New to Industry--Saying Hello

21 Replies

Hello BP Community! My name is Kalvin and I am from the Twin Cities area of Minnesota. I have recently just started getting my feet wet in this industry. I am taking the time to research the industry using Bigger Pockets as my main tool. Owning property has also been a dream of mine and now is the best time for me to start. I am open to ALL and ANY advice on how to start out and how to become (and stay) successful in the industry. I look forward to diving deeper and connecting with the community!

Stay safe, everyone!

Originally posted by @Kalvin Seidl :

Hello BP Community! My name is Kalvin and I am from the Twin Cities area of Minnesota. I have recently just started getting my feet wet in this industry. I am taking the time to research the industry using Bigger Pockets as my main tool. Owning property has also been a dream of mine and now is the best time for me to start. I am open to ALL and ANY advice on how to start out and how to become (and stay) successful in the industry. I look forward to diving deeper and connecting with the community!

Stay safe, everyone!

 Welcome.  my younger sister lived in Savage MN.  BP has some great info & advice.

Hey @Kalvin Seidl - congrats on making the first post! That's definitely a good start, because as @Kirk R. already mentioned, BP offers a ton of learning opportunities. My first piece of advice would be to get a general idea of all the different types of investing strategies (buy and hold, flipping, wholesaling, BRRRR, STR, notes, etc.). Whichever one feels the most interesting to you, or makes the most sense, dive into studying that one more in depth. All these strategies work, otherwise they wouldn't exist. So, narrow your focus to one strategy and become the best you can be at it.

Best of luck!

Welcome Kalvin!

My best advice is to listen to the podcasts DAILY. The amount you will learn from everyone's stories is tremendous. I've been listening for a little over a year and it feels like I've gotten a college level education on real estate for free. The more you get into the podcasts, you will definitely notice a shift in your mindset about what you thought real estate was vs. what it could be. Make sure you check out the BP Real Estate Rookie podcast too, lot's of good stuff there for those just getting started.

I'm fairly new to this too. I have one live-n-flip under my belt, but my last offer on a short sale in my neighborhood fell through. No worries though, there are other deals to be found, just keep going. Now that we are going through the pandemic, it is much more difficult for those just starting out. So what should you do? Educate yourself as much as possible by listening to every real estate podcast you can find. I have been taking this time to continue my education, but using the extra time to build my brand and make by business "look" like a business. I designed my basic marketing materials and website so I now look professional for when this thing is over and I can get out and start making things happen. I also continue to analyze properties. Do this even if you don't intend on buying them, just start to learn what things are like in your market.

Good luck!

@Kalvin Seidl

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
Check out BP Podcasts: https://www.biggerpockets.com/podcast

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Wishing you the best!

@Kalvin Seidl welcome! Just reading your post I can tell you have a good & realistic outlook when it comes to investing, cautious & measured.

I'd start by evaluating your resources in terms of cash, connections & prior experience/knowledge. I'd then try to make a clear, realistic & measurable tentative goal, & don't be afraid to be ambitious. You could specify number of units acquired/yr, etc, & what strategies you'll use to get them - make a rough road map. 

At this point I would AGGRESSIVELY dive into the info - all car rides should be podcast time, no more net flicks - this is reading/BP time, only take time for your job, relationships & fitness, etc, otherwise its ALL real estate. 

Now its time to jump in, stick to your criteria & only compromise if it makes sense - never let emotion allow you to buy a bad deal, there will ALWAYS be another. Remember, you'll need to live with whatever deal you buy for years to come (assuming you're buy and hold which you seem to be). 

A note on the pandemic - I'd say go for it now, make offers, talk to ppl, (safely) look at a house every wk, I promise something will come up that meets your criteria. If you can be an investor forged during a downturn, you'll be bulletproof & have an education no $50k boot camp could provide. Good luck!

@Joe Aiola thanks Joe! I've been hit with a tidal wave of information since I started a couple weeks ago. Understanding the lingo is half with battle (and fun!). What type of investing are you currently doing? What has worked for you?

@Scott Curry thanks Scott! I have started analyzing properties as a daily activity to get my mind thinking real estate. I want to purchase my first property soon but there is a lot of anxiety and fear that goes into it. I just have to take that leap! Like most newbies, I don't want to fail and make a wrong decision, but I understand failure is part of the business and I will learn more from it.

What types of marketing have you utilized? Where have you found the most success in it?

@Dmitriy Fomichenko thanks Dmitriy! There is so much more to this website than I originally thought. It's a rabbit hole, just when you think you're done, you find something else to dig into.

The BP podcast has been great so far and it's all I have been listening to.

@Noah Chappell Noah this is great info thanks! The podcast and reading has taken over my free time, minus my bike rides. I feel now is a good time to purchase as many people have seen slight decreases in property prices. Unfortunately, I don't feel I have enough to qualify for conventional loans, but don't have enough knowledge for private investors, cash buys, etc.

I understand this knowledge will come as I research/study more. But I would hate to lose out on some opportunities and I want to start building my portfolio ASAP!

Welcome @Kalvin Seidl to the BP community! There's a lot of unknowns, but that's part of the excitement. I bought my first house hack in NE Minneapolis in December and have learned more than anything I found online. Feel free to reach out if you want to chat. Best of luck!

@Kalvin Seidl welcome to bigger pockets and congrats on getting to the point where you feel comfortable. Why do you say now is the best time for you to start? A few things to focus on when you get started are picking your market and choosing your strategy. Is this something you are planning to do full-time or a passive investing strategy? If passive, you want to make sure you build your team/figure out how you're going to finance deals before you actually go make offers on houses! Don't want to put the cart before the horse.

@Ryan Hill I believe now is a good time to start, as I am making a comfortable income and want to put my money to work. To start I want to own a few rental properties and operate them myself. My main strategy will be buy-and-hold until I feel comfortable enough to branch out. My 5-year plan is to turn this into a full-time business and retire from my corporate life

@Kalvin Seidl Welcome to the beautiful world of real estate investing!! You are very fortunate to be based in the Twin Cities, as we have one of the strongest real estate markets in the whole country! We have been in the top 5 for rent paid during the pandemic. Feel free to message me and we can chat about the  market and how to get you started in real estate!!

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