Hey everybody. My name is Paul Schaefer. I am 37 years old & live in Memphis, TN. I am looking to purchase my first investment property. I want to start out fixing & flipping then eventually get into renting.
I have started the loan preapproval process, am currently reading the Ultimate Beginner’s Guide on BP, plan to upgrade to Pro so I can use the calculators, & plan on contacting a real estate agent today. Are there any other tips or advice you could give a newb to get started?
Thanks everyone & I look forward to learning more on BP!
Hey @Paul Schaefer , welcome to BiggerPockets! You have come to the right place to get the education and make the connections you need to be a successful real estate investor! I would advise that you find someone local that is doing what you want to do and add value to them or their business. Build authentic relationships and over time you will find a mentor. I thin you need a mentor, someone who is an ACTIVE real estate investor in the same market you want to invest in!
Also, digest as much information as you can via the forums, podcast, books etc. Learn as much as you can! Let me know if I can help you in anyway!
@Stephen Akindona , thanks so much for the advice!
Hey no problem @Senthilvelrajan Kumaresan ! Thanks for your kind words!
I've met some of the agents at Crestcore Reatly in Memphis. I haven't used them to do any transactions but they are highly knowledgable about the market and understand historical trends. They did a video you should check out that details pros/cons of several Memphis zipcodes depending on your desired level of involvement in managing the day to day. I'm sure you know Memphis quite well but may still find some good advice from a real estate perspective.
@Pamela Villa we had a terrible experience with Crestcore and so have others on the forum. We’ve never purchased property from them but we’ve looked at homes and walked away just because they’re attached to it in some way, shape, or form.
This is solely our opinion but we feel they’re one of the most dishonest groups in Memphis. We’ve found instances where their agents will push a property on BP and then in a separate post they talk about how terrible that specific area is... in our eyes that’s bad business. We wouldn’t recommend Crestcore whatsoever and we wouldn’t consider them a good honest source either. This is our opinion, and solely based off of our experience and the amount of negative experiences we’ve found that others have also had.
Hey @Paul Schaefer , I'll echo everyone else who has posted a reply on welcoming you to BP. I just got on board back in July. I reside in California but just purchased my first investment property in Pittsburgh, PA a few months ago and I'm in the middle of the Rehab process of the BRRRR Strategy.
I did the same thing with reading the Ultimate Beginner's Guide and then some forum posts along with David Green's Long Distance Real Estate Investment Book and Rich Dad, Poor Dad. I'd say always be reading something at the pace you are comfortable with. Ask questions on BP and find other professionals in your area or the area you plan on investing and pick their brains. Start building relationships by reaching out and seeing who you are comfortable with. Start Analyzing deals ASAP. Then find one that makes sense for you and pull the trigger. I'm anxious to get my second deal going as I feel deal 1 and deal 2 are probably the most difficult.
Welcome to BP! Since you are a local investor here in Memphis, you will have some advantages that other investors don't have. You will be a little more familiar to the areas and where to stay away from. As you know, Memphis values can change from street to street. To better familiarize yourself, you can go to any of the local R.E. investor meet ups and start to connect with people that will help your business.
There are may areas that you can flip a property in but be sure you get some good info on the front end. Interview a couple of real estate agents and ask them if they personally own investment real estate. That way, they are thinking just like you are and need to be as you grow your business. I'm happy to answer any questions you may have on my personal real estate investing in Memphis and share my vendor partners that I personally use so you can add them to your interview list.
Best of luck here in Memphis!
Congrats and welcome to Bigger Pockets. I wish you the best in your endeavor.
Hey @Paul Schaefer You're invited to meet up at my weekly meet up. Would be happy to talk with you there personally and give you some advice on how to get started and how I got started 4 years ago.
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