Fresh into the real estate game

7 Replies

Good morning BP squad! I’m a 23 year old living in Orlando Florida. I have 0 knowledge in the real estate world but fixing & flipping houses is something that I’ve always found interesting. I recently came across BiggerPockets on YouTube & love the content they put out! I want to start my fixing & flipping career but have absolutely no knowledge in where to even start. can anyone help? it will be greatly appreciated

Hi @Leo Izquierdo welcome to BP! 

Jumping right into fixing and flipping can be exhaustive and expensive without having experience. Television shows tend to glamourize it, when in reality it is not at all glamorous. I would immerse yourself in podcasts and more youtube of actual people doing it. There are many lessons to be learned and even the most experienced still lose.

The best way to flip a house is with a pen. Write some checks and have others do the work if you don't know what you are doing and learn along the way. I would suggest also to join CFRI.net. It is the local chapter of the National REIA, a non-profit group that offers education, networking, discounts and access to local investors that can provide you with information to get you started. It is very cheap to join and if you show up, you'll get a lot out of it.

Hope this helps a bit. Good luck

What about flipping interests you? Figure out where you want to be in 1, 5 10 years. From there learn an much as you can for the next 6-12 months. Get a sense of how the process works and everything that goes into it. Network with people who's been in it. The people who's been doing it can give advice so you don't make simple mistakes. Then after you've done some research, start!

Education, Education, Education. Read as much as you can. Attend Webinars. Bigger Pockets is a great place to start. Join your local REIA. @Michael Plante and as Michael said, try to find a mentor.  You can find someone like that through the REIA you join.  Maybe you can be a PM for them and get paid, maybe they will let you shadow them, or maybe you may need to pay them something.  I wish I had done that when I started.  I would have save a ton of money on mistakes.

Hey @Leo Izquierdo . Congrats on starting your real estate investing journey!  It's important for you to sit down and determine what your goals are. Do you want passive income? Quick cash? How much money do you have to invest? Where do you want to be in 1 year? 5? 10? how much income do you want by these dates? Passive cash flow? Doors? What kind of lifestyle do you want (working everyday or retire early)? These questions will guide you to the right sector of real estate. PM me if you have any questions about goal setting or finding the right real estate path.

Flipping can be very lucrative. I'd also encourage you to listen to podcasts (like the biggerpockets podcast), and read books (biggerpockets has multiple great single family investor books). Education and self-investment is the BEST investment of time and money you can make. 

With that being said, you should also consider investing in a mentorship program. This will help you learn the ropes and shorten your learning curve. But, if you're limited on capital, that's okay! You can offer to source deals for a local fix and flipper and JV with them on deals.

PM me if you have any other questions. I'd love to help in any way I can.