Best 3 suggestions to new investor to get started?

Question

What would suggest to someone new their first 3 steps should be to get into their first deal?

Robert Leonard · Answer

1. BE PATIENT. Avoid the urge (or suggestion) to jump in and learn as you go. Jump into learning and listen to every podcast. Any time something comes up that you don't understand, make a note of it and look it up. Search for it here or other places on the internet. Avoid the urge to jump in and learn when there's money on the table, that can be an expensive way to learn.

2. READ. Read good foundational books. My first recommendation is "The Millionaire Real Estate Investor" by Gary Keller. There are a few recommended reading lists you can find if you use the search in the upper right hand of this page.

3. NETWORK. Get to know other investors in your market. You can find them here on BP (Go to "NETWORK" then "FIND MEMBERS") or at your local REIA(s). A lot of novices show up once or twice at REIA meetings and disappear. Be persistent, stay engaged and you can get to know investors who you can call or talk to before you make that first investment to get their opinion on what your looking at. Do that here on BP if you don't have anyone locally. The sooner you develop those local connections, the sooner you can get started. You can accelerate the process if you find someone locally to partner with or who will allow you to learn from them if you bring them something they can make work.

There's a lot more, but those three things will get you going in the right direction!

Cal C. · Answer

1) fix your credit

2) save as much as you can

3) learn -read bp/study your market

Brandon Sturgill · Answer

1) Educate yourself sufficiently, but not to the point of paralysis

2) Determine your level of risk

3) Go for it!

Nick Jenkins · Answer

Thanks for the information I really appreciate the feedback everyone is giving, it is much appreciated

Kent Verge · Answer

In no particular order:

• Start putting together money for your first investment. If you have none, start saving. Anything is better than nothing, and although it's possible to get started with no money, there are more opportunities available the more money you have available.
• Identify a target area and start looking at houses that are on the market. No matter which way you plan to go with your investments, having a good feel for prices in a target area is a necessary skill.
• Talk to others who are doing what you want to do. You'll learn a ton from them and the networking may even lead to deals down the road. This can be here on the forums, but you'll get more value from local peers.

Hope that helps.

Joel Owens · Answer

First step is how much money do you have to get started??

By definition how much you have without partnering and buying on your own will allow you to buy into certain asset classes of real estate and not others.

I have clients contact me for commercial and they have never bought a single property. Even though they have not bought real estate they have made money in other ways ( stocks, owning businesses etc. )

Some have 1 million and others have 50 million to start.

So define what you have today and where you want to go. If you do not have a PFS statement now would be a good time to do one to see where you stand.

Elizabeth Colegrove · Answer

1. Review your market and be realistic. If all the houses are selling for 200k and thinking you can get it for $120k is unrealistic. You will end up losing in the long run when you don't close any deals.

2. Put together a great time but follow #1. Remember your team earns money when you close deals. So if you are unrealistic the great successful team members won't be willing to help you.

3. Baby steps- We have been flexible and our plan as evolved over the years. So know that ever deal will be better after the others. Be flexible and evolve as lemons and ideas present themselves.

Best 3 suggestions to new investor to get started?

Best 3 suggestions to new investor to get started?

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