Newbie from Brooklyn, NY

11 Replies

Good evening fellow BP community,

My name is Christian Ortega and I have made the decision to embark on a journey to financial freedom through Real Estate Investing. I'm novice to the industry and have taken the initiative to reach out to my personal network for a 101 on Real Estate. To no surprise, a common reoccurring suggestion was to sign up to BP, take the webnairs and start listening to the BP podcast. And you guessed it, I'm learning a lot! I've also taken a Fortune Builders 3-day workshop to add to my education. I am reaching out to the community to start healthy dialogues with investors, BP members and anyone willing to offer a helping hand with advice in securing my first deal.

My goals are simple for now and I'm sure will grow with experience. In two years, I want to have enough assets paying off a car lease and rent for an apartment. In five years, I want to have enough assets to purchase a condo and have the mortgage paid with consistent cash flow. In ten years, I want to retire from the rat race and live off and build my Real Estate assets.

I know that this will take hard work, I know that there will be bumps on the road, I know this will be a journey that will test me but I welcome it all. I like to work hard, it is how I'm built. My goal here is to build a foundation, a network, resources and give back when necessary. However, to get there I need help. So to start off, I have two simple and direct questions for veteran/seasoned real estate investors and BP members:

1) How long was your learning curve before you took action on securing your first deal?

2) Is it better to create an LLC prior to securing your first deal?

Looking forward to the responses.

Thank you to those who took the time to read the post and an extra thank you to those who respond. 

-Christian

@Christian Ortega

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Wishing you the best!

Welcome to BP..

Concerning your questions it took me a little over a year purchasing my first REI Property.. What took some time was picking my market after realizing my local market is not the best place to start my journey. Creating a LLC is optional To sum it up if you want the best financing you need to purchase in your name if its a SFH or 2-4 Unit property.. Anything Commercial is done with a Biz Entity..

Im Not Familiar with this Fortune Builders Workshop, just be aware there are a lot of Gurus out there that will be happy to take your hard earn $$$. $$$ that you can use for your first deal.. I understand everyone is different and some are looking for a Mentor, Guru or someone to guide them thru this Journey the reality its not needed its optional. Most of what a Gurus or a thousand $$$ Workshop can provide is available in books or online for a minimum or no cost.. Going to meetups and talking to other investors might be best use of your time..

Best of luck!!

@Dmitriy Fomichenko thank you for your feedback. I have already read the Beginner's Guide, it was the first piece of literature I read to start my education. Love the podcast and just absorbing as much info as possible. I will work on connecting with fellow BP members. Networking is one of my exceptional skill sets. Thanks! 

@Raul R. thanks for your response. I'm in the same boat, the local market is the best place to start so I'm doing research on where to start. Right now I have a strong interest in mobile homes and mobile home parks. From what I've learned, the cash on cash ROI is the highest amongst all REI deals. I want to flip and rent a few mobile homes, which is why I asked the LLC question so I appreciate your feedback on that inquiry.

I've noticed that some of these gurus lack integrity when "helping" folks learn about REI. I have invested a good amount of cash already in learning courses and I think I'm done with it. I'm hearing a lot of common information on BP whether its podcasts, articles, youtube videos or books. I will be attending my first REI meetup on Monday so I'm excited to work the room.

Originally posted by @Christian Ortega :

Good evening fellow BP community,

My name is Christian Ortega and I have made the decision to embark on a journey to financial freedom through Real Estate Investing. I'm novice to the industry and have taken the initiative to reach out to my personal network for a 101 on Real Estate. To no surprise, a common reoccurring suggestion was to sign up to BP, take the webnairs and start listening to the BP podcast. And you guessed it, I'm learning a lot! I've also taken a Fortune Builders 3-day workshop to add to my education. I am reaching out to the community to start healthy dialogues with investors, BP members and anyone willing to offer a helping hand with advice in securing my first deal. 

My goals are simple for now and I'm sure will grow with experience. In two years, I want to have enough assets paying off a car lease and rent for an apartment. In five years, I want to have enough assets to purchase a condo and have the mortgage paid with consistent cash flow. In ten years, I want to retire from the rat race and live off and build my Real Estate assets.

I know that this will take hard work, I know that there will be bumps on the road, I know this will be a journey that will test me but I welcome it all. I like to work hard, it is how I'm built. My goal here is to build a foundation, a network, resources and give back when necessary. However, to get there I need help. So to start off, I have two simple and direct questions for veteran/seasoned real estate investors and BP members:

1) How long was your learning curve before you took action on securing your first deal?

2) Is it better to create an LLC prior to securing your first deal?

Looking forward to the responses.

Thank you to those who took the time to read the post and an extra thank you to those who respond. 

-Christian

 Welcome aboard Christian.

@Christian Ortega , there is a vibrant community of Mobile Home Park investors in the NYC metro.  Given that you’re local to the area, I strongly recommend that you get involved with the MHP Tribe, a local meetup of interested MHP owner/operator/investors.  The last meeting was on Thursday and we meet approximately monthly—sometimes in person and other times virtually.  

Below is a link to the event page.  I strongly suggest that you sign up on Meetup to stay current on the latest meeting dates/times.  It’s also worth connecting with @Ekaterina Stepanova who leads the group.  I look forward to meeting you at one of the sessions.

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