Indianapolis, IN · Member since 2016 · 3 posts · 1 vote
Hello Everyone my name is Treydell, but I like to go by Trell. I am really new to this Real Estate Investing game and I would like to introduce myself to the community and get a chance to maybe soak up some good, positive tips to help get me started. I want to get my first property within the next year or two, just to give myself some time to learn the material and gain knowledge so that I am not going into this blindly. Please feel free to comment and leave some pointers for me.Thank you in Advanced and Bless up!
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
9y
@Treydell Butler congratulations on taking steps to make your real estate goals a reality. I have written a few blog posts that may help you out. Click the links below to read, and feel free to leave a comment with your thoughts.
The first is something to help you get started on BP:
Indianapolis, IN · Member since 2016 · 3 posts · 1 vote
9y
@Brandon L. Thank you so much for the help man! I will add reading those links in my planner and will most defiantly provide some feedback! I honestly was not expecting a reply so soon, really glad to be apart of this positive community...Thank You Bigger Pockets!
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
9y
Hello and welcome to BP! I have a bunch of experience and I want to advise you on starting besides a niche and a market to select. There are a few things to do before you get started. One thing I recommend is picking or forming some type of corporation or a LLC. You should do that after you make your niche and market area. That should protect you personally from anything that happens. You might to hire a lawyer and/or a CPA to advise you on which you should do. Another thing you should do is get your financing figured out and have the lender state the average time needed to close your loan and the maximum amount you qualified for you can copy your loan letter and put it in your offer package.
One other thing you should do is to find a location for your office that is convenient and have few distractions. You can locate your office in your home as long as you can close it off and not be too distracted by the personal things that ought to be done. You said it, that you need to learn as much as you can before starting. Do not try to do everything yourself. Just do what is average in that neighberhood. The overall neighberhood looks will help you on resale of the inestor property. Keep it simple and have patience. Always do the math analysis and try to look at the prospective properties or at least have a clause in the sales contract that allows you the time (about 10 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you.
Also find/Get a Team of members that are considered primary, are local, and experienced at what you selected. The primary Team members are Attorrnies, real estate Agents, a CPA (or accountants) Inspectors, General contractors, and Handymen. Do not cut any corners to make something to make it look better on paper to justify a purchase. Track all that you do on a regular basis you could review and what you can do to reduce expenses and increase income.