my name is Adonis Hernandez new to real estate investing world. I am seeking advise/network with people that would be willing to share some basic knowledge about this topic. after trying to reach to too many people that are doing great in the business for for basic knowledge and not have any success with it I decided to post here wish I think I should have done this while ago.
like I mentioned above my name is Adonis Hernandez and I live in Phoenix Az.
Where should I start ?
Fix and flip
buy and hold
let me know what you guys think! I would be happy to network and help each other!!
The first area I would start is setting up a business entity either an LLC or some other kind. This will help separate your business liabilities from personal and if you ever have business trouble it won't be attached to your personal. As far as the real estate side goes, wholesaling is a great place if you don't have a lot of money. Buying a list of properties that are unoccupied or driving for dollars are great ways to find properties you could wholesale to other investors and do either a double close or assignment fee and is cheaper then purchasing a house to flip or hold. But I would definitely start out with setting up a business entity to protect your personal stuff from anything that could arise on the business side and most hard money lenders want you to have one set up for their lending purposes, at least most of the ones I've talked to do.
Hope this helps and welcome to the club!!
Hey Adonis! Welcome to BiggerPockets! You're in the right place!
First, you should probably check out these two book in the BiggerPockets store to help you get started on your real estate investing journey:
Both buy and hold and fix and flip are going to require some money to get started. You can partner up with others, and do more creative financing deals if you're short on cash.
Wholesaling might be a place to start, and if so you'll want to do a TON of research on here to learn the business. And that's the thing to remember... it's a business, not a hobby. Treat it like a business and it will pay you like a business... treat it like a hobby and it will pay you like a hobby. Same goes for the other two forms of investing above.
Also, listen to the podcasts... they're packed full of helpful information and will help get your investing IQ up to par very quickly.
Lastly, you can always consider buying your own house. It may not be as sexy as other investing strategies, but it's still an investment. You can live in it for a few years after putting very little down, and then move out and put in a renter and now you just your first rental property for as little as 3.5% down with an FHA loan.
Lots to consider, lots to learn... if you get stuck or want to pick the brain of somebody local in the market who deals with real estate every day, feel free to reach out. Best of luck!
@Adonis Hernandez congrats to your decision on wanting to focus on real estate as a vehicle to reach more financial liberty and thus freedom of choice.
- Learn so you can make an educated decision.
- Get a mentor to speed up the process.
It’s evident that you’ll still need to invest into yourself, your knowledge base and real estate education before you or your friends and family can feel confident to invest in you and real estate.
That said there is a ton of free information and education here on the blogs and podcasts to keep you busy for the rest of tour life.
I also recommend finding a mentor to keep you focused, accountable to your commitments and goals, on track and to help you increase your learning curve and shorten your timeline to success.
There are many mentors here on BP, podcasts, YouTube and the net that this community will refer to you, I’m sure. Everyone has their favorites.
Wes Blackwell !
Hey thanks so much for the advise I know that as entrepreneurs time is really valuable thanks much!
Ken!! I appreciate it man thanks
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