Biggest Challenge Getting Started.........

37 Replies

As a real estate investor for some time now, I was a guy who worked and invested. Once I saw the light at the end of the tunnel I left my job and jumped in head first. I wanted to post the question and see if I can provide some guidance and value to new investors looking for there start. 

If you are brand new to investing or struggling getting started post a comment or story below. I can reach out and see if I can jump start you.

@John Cohen

I have been looking to get started in note investing for some time..My goal is invest in NPN 1rst and 2nd position and outsource the servicing and collections. I am currently stationed in Egypt so basically I am just researching. The hardest thing for me is knowing if I have a good deal or not and putting together the numbers for expenses while the note is being worked

I appreciate your time,

Chris

@John Cohen same with me John similar to @Christopher Montgomery have mention. I have been studying Note business as well for many months now and never started anything so far. Having a full time job thats very busy and taking all my time in investing. I could not wait to get out of my full time job. Would you mind if I give you a call in coming days? By the way I am located here in Toronto, Ontario were we are both on EST.

I do thank you for your time.

Thanks

Dennis

This is my very first post here at BP. Being completely brand new to real estate investing my biggest challenges are how much money I will need for a down payment on single family rental homes and also figuring out exactly what "Investing in tax liens" is. Thanks.

Hi!

 @John Cohen Thanks for creating this post I'm currently still be but took action this year and have done 2 deals so far wholesaling so far. I really want to get into buy and hold that my main goal but I have a few creative ways about that but i would like to receive an opportunity to hear you opinion on the matter. I'm thinking business loans, credit cards possibly, I haven't yet used my first time buyer loan yet.

Thanks in advance!

@Jeiby V. I am never a fan of over extended your credit or loan options. I would try and get a motivated seller and do a seller financing option. It may be harder to find the seller but in the end it will be cheaper and less risky for you (personally). But if the right opportunity comes up, I am a fan a making deals happen if they fit your goals.

@Matt Barker a Tax lien is when you buy (depending on county you live in) the taxes owed on a property and earn interest on the money. The rules change from county to county, but if the owner does not pay you the interest you can foreclose on the property and take ownership. Its a great strategy once you know how the county operates, if you have any other questions let me know.

@John Cohen Hope you're well, John. In searching through the BP forums I've seen your name pop up a couple times regarding the Wilmington, NC area. I've been in Wilmington for about 18 months and I'm starting to build a network of people in the area so I can begin my REI career. I'm sure you're a busy guy but I'd love a chance to connect in the near future, in exchange I'd certainly be willing to help any way I can if you're looking to invest in the Wilmington area further.

Cheers,

Kyle Sailor

Hey @John Cohen ! Great thread! I haven't actually done anything yet but have been in the "research" phase for a few months now. I have a little cash available to get me started, but I'm hoping to find a mentor in the Atlanta area that can partner with on my first few deals. That way, I can actually get started, learn from a seasoned investor along the way, and not devote as much time as I would normally have to doing it on my own. I still work a full time job and am only available evenings and weekends. Do you have any advice on how to find a good mentor/coach? There are so many people/guru's that want to charge ridiculous amounts of money and I've heard horror stories about paying a coach that you never hear from again. 

Any advice?

Hi Tye, I'm a Newbie to REI and BP, currently working on our small REI business in the San Diego County, California area. I signed up and currently reading posts and Educational material on BP, and it's gold! My wife and I tried the "Guru" thing, and it ain't pretty. Although we do have the basics - and I mean the very basic - BP has sharpened our focus with detailed information on anything you want, or need to know in REI. And you can post questions and get a reply. I'm sure there will be replies advising you to read and connect to resources through BP. I strongly advise you to hold on to your dollars, start with the "No and Low Money Down Book", written by Brandon Turner found in the Education drop-down list. It's way, way cheaper, and much more valuable than spending on a Guru or Coach, and it's available through BP. I'm also going through Brandon's "Beginners Introduction through Real Estate Investing" in prep for 2016. So, please begin with these 2 educational materials before you go to the Guru or coach. Good Luck!

hi @John Cohen I'm currently in the process of prequalifying for my first Multifamily. My plan is to own/ occupy and rent out the other unit(s). My main thing is that I want to be ready! Meaning not vulnerable to anything that WILL come up. I using traditional FHA. I just need to know what are ways I can really prepare myself?