New with no clue where to start

7 Replies

Hello BP family. I am so happy to have found what looks to be like a great place to learn the ins and outs of real estate investing. I found this on YouTube yesterday (after a lot of filtering) and was impressed. 

So I'm new to this. From Tampa, FL but currently in Woodbridge, VA for about 6 months then back to FL where I want to invest. I have a long term goal of income producing properties, but have no clue where to start for the short term and if I can start outside of FL while in VA.

Any thoughts?

Hi Alisa, you can absolutely start while you're in VA, as you can buy investment properties in whatever state you choose. I think the best thing to do in the beginning is to figure out your finances. Otherwise, you're just going shopping without your wallet. Figure out how you want to go about buying your investments. Are you financing, paying cash, types of loans, private lenders, etc. Do you need to get your credit better in order to finance something? Do you need to save more money so you have more cash available? Just some things to get you thinking.

@Alisa Boderick

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Wishing you the best!

@Alisa Boderick Congrats on finding BP.  I found it about a year ago.  I would recommend listening to all of their podcasts.  OK, you don't need to listen to them all.  If you hit 70-80 of them you get most of the concepts.  What you get by listening to them all is what changed from the "goldmine" days of investing in 2011-12 and today.  I lived in FL for 17 years (3 in Tampa) so I am a bit familiar.

While listening to podcasts, please write down the names of all the books they recommend. I've read about 30-40 of them so far.  They are great for either motivation or tactical details.  Definitely get Rich Dad Poor Dad if you have not already read it, and also cash flow quadrant.  Then, I would get one of the more recent books related to taxes wrt real estate--lots of great info that few people know about.  Then, I would listen for info about cash reserves so you can figure how much you need based on your tolerances.

And of course, ask questions and review the forums for issues and answers from others.

I bought my first property last July on the other side of the country.  One thing I can say is you need to have a good team (realtor, property manager, and handyman) in the area if you are investing remotely.

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