My name is Nathan McDonald and I am new to the world of REI and bigger pockets, and I am eager to join ASAP. However, I want to be methodical in my approach. To get a better grasp of how to start in the business, and to network, I have attended two local meet ups this month and plan to attend at least two more, including the "How to buy your first rental property". It is my goal to have an investment property (most likely owner occupied) by the end of the year. From what I have heard it is best to find out how much I qualify for before eyeing properties that could be out of my price range. I have been blessed with the finances to get in to nearly anything, but I figure as a recent college grad who still has student loans I still won't qualify for much, so my question is this: What steps should/could I take to getting my first property and is there anything you recommend to have set up or avoid before hand? Obviously it is impossible to have everything go my way, but its worth a shot. I would like to get the ball rolling and not lose any steam of enthusiasm.
@Nathan McDonald Full disclosure I am a lender. That being said you absolutely should meet with a lender and determine your options. If you don't how could you know what properties you should look at and how one property would impact your investment vs another.
Ok, that’s what I was thinking. And I have seen you often reply to people. I sent you a PM.
Any updates on your progression?
@Tim Swierczek is a terrific lender who is also an investor and will be able to take great care of you! I am a local agent and also investor, but another critical team member to get things rolling for you is an agent to start looking at properties and also just set expectations on what we are seeing out in the market. Continue to go to meet-ups as they are great education and networking opportunities. It will come to a point where you will need to leave the classroom behind and go take action, but it sounds like you have already put in some of the upfront work educating yourself! Feel free to reach out if it would be helpful! I wish you the best of luck. Twin Cities is an AWESOME market to own property in!
Sorry I am just getting back to this. As of right now I have gotten my pre-approval through Tim, met with a realtor, and have been shopping around for the past few months. I've sent out a handful of offers with one of them being the highest bid and still getting shot down! I sent out another offer today and I am waiting to hear back, but fingers crossed.
Thanks for the advice Jadde! Tim has been great and I have already begun looking, but thanks for the offer. I made the leap to taking action and now just need to be persistent. Would love to connect.
@Nathan McDonald we are here for you. We will help you make this happen.
@Nathan McDonald Welcome to the forums and great to see another from MN interested in REI. Cosign with all of the professionals above. Please let me know if you want to connect and talk shop.
@Nathan McDonald , it is awesome to see that you are out putting in the work. That is exactly what it takes. Persistence is the key to success! Just stay the course, don't get discouraged (which you will), when you do stay plugged into your meet up groups as well as the BP community (it appears you have a good group within our above colleagues), this will give you the drive to stay the course. GR8 to hear you are taking action keep it up and here is to wishing you nothing but GR8 success in your future of REI! Take care and thanks for allowing me to share!
I wish you lots of success.