Need help on my next steps as a real estate investor

14 Replies

The title of this post may be a bit misleading. I am not actually a real estate investor at the moment, but I aspire to be one soon. I'm in college and don't the have time or money to buy a property, but I want to educate myself and practice the necessary skills.

I have been taking courses online and reading books about REI and I am looking for some advice on what I should be doing. Any books you recommend? Should I pick properties and practice putting together a pro forma? Anything that will educate me and train my skills?

I’m pretty passionate about this and I know it’s what I want to do. Thank you for your advice.

@John Hewitt The best practice is implementing what you've learned. No job, money, or problem. Do you have friends with parents who have money? Do your parents have money? Could you talk to your friends, convince them to buy a house, have them convince their parents, then convince your parents? Pool your resources and purchase a college house for the next 2-3 years, you become the PM and your friends pay you rent. Food for thought. Happy Hunting!

@John Hewitt yes, you should pick properties and run the numbers on them now *as if* you were ready to buy.

Think about what kinds of properties you want to invest in. Set some criteria. Pick a market. Run the numbers on couple of properties each week. This shouldn’t be too much of a time commitment and will get you more comfortable with your market(s) of choice. It will allow you to see what types of properties work for you and what neighborhoods within your market are better performing than others. Once you get to know your market over time through practice, you’ll be ready to jump right in when the right time comes.

@John Hewitt

As I was learning I was consistently posting on BiggerPockets. Most of my posts were questions to do with my learning (multifamily apartments) and when I would get replies from people I would add them to a list and follow up with them every month. I would always ask if there was anything I could do for them for free in return for education. Eventually I got referrals and in contact with people who needed help with blogging, research etc... Doing this helps you start to build a network while learning from professionals as you go.

@Josh Oaten

That’s a great idea, I’ll do exactly that. I’ll do any work for free if it means I’m going to learn something and I know I need to build my network.

I also want to invest in multifamily properties. Is there anything you recommend I do/read/study etc. in order to learn more about multifamily specifically?

Thank you for your advice.

@John Hewitt Hey man! I was right in your shoes not too long ago. College student, Motivated to learn and grow. I read book after book and it’s all good. Stepping stones towards making your first move. Keep doing what your doing and BE READY when the right opportunity presents itself. You have to put yourself out there, network, hang out with other more successful than you and I PROMISE something will come along. But it takes you going out and taking that first step. You got this!

@John Hewitt

Welcome to BP community! 

1) You need to do your research to pick an RE niche you want to concentrate on

2) Once nu 1 above is done, then concentrate on learning and educating yourself on such niche including market analysis, underwriting, searching for deals, establishing connections in the area, etc...

3) By the time you're done with nu 2, take action!

@John Hewitt

If you're set on MFH investing (or any other investing type) then learn how to analyze such properties. Underwriting is the essential part of this business.

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