Just getting started

16 Replies

Hello everyone! I am 100% a noob to RE, but I’ve been listening to the BP podcast and I can’t get enough. I’ve been doing some research on my own for RE but I am always wanting any tips and tricks anyone will share.

I look forward to getting to know as many of you as I can.

Good luck. I am new also and just finished my first deal. It is a lot of hard work but I feel amazing right now. 

My advice is, it is better to have tried and failed then to not have tried and always wonder what if.

@Thomas Maggio

Good morning! That is good advice!! Right now I’m looking at properties around town and getting practice analyzing them. The trouble I’m having is that there is nothing that even hits the 1% rule, let alone the 2% rule... is that just something that isn’t doable in the larger cities?

@Patrick Stuckwish You were 100% noob but now it's less. Congrats on starting the journey. It's a long one. When I first started out I read a few books, listen(ed) to the podcast, and researched my market. I set some criteria (locations, price point, property condition, size) and focused on that. It was about 2 years before I purchased anything. In my opinion I see people trying to "learn" wholesale, commercial, JV , multi-family, bla bla bla, that never works. The market is high, deals are hard to find, and risk is even higher so I'm paying it safe. That's just me. I would focus on your niche and master it before trying new stuff.

PS: Have you installed a shower niche? It's not that hard. Good luck man. 

@Jaron Walling

Thanks Jaron! I think shower nitches are a good idea for any shower.... do little things like that allow the rent to be higher, or is it just something good to do for the property?

I agree, and the area I really want to learn is buy and sell. I don’t care about the fast money, I really want financial security for my future. I even have an area of town a buddy of mine recommended, he has 6 single family homes in that area.

I’m not sure if I prefer turn-key or finding the property and then finding the tenant after... any suggestions?

@Patrick Stuckwish

Welcome to the BP family! Good to have you here!

Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Wishing you the best!

@Jaron Walling

That’s a great start!

I recently found two of my friends are doing real estate. One has 6 properties and the other is currently flipping a house and looking to open a mobile home park.... I told them both that I’d look around and let them know if I found any good deals, do you, or anyone else, have any ideas of how to structure this deal, or should I just do it for experience and build my rep with them. Then I would talk about partnering with them in future properties?

If your friends are experienced and know the market they should recognize a good deal. Find a deal and get it under contract. Give yourself time for due diligence  (inspections, show your investor friends,...) and see what happens. Worse case you back out of the contract and learn something valuable. You have the fuel and just need the spark. 

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