2015 · 6 posts · 3 votes
Hello all!
My name is Riku, a senior at Michigan State University studying construction management.
I am interested in buying fixer uppers, and selling them for profit or holding onto them to generate passive income. I have basic knowledge in construction from my field of study but I have only taken one class on real estate finance so I have limited insight on how to get the capital to begin investing.
I have looked into buying the books by Brandon Turner on rental properties and the books by J Scott. Are there books in particular you guys recommend I read in order? As of now I am thinking that I need to read books about procuring capital to begin investing.
I would greatly appreciate it if you guys could point me in the right direction!!
Also if anyone in the Lansing area is seeking another hand on their project, I would be more than happy to offer my service in exchange for the experience and knowledge you have in real estate investment.
Investor · Ferndale, MI · Member since 2013 · 130 posts · 41 votes
10y
Hi Riku Kiyokawa unfortunately I'm limited what I can do on the BP phone app, but check for a private message from me later. I graduated from MSU in may with a finance degree. I'm waiting to close on home #9 in a few weeks and am negotiating #10 and #11
Lender · Milpitas, CA · Member since 2016 · 376 posts · 248 votes
10y
Hey @Riku Kiyokawa, welcome to BiggerPockets! I really liked the book "The Millionaire Investor" by Gary Keller. It's a comprehensive book that has everything you need to get started. If you need help with financing, you should start going to Real Estate meetups in your local area. You can find them by going to Meetup.com and searching for them or go on the BiggerPockets home page and look for the "Events Near You" section. You will meet a lot of seasoned investors that may be willing to help you finance a deal.
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Investor · Ferndale, MI · Member since 2013 · 130 posts · 41 votes
10y
Hi Riku Kiyokawa unfortunately I'm limited what I can do on the BP phone app, but check for a private message from me later. I graduated from MSU in may with a finance degree. I'm waiting to close on home #9 in a few weeks and am negotiating #10 and #11
Amarillo, TX · Member since 2015 · 44 posts · 6 votes
10y
Hey, Riku Kiyokawa
First thing first. I recommend reading the free bigger pockets book "Beginners guide to real estate investing". I think that is a very informative read that will introduce you to some common terminology and concepts. From there you should have a pretty good idea of YOUR Why and what strategy you want to focus on. How you choose to finance your deals will depend largely on this. So next I would recommend reading Brandon Turner's book on "investing in real wastage with little to no money down". Sorry if I didn't get the title right Brandon! Any how, this book will give you a more in depth view of financing options. Finally, surf the forums, ask questions, and get involved.
Hope this helps and good luck to you!
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
10y
Hey @Riku Kiyokawa welcome to the site! Definitely start jumping into the community here! You should check out the weekly BiggerPockets Webinar hosted by yours truly! They’re fun!
We also have a course, so go check it out: http://biggerpockets.com/courses
Hermosa Beach, CA · Member since 2015 · 6 posts · 3 votes
10y
Thank you everyone for the input!
@Carson M.I look forward to speaking with you, go green!
@Charles Kao Not much capital to work with as I am paying for school. I am at an internship in California working for an electrical engineering/contracting firm so I do have a source of income at the moment.
I can estimate project costs, scheduling, subcontractor coordination as well as tracking and verifying subcontractor work (qa/qc). Basic project management skills
Specialist · Grand Rapids, MI · Member since 2016 · 1k+ posts · 611 votes
10y
@Riku Kiyokawa Definitely look into creative financing. Brandon's book on no and low money is good. I personally do not think wholesaling is good for newbies but in your case if you know how to vet the deal properly that may be an option. You can trash your rep by faking it until you make it so thats why I am not a big fan of newbie wholesalers in general. PM me and I have an investor that does flips in your area 30-50k all in that does all the work actually. May be a good partnership.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
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