I am Newbie into real estate investment

Real Estate News & Current Events
6yFollow

I am Newbie into real estate investment

Oladimeji Morgan
New to Real Estate · Los Angeles · Member since 2020 · 2 posts · 5 votes

Hi everyone, I am new to real estate investment, am from Los Angeles and looking to gain more knowledge. If anyone can help me with advice or what ever I would appreciate it.

4Reply
79 views

Most Popular Reply

Diya Wahi
Real Estate Agent · Santa Ana, CA · Member since 2016 · 56 posts · 32 votes
6y

Welcome to the real estate investment world! It is a fun and sometimes frustrating journey. Finding mentors or friends further in their career that you can watch closely and ask questions of. This will be a great lesson in the "how to." But ultimately going out and doing it will be the best teacher. Look through the resources on this site. There are endless topics to learn from.

8Reply
See this reply in the discussion

41 Replies

Jump to latestLatest
  • Sharon Beatty
    Member since 2020 · 64 posts · 17 votes
    6y

    Hi Oladimeji, Welcome to real estate investing! Are you looking to start by doing something like a house hack? 

    3Reply
  • Oladimeji Morgan
    OP
    New to Real Estate · Los Angeles · Member since 2020 · 2 posts · 5 votes
    6y

    Hi Sharon, no, I’m actually looking into flipping houses.. but I’m pretty new. Just wanna know how to go about it.

    1Reply
  • Leeron Regev
    Los Angeles · Member since 2020 · 31 posts · 15 votes
    6y

    Hi @Oladimeji Morgan, that is a very broad question. What specifically would you like to know? 

    Are you looking for direction in what markets to start in? 

    How to calculate return on investment? 

    How to engage a contractor to help with you project?

    How to find off market properties? 

    Feel free to private message me. I run numbers on flips all day! 

    5Reply
  • Jeremy Borras
    Baton Rouge, LA · Member since 2018 · 11 posts · 4 votes
    6y

    I am following for more information also I am not looking to flip but to buy and hold.

    2Reply
  • Mike R.
    Member since 2020 · 9 posts · 10 votes
    6y

    Read Brandon Turner's book on rental property investing first - great overview as you're getting started.

    6Reply
  • Roshanda Scott
    Norfolk, VA · Member since 2020 · 2 posts · 0 votes
    6y

    HI!

    I am also a newbie and just gaining knowledge of how to purse my desires in this industry. I'm following this discussion for the feedback. I have considered starting with house hacking, one of my first interests is rental property. I've learned by listening to the podcast that house hacking is a way to rent the property out and live in the property. If anyone have any special skills and experiences to assist me in laying out the foundation I need to move in that direction I appreciate you!

    0Reply
  • Twana RasoulBusiness Member
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    Since your post is general....generally speaking I would recommend to start off in your own market and not invest out of state, even though your market has high barrier to entry.  If you don't have enough money to put a down payment of 20% or more I would suggest using lower down payment options and house hack.

    Using a VA loan you can house hack using 0% down and with a fha loan you can do as little as 3.5% down payment. You can start off with a 2-unit property and live in one and rent the other unit out.

    In higher cost markets it is not as easy to qualify for a 3-4 unit property as it is harder to fulfill the self sufficiency requirement (75% of rents have to cover your PITI including mortgage insurance). No self sufficiency rule for 2 unit.

    Since you are in a high cost of living area, you will definitely get the biggest bang for your buck doing a low money down house hack using fha or VA loan (if you qualify) than putting 20% down on a random out of state market that you may not know very well.


    Best of luck!

    Compass5122 Reviews
    WebsiteView Page
    3Reply
  • Demetrius Ward
    Rental Property Investor · Oklahoma City, OK · Member since 2020 · 43 posts · 13 votes
    6y

    Hello, everyone I’m following this thread for advice as well. I know there are so many opportunities around I live in Oklahoma: (Empty homes everywhere!) particularly Wholesaling 

    0Reply
  • Ricardo A Perez
    Hollywood Florida · Member since 2019 · 89 posts · 46 votes
    6y

    welcome to BP as a new investor my self learn how to run the numbers.

    3Reply
  • Narges F.
    Member since 2020 · 4 posts · 4 votes
    6y

    I am a newbie as well, I've been reading lots of posts and also attending @Brandon Turner's webinars which are so great. I've learned so much since I joined recently and hoping to start my REI very soon. Educate yourself as much as you can, have a goal cuz RE is so broad. Which area of RE are you interested in? decide and focus on those posts. Good luck you:)

    3Reply
  • Roshanda Scott
    Norfolk, VA · Member since 2020 · 2 posts · 0 votes
    6y

    @Twana Rasoul Thank you so much. That helps a lot! It's so much to know, and this opened my mind to things I hadn't even started thinking about yet. I know about FHA loans and I do plan to use that. I hadn't thought about the amount of units or compared the two markets yet. My plan is to get licensed in FL, as I am relocating there soon and want a smooth transition. When analyzing the markets, what should one look out for other than the price of the property, size and units?

    0Reply
  • Stephanie Jones
    Property Manager · Memphis, TN · Member since 2020 · 80 posts · 32 votes
    6y

    @James Wachob recently published a very informative video identifying online tools to evaluate investment properties. It's full of helpful information. You can find it here. I work with both first time and seasoned investors, so feel free to reach out with any questions. Welcome to the fun world of investment property! 

    0Reply
  • Paul Ouellette
    Property Manager · Bangor, ME · Member since 2014 · 12 posts · 4 votes
    6y

    @Oladimeji Morgan

    Read a book entitled "Building Wealth One House at a Time" by John W. Schaub

    Best book there is. Good Luck!

    0Reply
  • William Manfield
    Petersburg, VA · Member since 2017 · 1 post · 0 votes
    6y

    New investor as well, have some things to clean up 1st, so hopefully will be ready sooner than later. Just trying to read and watch as much as possible

    0Reply
  • Ryan Ross
    Real Estate Agent · NJ · Member since 2020 · 45 posts · 7 votes
    6y

    Welcome! One thing to know when you're starting, make sure you have the math down: Analyze deals, get an idea of what a good price in your area is. Use the calculators on BP. Read things by J. Scott - he is a great numbers guy! 

    Hope this helps! 

    Ryan

    0Reply
  • Twana RasoulBusiness Member
    Real Estate Agent · San Diego, CA · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    @Roshanda Scott No problem.  There are many things to look at when choosing a market.  When you relocate to your new place in Florida, reach out to experienced local investors that have been there a while and pick their brain.  This would be one of the best and fastest way to get to know your market intimately.

    Compass5122 Reviews
    WebsiteView Page
    0Reply
  • Corey Stubbs
    Flipper/Rehabber · League City, TX · Member since 2017 · 144 posts · 66 votes
    6y

    Hi Ola', and welcome to the best decision you'll make for yourself.  EVER.  Investing in learning more to earn more.  You asked a pretty general question so I'm gonna offer some things that can help, generally.  

    1.) Find your "WHY".  When you know your "WHY" you will have the drive to push you past the plateaus of investing when things get dull or hard.

    2.) Learn.  Listen to podcasts and webinars from this site, read some books, and read some forums.  Some of my favorite books are "Rich Dad, Poor Dad", the "ABC's of Real Estate Investment", "Cashflow Quadrant", "The Book On Flipping Houses", and "The Book On Rental Property Investing"

    3.) After educating yourself some, decide what kind of investing you'd like to start with.  Real estate offers SEVERAL options to pursue and you should know where you'd like to focus your efforts first so as not to overwhelm yourself.

    4.) Find a mentor in that focus area.  You'll want to find someone who has done this a time or two already to show you some pitfalls to avoid and to get maximum effort to produce maximum results.

    5.) Build your network.  The more people that know that you are wanting to invest in real estate, the better.  You'll have leads coming to you from everywhere if you just start talking about your interests among different people groups and among professionals that can help. 

    6.) Do it.  Once you've learned enough, commit to acting on what you know.  Most people get scared with the first deal or even first couple, but education and a good network of people behind you will help you get over those fears.  Don't be afraid to fail, be afraid of not acting on what you know. 

    Hope this helps, and if you have specific questions feel free to shoot a message!  Have a great day!

    7Reply
  • Tommy Restivo
    Real Estate Agent · Champaign, IL · Member since 2020 · 26 posts · 11 votes
    6y

    I am a college football coach and I have been reading up on real estate investing.  I want to get out of the rat race and buy my first rental property by next December.  Any advice would help.  I currently live in Massachusetts.  I move quite often and work during the season 80-100 hours per week.  Any advice on trying to find time to buy my first property??

    0Reply
  • Corey Stubbs
    Flipper/Rehabber · League City, TX · Member since 2017 · 144 posts · 66 votes
    6y

    Hi Tommy, I suggest taking just ten minutes a day to look at one single property on any realty site that looks could be promising and practice running numbers through one of the calculators under the "Tools" tab.  Taking these ten minutes to practice a day will help you to recognize deals in your area and what potential profits are to be had.  It's fun, good practice, and instills a habit in you that even as you're driving to work you start sizing up houses you pass and running through numbers naturally.  Hope this helped! 

    2Reply
  • Julie Toh
    Specialist · Mortgage Broker Canada · Member since 2015 · 316 posts · 118 votes
    6y

    @Oladimeji Morgan Welcome to BP! There are some excellent resources here from podcasts to webinars, and you can certainly glean of good info from the forums. All the best.

    0Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    Hi @Oladimeji Morgan, Welcome to BiggerPockets and congratulations on getting your REI career started. You've come to the right place for quality advice and information. Best of luck on your journey.

    0Reply
  • Aigo Pyles
    Flipper/Rehabber · Memphis, TN · Member since 2020 · 758 posts · 285 votes
    6y
    Originally posted by @Oladimeji Morgan:

    Hi everyone, I am new to real estate investment, am from Los Angeles and looking to gain more knowledge. If anyone can help me with advice or what ever I would appreciate it.

     Welcome! I will be happy to help. Just PM me if you need some advice. 

    0Reply
  • Diya Wahi
    Real Estate Agent · Santa Ana, CA · Member since 2016 · 56 posts · 32 votes
    6y

    Welcome to the real estate investment world! It is a fun and sometimes frustrating journey. Finding mentors or friends further in their career that you can watch closely and ask questions of. This will be a great lesson in the "how to." But ultimately going out and doing it will be the best teacher. Look through the resources on this site. There are endless topics to learn from.

    8Reply
  • Tommy Restivo
    Real Estate Agent · Champaign, IL · Member since 2020 · 26 posts · 11 votes
    6y

    Thank Corey and I am going to continue to listen to Bigger Pockets and read up as much as possible.

    0Reply
  • Danielle Gray
    Realtor · Laurel, MD · Member since 2017 · 38 posts · 36 votes
    6y

    Hi Oladimeji. I would say start learning the different types of real estate investing and decide on the niche you want to do. Once decided, be fully committed and dive completely in. BiggerPockets offers guides and books to help with learning the basics as well as studying and mastering a particular niche. The forums are great as well. Ask anything and we're always here to help. The blogs are great as well. I recommend a post just put out just over a week ago with book recommendations for newbies (link below). Good luck with your journey. And feel free to reach out whenever.

    https://www.biggerpockets.com/...

    5Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free