New to the industry!

2 Replies

What’s going on BP’s family! I am Kneegel Benjamin. A average joe. Not much of a career to speak on, just jobs to pay bills. I am a brand new “investor” that has zero dollars and zero experience in the industry(which is why I put quote mark around the word). I guess the brighter side of this is I can be a sponge, a blank slate and pick up advice and skills necessary to THRIVE. I just started listening to podcasts and use any spare time I have trying to be a student of the game. I want to start with single family homes. Add value, flip. I learn by doing, so any suggestions would be great. Just putting myself out here, I appericate you all. Bless

@Kneegel Benjamin I just saw your post. I see that you did not have a reply but hope that you still have the motivation to fight for a better future. In the past, I replied to similar questions that have been posted. These are a collection of things that I have addressed:

 

Before you acquire any property, spend some time reading a lot of articles and forum posts to get a grasp on the different ways you can make money in real estate. Learn these different ways, familiarize yourself with the different financing options, learn about the different structures of a home/apartment building (no need to be a pro for this - Just know what they are and the way they work). I cannot stress enough that reading a lot is going to give you the knowledge you need and more confidence when it is time to execute. Every day, I would google a specific area of real estate and learn more about it.

While you read a lot, attend as many open houses of properties for sale in your area as possible. Just walk in and exchange with the realtors. You may come across one realtor you can connect with and that person can assist you in your acquisition(s). He/she can also take you to visit any property that is currently on the market. That is how I met my realtor with whom I am about to close on my first property. Visiting the properties will also give you a sense of what to expect on properties coming in the market. Visiting a lot of properties also helped me get "desensitized" to the beauty of some of the properties I have seen so that I could focus mainly on the numbers and the property features.

Analyze some potential rental properties even though you do not intent to purchase them. This will help you understand how the different costs, mortgage and rent can affect the return on investment. You could use the BP calculator (5 times for free membership) or find some available online for free.

The most important thing that is going to get you ahead: commit to do 1 thing at least every day that is going to get you closer to your goal of acquiring and creating wealth through real estate: read, analyze, go to open house....

@Kneegel Benjamin ... Take the next 12 months and read everything about real estate easy to read books something that you can chew on ...so many different strategies out there you need to see what is going to be to your liking..... Read read read save save save it'll build confidence to.. have some money put aside and then pull the trigger... It's a learning curve I take a few years just like anything takes a little while to get to know how to cook takes a while to be a carpenter or a while to be a copywriter takes a little while to be an investor..... Want it more than anything and you will succeed if you fall you get up learn from it do it again.. fail better fail forward one time I lost an apartment building the very next deal made about a180k glad I didn't stop....

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