22 years old and ready to learn more about investing. I am super interested in multi-family homes/units & commercial. I own a painting company here in Albany, OR (PJs Precision Painting LLC) and have been steady flowing since i started up. I am now looking to invest my money back into real estate and know i have much to learn, don't hesitate to reach out and strike a conversation i love to learn!🤙🏻
Hey Parker, welcome!! My advice would be to listen to as many of the podcasts as you can, read everything you can get your hands on, use the BP guides and search the forums. Most likely any of the questions you come up with have already been answered. If you are really serious and ready to commit, the Pro Membership is a fantastic value. I used the calculators over 100 times the first 24 hours I had my Pro Membership alone. Also, since you have a painting business I would HIGHLY recommend going to local REIA's and networking on BP and find people who are doing what you want to do and offer to trade painting in exchange to learn from them. You have a great skill you can leverage in our industry, if I were you I would put it to use. If you get stuck on something after you've already done your research don't hesitate to reach out to me or the community. Good luck!!
PS. My favorite book for multifamily investing is Ken McElroy's "ABC's of Real Estate Investing"
@Parker Judd your on the right track by being active on BP! Try and spend as much time as possible with like minded people that will help you learn and keep your motivation high! Good Luck!
@Trent Stone Thanks man! Great input and never even thought of that so thank you. Yes i am serious, i just started listening to podcasts while working today and loved them. I’ll check out all they have to offer soon🙌🏼
Welcome to the BP family! Good to have you here!
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Wishing you the best!
@Parker Judd you are very welcome. The podcast is fantastic. Also, don't forget to read "Rich Dad, Poor Dad" if you haven't already, I think it's illegal to invest unless you've read it lol.
Hey @Parker Judd
Welcome to the BP community! I second everything that has already been said thus far, especially the advice about surrounding yourself with other investors in your community. REIA is a great organization where investors come together to learn and network with each other. If your area's REIA is anything like ours, there are a ton of heavy-hitters who attend (both residential and commercial investors). They have a wealth of knowledge they're often eager to share with younger investors; especially if they're serious about taking action. Along with that, one of the best ways to start investing in multi-family properties is through a technique called "house-hacking". It's talked about at length in many of the podcast episodes but essentially you purchase a small multifamily property (2-4 units), live in one of the units and rent out the others. The benefits of this method are that you significantly subsidize your living expenses, you're able to qualify for owner-occupied financing (i.e. 3.5% down (FHA) or 5% down conventional), and you gain experience being a landlord for the first time. I purchased a 4-plex in Louisville which I've been house hacking since March. If you have any questions about the process, don't hesitate to reach out.
To learn how to evaluate potential deals, I highly recommend you read "The book on rental property investing" by Brandon Turner. He lays the exact formulas you need to follow in order to determine if an opportunity is a good deal or not. Along with that, I HIGHLY recommend you read "Set for Life" by Scott Trench. It's easily one of my favorite personal finance books and it's extremely applicable to someone just starting out in their career (i.e. 18-25 years of age). Hope this helps.
All the best,
@Raphael Collazo Very helpful. Thank you. I look forward to see what the future holds. Yes i have read that book! i am reading the straight path by Kris Kron right now, he focuses in on living in your first rental like you said then building your way up. So far love the book.
Thanks for reaching out!
@Dmitriy Fomichenko Thank you! I will check it out!
We’re both on same page it looks like. I own a painting company in NJ and am trying to get started in RE investing
@Matt Vesper Hey what areas are you looking to invest in?
@Romeo Kaado ideally I’d like to invest in Cape May county but if I found the right multi family I’d consider other areas
@Matt Vesper I'm an agent in Central NJ, are you only looking in South Jersey areas?
@Romeo Kaado south and central. Willing to go where the money is
@Matt Vesper @Romeo Kaado
Hey guys! I am a flipper in central NJ. Are there any REIA's you attend??
@Robert Khalev is like to attend SJREIA but I work 7 days a week currently. Maybe after the season slows down I will have a chance to get up there (cherry hill area) but it’s an hours or so drive for me currently and I just don’t have room in my current schedule
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