Starting Out

8 Replies

Hello BP world! My name is Justin and I am just starting my adventure into real estate investing. I am an entrepreneur and am currently an owner in a small business focusing on retail (consumer packaged goods). Business has been good, but I want to start getting involved in real estate, mainly fix and flips. 

I recently finished my own basement, a 1700 square foot space, on my own. I became passionate about the work and sweat equity I knew I was putting into my basement. It made me realize I actually like renovating more than my day job. And, made me realize I can monetize my efforts. I hired a few contractors (plumbing, floor, and cabinet installation), but I did everything else. 

I don't have plans to quit my day job anytime soon, but it is always good to have a plan B.

I have been thinking about delving in, but want to start DOING! Most importantly, I want to start learning while I still have a steady paycheck to fall back on in case I get myself into a bad situation!

I would like to connect with anyone in the Charlotte area and just get beginner advice from the BP community. 

Thanks in advance to all! Happy investing!

Justin

Hello There Justin!

Welcome to the forums. I'd check out the podcasts as well as the books on this website. They are fantastic when you are just starting out. I hope you enjoy your time and learn a ton on bigger pockets.

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Welcome man, Im just now starting to delve in myself, trying to make mistakes and move forward so maybe we can help each other out, even though were states away. The beauty of bigger pickets!

Thanks for making me feel welcome everyone!

I am definitely reading the blogs and listening to the podcasts, they are very informative.

Jameson, absolutely, the more knowledge the better!

The biggest thing I am trying to figure out off the bat is how to find the right properties to target and go from there.

Thanks again everyone!

Justin, it sounds like you are more interested in the labor portion of real estate investing.  Time is money.  I can make more money by hiring people to do the renovation because my time is now available for me to go find other properties.  If you do the work yourself... how long does it take you vs... how long would it take a team of people you hire?  If you have a hard money loan... the more time the project takes you the more interest you are paying.  So in the end you might lose money by doing the work yourself because you are paying interest for longer period of time.  

I challenge you to really clarify your goals of what you want out of real estate investing.  

@Jodi-Rae Solomon I am not really interested in doing the work myself! I know how long it takes to do the work myself since I have done it! What I am more interested in is finding the properties to rehab, buying them, contracting out all the work, and selling.

What I found when I renovated my basement, was I enjoyed the design aspect and really taking a space from nothing to something. I don't really have a desire to hang sheetrock again!!

Sorry I wasn't as clear in my OP. I enjoyed the work I did at my home, but I really don't have a desire to do it myself again. I want to create spaces that people will love, but leave it to the pros.

Thanks for the response! I appreciate it. 

@Justin Wiesehan The more you define your goals and get clarity... the quicker you will get the information you need.  Good to know you are already defining goals.

Go to Meetup.com and search for real estate groups in the Charlotte area.  You'll find one group in particular that has well over 1100 members and is an extremely active group of investors who believe in a cooperative business space.  In fact, this group meets several times a week, including tonight with the main monthly meeting being tomorrow.

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