I am a Complete Beginner

8 Replies

@Jermaine Reyes

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

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Use the Bigger Pockets glossary to learn more about real estate terms that may be new to you: https://www.biggerpockets.com/rei/glossary

Alerts can be really helpful too: http://www.biggerpockets.com/alerts

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

@Jermaine Reyes Welcome to BP, this is a great resource to get started learning.

My only caution is to make sure you aren't approaching this with the mindset that "I'm going to do X (Flip Houses)".. with no knowledge or experience. I know that's not what you're saying but pulling from my own experience I always said flipping is a terrible investment option (Before I knew anything, and I had zero real estate experience). Then I was working to learn everything I could in real estate, taking advantage of opportunities around me to add value to smart people and worked my way into a job with a local flipper. Then I understand the value of Flipping, and I got a good surface level understanding of project managing a flip. I said I would only do multi-family buy and holds for my personal investments, and then my then girlfriend refused to live in a multi so we bought a foreclosure and completed a live-in flip... this story goes on and on and I'm still learning about how wrong I am. But my main point is even though I said these things I didn't live my life with a mindset of I will only do X. I kept working hard, learning everything I can and taking advantage of opportunities to acquire career capital.

You don't know what you don't know yet. And your best option is whatever path allows you to learn from someone local and successful where you can help them and add value to their goals. This pursuit will allow you to acquire career capital. I owe everything to BP but the only potential problem with everything on BP is the result of such great information leaves many thinking that the paths described by podcast guests are THE paths. Keep in mind these are clips of their life, trying to cover the bullet-points and their real life story is filled with many more potholes and mis-steps..

Keep working, seeking experience and acquiring career capital.

I hope this helps, I strongly encourage reading So Good They Can't Ignore You by Cal Newport

Best,

Ryan

Read as much as possible and listen to many podcasts.  Also find a local flipper or mentor and follow them around for a few flips.  Flipping is impossible without a great team around you and lots of experience and knowledge.  I learned the ropes and invested in flips for 10 years before I could do it on my own.  Then another 10 years of flipping on my own and with partners before I became an expert.  Like any other high earning profession or sport, it takes about 10,000 hours of experience and learning to become good at it.  

BP has some great resources just within itself in addition to the forums - check-out the tools and bookstore tabs.
Set-up your keyword alerts so you can be notified of trending forum topic discussions that are within your scope of interest, for example "fix-and-flip" "rehab" "flipping" "BRRRR"

Also, you can start learning the lingo: https://www.biggerpockets.com/rei/glossary

Best of luck to you as you start your efforts in REI!

Originally posted by @Jermaine Reyes :

I am new to the Idea of getting into Real Estate and I am thinking about House Flipping but I do not know any Real Estate Lingo. What Does Bigger Pockets have that that give information on understanding Real Estate for beginners.

 Everything you could ever need to get started is right here on BiggerPockets. Read the blog, ask questions in the forums and watch the podcast. If you put it all into action you will most likely be successful.

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