New to Real Estate 路 Milwaukee, WI 路 Member since 2020 路 25 posts 路 20 votes
Hi BiggerPockets community!
My name is Kevin and I am brand new to real estate investing. Currently a 4th year dental student at University of Maryland in Baltimore. Looking to get involved in real estate through SFH buy-and-hold strategy (possibly BRRRR) in any market.
I've been in the educational phase for the past few months and I've been bit by the analysis paralysis bug. I know I will take action at some point just not sure when.
Feel free to reach out -- would love to connect!
Also, I am looking for recommendations for a local real estate meetup group.
Agreed! Be proactive and look up the various meetings here and on meetup and start attending. It might take a while until you find one you really like.
I am also just beginning. Anything you are stuck on in particular? I would be happy to have a conversation so that maybe an alternative opinion or second set of eyes would provide some valuable insight. Let me know!
Continue to surround yourself around those who have experience and love for the field. You're on the right path, and remember your WHY. You can do this, but there are many meet up and great people on Bigger Pockets to connect with. God has your back too! Keep winning!
Currently just reading anything and everything I can get my hands on. I'm starting to understand how choosing a niche is very important. Simply overwhelming at the plethora of information.
One specific issue I've had is how to estimate rehab costs without a GC or inspection? And I understand speed is the key to landing great deals. But I feel just totally lost on how to estimate rehab costs within a few thousand dollars. That seems to be my biggest issue when running the numbers.
I would imagine it would make sense to jump in and help someone out and provide value. Just not exactly sure how.
Also, any thoughts on investing in areas with new construction through buy-and-hold? What are the drawbacks/limitations?
To me, it seems like a win-win scenario. Fewer cap ex and repair costs to worry about and rents would be higher. I would imagine the profit margins are smaller but the risks are lower as a first time purchase.
Currently just reading anything and everything I can get my hands on. I'm starting to understand how choosing a niche is very important. Simply overwhelming at the plethora of information.
One specific issue I've had is how to estimate rehab costs without a GC or inspection? And I understand speed is the key to landing great deals. But I feel just totally lost on how to estimate rehab costs within a few thousand dollars. That seems to be my biggest issue when running the numbers.
I would imagine it would make sense to jump in and help someone out and provide value. Just not exactly sure how.
I assume that jumping in is the best bet! I have recently posted a help offered post on BP
where I am offering free labor to help someone rehab a property. I haven't gotten to rehab estimates in project but assume that https://www.biggerpockets.com/... is a good start. Have you read that one yet?
I guess understanding what a general cost would be for the type of repair you are looking at is a good step.
Need to replace floors - what material and how many square feet are we talking - Then round up.
Paint - what type of paint is tenant proof and how much? Then round up
Average kitchen makeover probably can be ball parked based (Then round up) on big item needs but I have no idea.
As you can tell - I am very inexperienced so all this is just speculation but hopefully someone who has some more knowledge will see this and chime in!
I think just going back and forth on things is the key to understanding so I am happy to have a discussion anytime. I got your colleague request and look forward to learning more with you!
I agree with everything you said. I have read that book and highly recommend it but I still feel overwhelmed with rehab estimates. But it's certainly a good place to start.
I'll try to jump in and get more involved because that to me seems like the best way to start.
What are your goals in REI? Would love to provide some feedback or advice as best I can.
@Kevin Klaas. Bro as long as you do your analysis and understand your Cashflow there鈥檚 a 98% chance you鈥檒l be just fine. Entrepreneurs take risk for profits but they鈥檙e calculated risks. You鈥檒l do great but you gotta start. 馃挭馃挭馃挭
Hey Kevin! As a native to Nashville, TN, I am familiar with booming investment areas and have some pretty extensive expertise in flipping/rental real estate as well. Feel free to reach out if you need any help with anything by shooting me a direct message! Starting your investment journey is such an exciting time, best of luck!!!
I'm a long-time Baltimore investor as well as co-founder and president of a local real estate investment association (REIA). We have lots of opportunities to meet with other local investors and suppliers of products and services. Our main goal is education so you can use OPM (other people's mistakes) to become a (more) successful investor.
I am in southern NJ and have been in construction my entire life and investing the past 3 years. I own a contracting company who does all my remodels and other local investors remodels. If you鈥檙e looking for an area close by but out of state you can direct message me:
My best advise is to just jump in and do it. Pick your criteria and stick to it: and buy a deal. Don鈥檛 hesitate. I jumped in and now I am
Hey Kevin. I'm a newbie too suffering from analysis paralysis. I've been listening to the podcast for the better part of a year. I became a pro member about a week ago and so I could analyze a ton of deals. My goal is about 5 deals a day for the next month. I still don't understand what I'm doing really but I'm feeling a bit more confident.
I posted to the BP community when I first joined that I was a newbie as well. I had a few responses, one of which is a local realtor/investor. My family and I met him yesterday and looked at a house. It was a fixer upper and still waiting to find out how much work it really needs and if it's within my budget. Regardless of the outcome I'm more determined than ever to get my first investment property under my belt.
Let me know if you want to knock around some ideas or brainstorm with a fellow newbie.
@Kevin Klaas, welcome to the post analysis paralysis phase...PM me on the estimating repairs, I might have a tool or two that may help demystify some of that
Hello Kevin I to am a newbie. I'm definitely in analysis paralysis phase. I'm in the West Texas area and our economy has definitely been hit hard. I know real estate is the key to financial freedom. Just feel stuck at the moment.
Agreed! Be proactive and look up the various meetings here and on meetup and start attending. It might take a while until you find one you really like.
Hi Whitney, do you have recommendations of meet-ups that are still happening virtually? I know there are several that are happening in person now that restrictions are loosening up, but I'm having a hard time finding some that are still online. If it helps, I'm based in NY/NJ and am looking to invest out of state (Dallas & Riverside County)
@Serena Tillman I run a women's investing group here in Boulder. Take a peek at the Bigger Pockets events page and check out Meetup as well (BadA$$ is the one here in CO that I like).
Read, connect, and keep doing what you're doing. I am an investor and agent in Baltimore - feel free to reach out if there is anything I can help with.
I'm an investor, agent, and pm. I have a lot of experience in Baltimore. I blog on here a good amount about it.
I think being conservative is a good way to go about investing to start. If you are regavbing keep them to cosmetic stuff. New construction is another way I just dont know what sort of cash flow you will get. Its better to do that vs going into the wring areas of Baltimore. In general 1% is feasible here bug I wouldnt push it too far beyond that without expecting hidden expenses.
I have some project management experienxe as well but please feel free to message me if you are having analysis issues.
My name is Kevin and I am brand new to real estate investing. Currently a 4th year dental student at University of Maryland in Baltimore. Looking to get involved in real estate through SFH buy-and-hold strategy (possibly BRRRR) in any market.
I've been in the educational phase for the past few months and I've been bit by the analysis paralysis bug. I know I will take action at some point just not sure when.
Feel free to reach out -- would love to connect!
Also, I am looking for recommendations for a local real estate meetup group.
Thank you! -Kevin
To be honest, I would just buy a honest, be conservative, learn the process. I always looked at it as if I am getting a degree. I paid almost 50K for my MBA and I don't even use it.
Don't get into full rehab, get a house that kinda make sense, doesn't have to be perfect deal, start collecting bids, making mistakes, learn and move on to next one.
If you are too scared, pay somebody a little, visit couple house with them, get ideas, see what they are looking for and jump in, it is not a rocket science. Be disciplined, don't take unnecessary risks and move on.
Also, most of us would help you with your questions, as long as it is specific and detailed.
Not like a how to renovate a house or something :D))