Beginner in Los Angeles , Ca

4 Replies

My mind is finally set up on investing in real estate! But I just have no clue where to start? My credit score is pretty good and I have a little money saved? I really wanted to be a real estate agent but I have a pretty good job lined up when I graduate in June! I also have great experience in construction I was wondering if I should get my contracting license to cut costs? Any tips on where to start guys?

@Gregory Gonzalez  

Welcome. Take a good look at student housing see below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

I have also found the BP blogs to be a huge source of helpful information.  They are categorized into groups such as Starting Out, Landlording, Flipping, etc.    I like to go to the page that has a dozen or so links and middle mouse each one (for a new tab each) - grab some coffee and start reading.   MAKE SURE to take notes - open Word and log each nugget you come across.  It's helped me build up quite a reference manual.   

i'd take the re salesperson exam, its rather easy! 

also get 4 years experience as a journeyman and become a licensed general contractor cuz yes it would help/save lots if u anticipate rehabbing properties! (regretfully i never got around to get journeyman experience and now CSLB is being a PITA to get one based on owner-builder and landscape experience)

wouldn't quit my day job in the mean while, though

welcome neighbor!

Welcome Gregory! I'm glad you have made the first big step in deciding to become a real estate investor. One of the main things that you want to figure out is which branch of real estate investing is the one that interests you the most. Would you like to buy a house that needs a lot of work, but could get a possible great return out of it? Or would you prefer to invest in a property that's nearly move in ready and rent it out for steady monthly cash flow? When you're just starting out its great if you find 1 that you really like and master it! And as far as getting a construction license to cut down cost? I don't recommend it what so ever. Your time is far more valuable. You could be out finding that next big deal, or making that next big move to expand your real estate career, but instead you're stuck in the property painting a wall.

Best of luck,
Isaac

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