Who do I ask for Financial advice, tips or real estate strategies for a first timer?

Question

I am looking for someone to talk to and help me get started in investing, real estate, side hustles or basically anything else that'll help me get started in gaining passive income in the long term. I've been looking up all different types of real estate strategies, side hustles, and investing portfolios for years now and never really getting started in anything because I'm not sure what it is I should do. I would talk to a financial advisor but most of them only cover retirement portfolios like 401k and nothing really about real estate or passive income, especially since most of them make a certain percentage based on the stock or investment portfolio they give you.

I am 27, currently live with my parent, had a decent stable job for almost 2 years now and have some savings saved up for a down payment hopefully. Me and my girlfriend are going to start to actively looking for a house. Before we start I want to talk to someone about it, because of all the different types of real estate strategies I could use. Especially since as a first time home buyer I have access to an FHA loan. With my job, I have to live within New York City or New York State as long as it is in close proximity to the city.

Paul De Luca · Answer

@Anthony Mannino

Connect with investors in your market whether it's here on BP or at real estate meet ups. You should do both.

You can also reach out to investor friendly agents by clicking the "Build Your Team" tab and click "Real estate agents".

Harold Looney · Answer

Anthony Mannino - congrats on your new journey. I've house-hacked for over 40 years in various locations, including the past 16 years in Bayridge Brooklyn. Happy to share my experiences. DM if you want to connect.

Scott E. · Answer

You've stumbled across the perfect place for advice, tips, and strategies.

Spend the next couple of months reading a bunch of threads here around the forums, read some blog posts, and listen to a bunch of the podcasts. Soon you'll start to understand the different strategies and you'll be able to decide what the best fit for you would be.

Generally speaking, the most common way people get into their first 'deal' is by house hacking (this is where you buy a house and live with roommates. or buy a duplex, triplex, or fourplex, live in one unit, and rent out the other units)

Michael Dumler · Answer

@Anthony Mannino, unfortunately, not everything is going to be perfectly laid out for you. Once in a while, you're going to come across scammy meet-ups and connect with uneducated/non-resourceful vendors, that's just part of the process. As others have advised, your best bet in entering the real estate space and limiting risk exposure is to acquire a house hack deal. It's your job to now network with investors in your local market who are familiar with this investment strategy and seek their input. The steps are quite simple: save religiously, build your credit, limit unnecessary debt, get pre-approved, work with an investor-focused real estate agent, submit offers, and close on the deal. Also, not to get too personal, but be careful about purchasing real estate with your girlfriend on title. Hope this helps!

Nicole Masters · Answer

Meetup.com is an incredible way to meet other investors! As far as them being a scam, you aren't going to often run into a scam, maybe just someone trying to sell you something. Once you go to one meet up you can just ask everyone there if there are any others they know about in the area and eventually the dominoes will start to fall into place. Bigger Pockets has a meet up section too where you can look for stuff in your local area!

Dave Skow · Answer

@Anthony Mannino- thanks ..I  would recommend geting a free loan pre approval in place for whatever  scenario you want to consider ..this will allow you to ask questions and learn  as well  as  to get   organized  and  prepared to  possibly make an offer ...good luck

Ryan Thomson · Answer

@Anthony Mannino

House Hacking is amazing. Here are some resources I found really helpful on my journey:1. For podcasts I really like the House Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: 2. Great beginners guide: https://www.biggerpockets.com/...3. The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book4. Happy to talk if you want more advice5. Connect with a realtor who understands house hacking and has invested themselves 6. Connect with a lender to see what you qualify for and how you can improve that situation7. Go to local Real Estate meetups and learn from people there

Jesus Flores · Answer

Hi @Anthony Mannino,

Welcome to BP! You are in the right Real Estate Group.

First, make a plan along with goals and milestones. It doesn't have to be perfect. Learn as much as you can in the next 3-6 months. Read lots of books; make notes and digest their content. Listen to podcasts (e.g. BiggerPockets, Brandon Turner - A Better Life, etc.) Attend Open Houses in your market to connect with Agents and practice all the new material (real estate vocabulary) you have learned in the 3-6 month goal.

Make sure to attend meet-ups in your community/market to connect with other investors.

Read these books:

-The One Thing by Gary Keller

-Investing in Real Estate with No Money Down by Brandon Turner

-The Book On Rental Property Investing by Brandon Turner

-The Millionaire Estate Investor by Gary Keller

Extra Money & New Skills

Side Hustles: You can resale stuff in eBay, OfferUp or Craigslist. That's extra money.

Job: When getting a new job, ask for sign-on bonuses, work hard for a promotion; this will increase your job salary. Always negotiate your new salary with your recruiter. Work overtime as well.

New Skills: Learn new skills such as electricity, drywall, carpentry, painting, plumbing, etc. You will acquire these skills when you purchase your 1st property.

Regards,

Jesus

Nicholas L. · Answer

@Anthony Mannino

Facebook, Biggerpockets, Meetup.com

Amanda Govaere · Answer

@Anthony Mannino  Well first it depends on where you want to invest at.  I work with several agents in different areas who could help you.  Also we specalize in working with investors of all portfolio sizes.  AMG offers 12 month coaching, real estate accounting and property management.  In the 12 month coaching program we actually teach you how to look at a set of financials on a property and see if it could be good for you, how to manage it and grow your investment.  Reach out if you are interested in agent connections or coaching.  Either way - I hope you get the investment outcome you are wanting.

Who do I ask for Financial advice, tips or real estate strategies for a first timer?

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