Palm Harbor, FL · Member since 2016 · 50 posts · 8 votes
Tired of working to pay bills! I recently read an article, about real estate investing, and how your house is a liability and not an asset! After one article I am drawn to more and more, and am now ready to go all in!!'
Hello and welcome to BP! It is great that you feel like pursuing investment but just remember that emotional feelings must be concentrated on the right things. If you are married to someone that can support you while you are doing this or you are still working on a W-2 job just keep it while you are doing your learning and it will probably help you get financing if you are barking at that tree. You are living in a good place to be an investor but you get to select an area that is working for your niche. Write your goals down and read them a couple of times each day.
Try to stay within an hour from where you live and/or your office. Just office where you'll have less distractions. The overall market is a seller's market. So try to be waiting for that to turn to favor the buyers. That is not meaning that there are not some good deals out there. Go for what is average for that neighberhood. Do not try anything that has not been proven. A nice neighberhood is probably more important than the houses.
Find/Get a local Team of professionals that are willing to help you, have experience in what you are doing, and know the market area you select, and will return your phone calls promptly. The primary Team members are typically Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen. Always do the math analysis that will tell you if your prospective property is worth pursuing and try to look at the subject property before you make an offer or at least have a clause in the sales contract that will allow you the time (usually about 15 days) to do a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.
I am 60 years old and I found BP about a year ago when medically recovering and I still have not decided what to do. I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate. Since I was in Texas and planned on staying there, I found out that I was qualified to take a test and goet a real estate broker license, so I took the test and I got the license even though I never did that full time. I kept that license active for about 30 years. Regardless of what I had I felt more comfortable with the construction business. I have been in the construction business since I was 17 including those college years.
Marketing is very important depending what you decide. Also, try to be located in a diversified area that has a posited population growth. Good luck to you!
@Rita Koroll, the absolute best thing you can do is to continue your education by listening to the podcasts and reading some of the great books recommended through this sight. RE is a for the most part a long game plan. There was a great audiobook my wife and I listened to that really made us understand that learning and being patient was the key to success. It was the Weekend Millionaire and was full of some great strategies.
Education (can take many forms) and getting up to speed in the areas of real estate that interest you is important to help limit your mistakes. If you are able to learn from others mistakes and horror stories EVEN BETTER!!!
I would suggest to take it slow at first, get comfortable and your feet under you before getting ultra aggressive in taking on larger and larger risk. Welcome and good luck.
Thank you. I am def doing my homework. I read the book rich dad poor dad recently. I am taking a three day class. I am reading everything I can and listening to podcasts and you tube has a lot as well. I will read the weekend millionaire as well.