Rental Property Investor · Brooklyn, NY · Member since 2016 · 84 posts · 139 votes
Hi Everyone
I just finished reading “The Flipping Blueprint” by Luke Weber and am more motivated than ever before to start my real estate investment journey. As a high school math teacher of 12 years and having to switch to working remotely abruptly, I feel that now is when I can invest the appropriate amount of time into starting off right.
I am looking for advice on how to actually begin. Although I live in Brooklyn, NY, I feel more comfortable looking for deals in Kansas City, MO and the surrounding area since that’s where I’m from, my cousin will be my contractor, I feel the deals will be more reasonably priced and I just feel that I’ll have more success finding the other pieces of putting a team together.
Has anyone else read the book? If so, how did you start? Any tips you can give me or if you would like to create a team together, I appreciate your input! Thanks.
I just finished reading “The Flipping Blueprint” by Luke Weber and am more motivated than ever before to start my real estate investment journey. As a high school math teacher of 12 years and having to switch to working remotely abruptly, I feel that now is when I can invest the appropriate amount of time into starting off right.
I am looking for advice on how to actually begin. Although I live in Brooklyn, NY, I feel more comfortable looking for deals in Kansas City, MO and the surrounding area since that’s where I’m from, my cousin will be my contractor, I feel the deals will be more reasonably priced and I just feel that I’ll have more success finding the other pieces of putting a team together.
Has anyone else read the book? If so, how did you start? Any tips you can give me or if you would like to create a team together, I appreciate your input! Thanks.
I would not advise trying to flip out of your area until you have serious experience but since you have family in the area that hopefully you can trust you may be ok assuming your cousin knows what he or she is doing.
The way to get started is to educate yourself on the business, the market and the costs associated with the business at all levels from marketing, acquisition, closing, rehab, carrying costs, closing etc. Make sure your cousin is experienced and qualified. Not just "I can do it" but "its' what I do" there's a huge difference between the two and the former using does not end well.
Al that being said the single most important element is to know the market intimately. You really need to drill down on the values and inventory levels so you know e=where the demand island what the right price is to pay.
Rental Property Investor · Brooklyn, NY · Member since 2016 · 219 posts · 174 votes
6y
@Nina Granberry Haven't read "flipping blueprint" but a book that really helped me with investing out of state was David Green's book "Long-Distance Real Estate Investing". Biggest take aways was learning how to find a really good agent because it makes a world of a difference and also learning to leverage as well as build relationships with your team from out of state.
I just finished reading “The Flipping Blueprint” by Luke Weber and am more motivated than ever before to start my real estate investment journey. As a high school math teacher of 12 years and having to switch to working remotely abruptly, I feel that now is when I can invest the appropriate amount of time into starting off right.
I am looking for advice on how to actually begin. Although I live in Brooklyn, NY, I feel more comfortable looking for deals in Kansas City, MO and the surrounding area since that’s where I’m from, my cousin will be my contractor, I feel the deals will be more reasonably priced and I just feel that I’ll have more success finding the other pieces of putting a team together.
Has anyone else read the book? If so, how did you start? Any tips you can give me or if you would like to create a team together, I appreciate your input! Thanks.
I would not advise trying to flip out of your area until you have serious experience but since you have family in the area that hopefully you can trust you may be ok assuming your cousin knows what he or she is doing.
The way to get started is to educate yourself on the business, the market and the costs associated with the business at all levels from marketing, acquisition, closing, rehab, carrying costs, closing etc. Make sure your cousin is experienced and qualified. Not just "I can do it" but "its' what I do" there's a huge difference between the two and the former using does not end well.
Al that being said the single most important element is to know the market intimately. You really need to drill down on the values and inventory levels so you know e=where the demand island what the right price is to pay.
Rental Property Investor · Brooklyn, NY · Member since 2016 · 84 posts · 139 votes
6y
@Kevin Paulk coincidentally, that is the next book up on my list! I'm reading it now. Thank you for the recommendation! Also, I see that you too are based in Brooklyn. I would love to connect with you and learn more about your experience in real estate here in NY.
Thank you for the great advice @Greg Dickerson. You bring up some great points about investing out of state. Things that I have on my mind as well. I agreeMy apprehension to start investing in NY is primarily because of how expensive real estate is here. But maybe it's not impossible...as long as I continue to educate myself and make sure I am thorough. I look forward to learning more from you and subscribing to your podcast!
@Nina Granberry Kansas City is a great market. The challenge you're going to have however is inventory.
Fortunately for me, Mike, I found a home run first deal in Belton, MO and am in the process of closing on a duplex! I listened to BP Podcast #373 with @Lee Ripma and it changed me! And as @Brandon Turner mentions in the weekly webinar sessions, you have to commit. So, I read everyday, analyze a deal everyday. The reason that I say it is a home run deal is because of the following:
My local partner and I have also signed our first SLO deal as of today! It is amazing when you prepare prepare prepare and, when you FINALLY take action (took me at least 4 years to get started), what opportunities present themselves.
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
6y
@Nina Granberry - I was just watching Sara Blakley's Master class (she created Spanx) which is amazing. She is all about putting out to the universe what you want. Before I bought anything in KC I was doing the miracle morning and affirmations. This was back in 2016 when I was still working as a biologist and managing this huge time-sensitive project mapping endangered plant species on Marine Corps Base Camp Pendelton near San Diego. I was tired of getting up at 5 am and working for other people - I wanted to break into something new so I was doing the miracle morning and affirmations. I literally said "you can buy and hold cash flowing real estate" every morning for a month. Guess what, that's exactly what I did. Once you are ready for it mentality it appears. I might be a scientist but it's crazy how this works!
It's the same thing when you have a 1031 exchange. You just put out to the universe what you want and bam, you get it! Right @Jason L.?
I love it. Miracle Morning is great. I love the S.A.V.E.R.S. acronym. Have you read Hal Elrod's newest book The Miracle Equation? One of my favorite books I read last year.
@Nina Granberry Kansas City is a great market. The challenge you're going to have however is inventory.
Fortunately for me, Mike, I found a home run first deal in Belton, MO and am in the process of closing on a duplex! I listened to BP Podcast #373 with @Lee Ripma and it changed me! And as @Brandon Turner mentions in the weekly webinar sessions, you have to commit. So, I read everyday, analyze a deal everyday. The reason that I say it is a home run deal is because of the following:
My local partner and I have also signed our first SLO deal as of today! It is amazing when you prepare prepare prepare and, when you FINALLY take action (took me at least 4 years to get started), what opportunities present themselves.