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Updated almost 5 years ago on . Most recent reply
Interested in Real Estate
Hello everyone! Recently I have developed a interest in real estate and I’d like to see where this interest takes me. I am a college student in Miami considering Commercial Real Estate. Currently, I am reading “Crushing It” by Brian Murray and I really enjoy it. I’m open to any advice and suggestions, as I’d like to expand my knowledge of the real estate market within Miami. Also, if anyone is curious, I plan to major in Civil Engineering, so I believe the Real Estate workforce would be complementary to my career. Thank you!
Most Popular Reply
Mojania,
Congratulations. My 4 points of advice for a beginner are simple but important.
1. Study - Read, research, watch youtubes keep asking questions etc. Most of all study markets across the country but especially the real estate market in your own back yard. Learn everything you can... from contracts, to terms, to formulas and market trends over the years. Real estate is an exciting space that you teaches you something everyday. The biggest thing to learn is which direction a market will go. It is also the hardest to learn. You have to learn how to identify a property in a market that will payoff later. This takes learning from others and taking time to study for your self.
2. Save up - I don't know your financial situation, but keep building cash reserves is a very critical thing to do. Whether your are flipping or renting... off each deal put some cash away and don't spend it. The market changes from time to time and having stashed cash important.
3. Set goals - Make a plan of where you want to go and what it will take to get there. Is it 1 flip and 2 rental properties in the next year? Write it all down and keep tweaking the plan till you get to your goal.
4. Step out - Meet people, try new things, (COVID is changing a lot of strategies BTW) Bigger Pockets is a great way to meet people and develop relationships. This was a good move for you. Real Estate is a relationship business!!!!
Best of luck to you.
Stay in touch.
Pasi