New to BP! What Advice Can You Share?

9 Replies

Hello! My husband and I are new to BP. We are spending a few months trying to learn as much as possible about real estate investing before buying our first rental property this spring. So far, we've been listening to a lot of Bigger Pockets, along with a variety of other podcasts and youtube channels. We've also read several books on the topic, started familiarizing ourselves with the communities we plan to invest in, and calling to get more information on homes "for rent" and "for sale" in our area. Additionally, I have started to identify vacant properties in our area and started calculating practice deals so I can learn what metrics are important. 

What else can you recommend for us to do to learn as much as possible in the upcoming months? 

Are there any books, podcasts, videos, etc. that you found especially helpful in your investment journey? 

And, most importantly, what do you wish you knew when you started investing in real estate that you know now? 

Welcome, Hannah! Sounds like you have a solid plan for your real estate investment journey. So glad you've already plugged into the Bigger Pockets podcast - that was a huge source of education for me when I first started.

If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.) I'm not sure what your financing strategy is for your early phases, but it will save you time and money in the long run if you're familiar with all your options now. And be sure to check with folks other than your family banker (where you carry all your accounts) - you'd be surprised how much price / term shopping can save you on each deal. 

Best of luck to you and I look forward to following your journey!

@Hannah Bowers

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Wishing you the best!

Sounds like you are doing a lot of the important things to prepare yourselves. I think the Podcasts are a great way to learn, take note that many of the investors that are interviewed every week recommend a lot of the same things. This shows that it is all about a system. 

The other important item that I would suggest is building a good team around you. Connect with Realtors, Lenders, Banks, Inspectors, Real Estate Attorneys, Title Companies, Contractors, Suppliers, etc... So you are prepared once things get rolling. Also, always have a Plan B, and C because not much goes according to plan! 

Good Luck on your Real Estate Journey! Aaron

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