Where the hell do I start

17 Replies

I am ready to begin investing but there are so many options and ways to do so. I am completely remodeling my private residence now so I think I could do the work on at least one flip to maybe get started. But then buy and hold sounds appealing too. Then I think I need to partner with someone to take the stress of finances off a bit. Then I think I need to find a mentor. Then I go back and forth on how to finance. There are so many ways to do this business that work. I am ready to take the plunge and buy that first property. I just have so many unanswered questions. Anyone else feel this way when they started?

I think almost everybody feels that way on their first property. I know I did. What will help take the edge off is to make sure you find a good deal, but you gotta jump! You can't fly if you don't jump.

@Shane Albert Yup, you're in the same boat most people are.  You could always try the inverse of what you're doing right now.  Just start crossing things off of the list that you don't want to do.  If you don't want to visit out-of-state properties, nix that.  If you don't want to pay a property management company, nix that.  You'll at least be left with a narrow(er) group of options.  Those options could allow you to "go it alone" financially or they all might require you to get a partner.  So if you don't figure out what direction you want to go at least start with crossing off the destinations that don't have any appeal.

LOL. I love the title. Can't tell you how many times that thought has come across my mind in all facets of life in my life :)

You are in a small town in the middle of nowhere. Kind of like me. Start with a small, inexpensive single-family buy and hold. Run the numbers (use the BP calculators, or post up on here). Rent it out for a year. In the process you'll probably do a little rehab, you'll do some marketing, and you'll make some money. You'll interface with agents and contractors and tenants. You'll "get your feet wet", so to speak, in a low-risk situation. Then figure out what you want to do. If you like doing rentals, buy more, or scale up to multi-family, or look in other areas. If you don't, but you liked the process of getting it ready, aim for flips or rehabs. Or maybe you want to become an agent. 

Awesome stuff. I like the idea of starting small and checking things off that I know I don't want to do. Like out of state and things like that. Did any of you start out with a mentor or did you ride the coat tails of a professional. I know few people in the business so BP is my go to place right now.

I think a lot of people feel that way! It's the time of exploring options. Can be a fun time, although frustrating if it feels overwhelming.

The best thing anyone can do is to learn about the different strategy options and determine which one best fits their goals. Check this out-

https://www.biggerpockets.com/renewsblog/2013/10/2...

Hope that helps as you get started!

That's an awesome feeling isn't it? It just means you are hungry and determine to seek out all the answers that you need. Enjoy the journey of Real Estate investing. 

Shane
Welcome! You're not the only one! I'm in the Chicago area! Looking to network, brainstorm & grow my business! I just joined a great nationwide group of investors that are absolutely KILLING IT! I'm pretty excited from what I've seen so far & to be earning & learning from the best in the biz! Message me, let's make some $$! 
Steve

@Shane Albert I have a friend that is in the Chicago area, he has some properties in your area (now up to 21). He is KILLING it! I may start looking to invest out his way, only because I know him, and he KNOWS that market. I live in FL and have not found the market that I am looking for just yet. I also recommend that you find a local REIA and attend the meetings, start networking locally, and getting a feel for the market, and what people are doing. There are like minded people in your backyard!

I'm about an hour and forty five minutes to two hours from Arlington heights. I am in a smaller rural community of 16k people. Not sure that I want to jump into the big money that is the Chicago area yet but eager as can be to learn.

I would say, begin with the end in mind! Why do you want to invest anyway? Ask yourself why at least 5 times. For example, "Why do I want to invest in real estate? So I can make some Money!---Why? So I can pay off my student loans and relieve some of the financial pressure.---Why?  Because I want to enjoy more time with my family and not worry about money.---Why? Because life is about more than just money and I want to experience everything.... etc."  

You get the picture. This sort of reflection might help you realize what you really want and then that might help you decide what real estate investing vehicle can get you there. It worked pretty well for me.

Welcome! And good luck.

@Shane Albert Everyone feels like that, i'm a new investor as well working on our first flip. I suggest you just start cold calling agents in your area, finding a great agent who understands what you want to do is critical. Our agent found us our first deal pretty quickly and it was a pocket deal within his company. 

Good luck!

Originally posted by @Shane Albert :

I am ready to begin investing but there are so many options and ways to do so. I am completely remodeling my private residence now so I think I could do the work on at least one flip to maybe get started. But then buy and hold sounds appealing too. Then I think I need to partner with someone to take the stress of finances off a bit. Then I think I need to find a mentor. Then I go back and forth on how to finance. There are so many ways to do this business that work. I am ready to take the plunge and buy that first property. I just have so many unanswered questions. Anyone else feel this way when they started?

 Welcome aboard Shane.

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