Rental Property Investor · Pensacola, FL · Member since 2017 · 64 posts · 14 votes
Just want to introduce myself. I'm in Pensacola, FL. Recently hadm.y mind blown by Rich Dad Poor Dad.
My family and I have been slowly climbing out of debt, mostly due to medical bills from my Crohn's Disease. So a good credit score is paramount.
I'm also listening to McElroy's ABCs of REI. I would like to find promising deals and present them to investors...being that I have no money. I feel this is the only way I can get in the game and become an asset holder.
I still don't know what kind of property I want to focus on. Apartment buildings are attractive for the cashflow and ROI, but 3bed 2ba also seem potentially profitable.
Anywho I'm reading the Ultimate Beginners Guide on BP. I am also practicing valuing listings I find on Zillow using a Proforma spreadsheet.
Hello to all, thanks for this community...and I'm excited to learn!
As a recent beginner myself, I'd recommend starting with single family and slowing working up from there
As primary residence? Or asset? I figure if primary a mortgage around here is less than 50% pf rent. However, no one but me is gonna wanna invest in my primary...and I have about $1000. Although my wife has an IRA with a good amount of bread in there.
As a recent beginner myself, I'd recommend starting with single family and slowing working up from there
As primary residence? Or asset? I figure if primary a mortgage around here is less than 50% pf rent. However, no one but me is gonna wanna invest in my primary...and I have about $1000. Although my wife has an IRA with a good amount of bread in there.
Hello:
There are lots of options. I recommend finding the local real estate investors meetings near you. Check the FLORIDA forums here and try the MEETUP app for your phone. If you enter REI as your interest you will get all the local meetings.
There are great people at those meeting who can advise you and give you lots of great ideas on how to proceed.
Congrats on your decision. ABC's & RDPD are both great books. I also highly recommend LOOPHOLES OF REAL ESTATE.
You have plenty of options to start investing, even with little or no money. You will find plenty of info here!
Bob
Thanks Bob. Could you tip me in the right direction concerning options? More specifics appreciated.
Hello:
Well, as I am sure you gleaned from RDPD, start living below your means to save up as much money as possible every month.
Also, wholesaling is something you can do with very little money (although it's not easy and you need to get some advice). Maybe you could find a wholesaling mentor here or at the meetings. They might be willing to take you under their wings on a deal in return for work on your part finding them/working them/etc.
The same mentor plan could work for other types of deals. You offer to work in return for either learning, partnering or both.
@Nick Peraino, welcome to BP and hopefully I'll see you at one of the local REIA meetings!
You're local...awesome! I've reached out to Pensacola Investors Guild but haven't heard back or got anyone on the phone. Please let me know where to find out about said meetings, any related websites etc... I'll try calling you tomorrow for a quick chat. Thanks in advance William!
Rental Property Investor · Pensacola, FL · Member since 2017 · 64 posts · 14 votes
9y
I went to a meeting. It was great! I'm now a member and am preparing for my first wholesale deal. Lotta stuff to learn... A LOT. But, I think I am almost ready to get my feet wet and learn by experience. I'm in analysis paralysis... but I think it's definitely necessary for a newbie to calculate and proceed with healthy caution.