Just getting started in REI

5 Replies

Hello BP! My name is Cory, im 30 years old and im pretty much brand new to the real estate world. Ive been doing a large amount of research on where i should get started. Im not sure how but i just found bp a few days ago, and i have to say im loving all the information. So my goals are, i would like to start with wholesale/flipping/rehab. Then eventually evolve into doing vacation rentals. I should have approximately 50k in cash capital in the next 1-2 months. If i could ask, does anyone have any advice as to where i should start? Do i need to get an ien before starting? Any advice would be much appreciated! Thank you in advance!

If you are wholesaling or fix and flip you need an EIN for your schedule C business. Buy and hold rentals use your own ssn.

My advice is to buy cheap rentals. Buy, fix, rent.

Hello! @Cory Sullivan

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 :)

Hi Cory, I definitely think that learning the basics about all of the different niches would serve you very well. You can then be more confident in knowing that the steps you are taking are ultimately in an area that you enjoy and can envision personal fulfillment in. Be careful of the education trap though! Just follow the 80/20 rule, you'll never have 100% of the information you'd like to have.

I'd also highly recommend keeping relationships as in your top 3 if not #1 spot of priorities in terms of getting started. Real estate lives and dies on relationships, and the right people can truly accelerate your progress. Fortunately, this industry is chock full of kind-hearted people. Though we have different goals, we all believe real estate can help us achieve them. Join the journey, link some arms, and run the race with others.

Feel free to DM me if you have any more questions or just want to "talk shop". Always happy to connect!

Before jumping into products or targets,

I would suggest setting up a solid base.

For me that means:

- LLC/inc. in tax favorable state

- 800 FICO / 80 PAYDEX

- $100K in untapped personal credit

- $100K to a million in EIN/LLC/DUNS untapped credit

ONLY THEN look around, research the market,

and jump when your brain/gut/heart align.

Today Zillow dropped 20%, California/NYC offers are down 25%,

Australia/China/Canada are down 20-40% depending on the data...

Save your hard earned $50K for the right moment with a strong base!

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