Entering BP - Need Help In Getting Started

8 Replies

Hi All

I am new to BP from Fremont, CA. I am software engineer looking into invest in Single Family Homes with a decent ROI. My primary areas of interest would in the states of Texas, Denver, Raleigh etc and any other valuable properties at other states as well.

Please advice me in getting started and I hope to get great advices from you all.

Thanks

Koushik

Narrowing down to only one or two markets is probably going to be a first step, another will be clearly defining what you mean by a "decent ROI" this will help determine what is realistic and what your expectations should be.

Thanks Aaron. How do you narrow down on a single market ?  I live in CA and apart from CA, I hardly have any info. about real estate in other states.  I would want to start investing low before expanding my investment. 

I am looking to start investing 20k-30k dollars(Rest in loan), and looking for a monthly profits of $500. Not sure if that makes sense.

You would most likely look for a growing market, with low unemployment, in an area that has homes that you like the location and quality of for the price that you want to pay, if a particular market doesn't have these things move on to the next.  After that you can consider ease of access or taxes etc. (things that make your life easier but aren't the most important.

Location is something which will come up with enough research. Some of the things you might want to consider are things are state laws (How much in favor of the owner), taxes and economy of the place. With that said there are a few markets - Austin, Raleigh among other places. I am in a similar boat w r t requirements. hit me up if you wanna chat.

@Koushik Ananthasayanam  Raleigh and surrounding area is a great place to invest with growing market, great schools, in-flow of jobs and weather to not say the least. The challenge I see would be the home price with an investor needing to put  25% down to get good rates. We don't have anything at the price point you might be looking with $30K as down. Also realistically speaking in our market to be able to net $500/ month after all expenses ( including property management ) might be a very rare if not impossible scenario IMO.

Having said that, if you are good to invest on a purchase price of $210K to $250K we would be a great place. Homes are appreciating very fast. Our market is also very hot and homes stay in the market a few days only for receiving multiple competing offers. 

Send me an inbox if you would like to discuss this market further.

Hello! @Koushik Ananthasayanam

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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