Young investor couple starting out! Hello Everyone!

Ajax, Ontario · Member since 2013 · 3 posts · 0 votes

Hey all,

Just wanted to introduce myself. I'm Nick, and my fiancee and I have opened our eyes to real estate investing. We are currently looking for a house to live in this year, which is our first goal. We plan on getting involved in some rental properties after we are settled in. We just took a Rich Dad 3 day course, which we found beneficial but also left feeling like there is so much more to learn. We also werent willing to pay up to $60,000 to learn from them when there are great resources such as these forums.

We are located in the Toronto area in Ontario, Canada. It would be great to start gathering some contacts from our area. If any of you are from around here, msg me!

Anyhow, looks like I have a lot of reading to do, there is a lot of great info on here.

Thanks in advance and glad to be here!

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William Bannister

Commercial Landlord · Oshkosh, WI · Member since 2013 · 299 posts · 88 votes

13y

Im with Brandon on the matter of education. There is plenty of free data in the field of real estate investing out there. .I also agree with Will
People in this business do a disservice when they break out snake oil and try to slip you a bill for 60k and say they will get you rich. I like Kiyosakis book's and rich dad poor dad is a nice starter book for those just getting introduced to teh world of personal finance... but thats about as far as I would trust him. I would give him the cost of a 20 dollar book thats it!
BTW for the record 60k would buy you into an apt building that could free you from a job for the rest of your life.
Why do i know that? 12 years ago I was able to quit my job when I entered into a large apt building deal that cost me 35k for my part to get in. For 12 years i have been getting checks for between 1800 and 2200 a month on that deal. It caused me to leave a 18 dollar an hour job in a factory I was working. I still had to do some management on my apts but I was no longer working punching a clock.
I had other property before i entered into that deal. I had built up a portfolio of sfh and duplexes and smaller apt buildings before entering into the larger complex.
Experience you gain before doing deals happens here in forums like this when you read about it and watch others at it share with you.
People come here share questions and experienced investors give input. Its like having a your own private board meet for your business.
Those that contribute in here I can tell want to help others they enjoy the social professional connections they get and as one guy said it sure beats Facebook.
You can read all the books in the library for free and there investment section is large! The always have a lot on real estate investing and you pay only late fees;) I spend a lot of time in libraries and I borrow books from other libraries. Stuff in fresh print if I must have it now I might spend 3 hours at a Barnes and Nobles over a cup of coffee reading . Occasionally I break down and buy a book if its 500 pages and I cant read it fast enough.
I have bought a few courses but I stay away from any high priced boot camps. You can take courses that move you in the direction of getting a brokers license i love those classes because they teach real estate law and how to deal with clients. for example even studying for realtor license much can be obtained free and library. Law books are in some libraries as well. Also lets not forget how great it is just to google something.

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
13y
Welcome!

What type of real estate are looking to invest in??
They wanted 60,000???? WOW

Simply bring deals here and people will help out.
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Jennifer Lee
Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
13y
we lived in our flip, just buy it knowing you are going to unload it! don't fall in love, don't personalize. we built equity and sold it quickly by staging with our own furniture. our first home turned into a buy- hold is now a rental with great return because of location location location!!!! buy at right price, location location location. we didn't have much capital to start so we did 1 deal every 2-3yrs. so good luck. only now 10 years later and having investors behind me i am more active
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Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
13y
Welcome to BiggerPockets Nick Koleros! I firmly believe (and I'm not just saying this cause I'm the community manager here) that BiggerPockets has more information for free than every guru course ever made, combined. Combine that with the networking, dealmaking, and motivation you get on the forums - you can't beat it!
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Sabrina Laplante
Real Estate Investor · Squaw Valley, CA · Member since 2012 · 101 posts · 17 votes
13y
Welcome, always great to have other young investors starting on their path to freedom! I as well went to one of those Rich Dad classes, but left with the info I received for free, and found much cheaper stuff here. Yes, nothing beats free! Best of luck to you both, and enjoy this site!!
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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Rich dad and many courses like it are traps to removing cash from your account to theirs, be careful and do not fall for the trap.

Oh, and welcome to BP Nation, home of the real world education from those actually doing it for a living!
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Nick Koleros
OP
Ajax, Ontario · Member since 2013 · 3 posts · 0 votes
13y
Thanks for the warm welcome! I'm looking forward reading about some of your successes. Our first house will definitely be looked at as an investment. While looking at homes we keep in mind that resale is always a priority, so location location location, and of course it must have potential to create more equity.
0 Reply
William Bannister
Commercial Landlord · Oshkosh, WI · Member since 2013 · 299 posts · 88 votes
13y
Im with Brandon on the matter of education. There is plenty of free data in the field of real estate investing out there. .I also agree with Will
People in this business do a disservice when they break out snake oil and try to slip you a bill for 60k and say they will get you rich. I like Kiyosakis book's and rich dad poor dad is a nice starter book for those just getting introduced to teh world of personal finance... but thats about as far as I would trust him. I would give him the cost of a 20 dollar book thats it!
BTW for the record 60k would buy you into an apt building that could free you from a job for the rest of your life.
Why do i know that? 12 years ago I was able to quit my job when I entered into a large apt building deal that cost me 35k for my part to get in. For 12 years i have been getting checks for between 1800 and 2200 a month on that deal. It caused me to leave a 18 dollar an hour job in a factory I was working. I still had to do some management on my apts but I was no longer working punching a clock.
I had other property before i entered into that deal. I had built up a portfolio of sfh and duplexes and smaller apt buildings before entering into the larger complex.
Experience you gain before doing deals happens here in forums like this when you read about it and watch others at it share with you.
People come here share questions and experienced investors give input. Its like having a your own private board meet for your business.
Those that contribute in here I can tell want to help others they enjoy the social professional connections they get and as one guy said it sure beats Facebook.
You can read all the books in the library for free and there investment section is large! The always have a lot on real estate investing and you pay only late fees;) I spend a lot of time in libraries and I borrow books from other libraries. Stuff in fresh print if I must have it now I might spend 3 hours at a Barnes and Nobles over a cup of coffee reading . Occasionally I break down and buy a book if its 500 pages and I cant read it fast enough.
I have bought a few courses but I stay away from any high priced boot camps. You can take courses that move you in the direction of getting a brokers license i love those classes because they teach real estate law and how to deal with clients. for example even studying for realtor license much can be obtained free and library. Law books are in some libraries as well. Also lets not forget how great it is just to google something.
1 Reply
Nick Koleros
OP
Ajax, Ontario · Member since 2013 · 3 posts · 0 votes
13y
@william bannister, thank you your story is motivating. You're right, 60k can go a long way with the right education and the information is out there.
0 Reply
James H.
Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
13y
60K could by a house cash that generates 900/month in rents in my area. You'd have to be a retard to mess that up. I definitely think you can do better than a 60K seminar.
0 Reply
David NilesBusiness Member
Property Manager · DeLand FL · Member since 2012 · 860 posts · 243 votes
13y
Hey Nick, welcome aboard, seems to be a lot of you northern folks jumping in lately. Plenty of great folks and info here.
0 Reply
James Vermillion
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
Good call on not blowing your $60K! BP is a much better resource if you stay active and engage in the community, so I hope to see you around the forums and the blogs!
0 Reply
Andrew Ferguson
Austin, TX · Member since 2012 · 24 posts · 1 vote
13y
Welcome to BP! There is lots of great information to be learned on this great site! BP is great and everything is free! The blogs have been very helpful to me
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