My wife and I are just starting out in real estate investing. How do we get started and do we need a mentor?
Find a honest, dependable investor in town, and reach out to see if you can help/job shadow them.
Read and read and read on this website. Attend REIAs (Real Estate Investment Association). You can probably find them through meetup.com. These are invaluable networking opportunities. Get active doing something you've learned from this website. Whether its finding lists, looking at u MLS listings, networking and taking investors out to lunch, sending out mailings, do something that can get you closer to getting a deal. You need to be concerned with setting up your business and entity and all that but don't forget that you're in the business of real estate where you deal with real estate. Its easy to forget that part when you get over whelmed with starting out setting up a company.
Very hesitantly will I suggest this. Go an attend one of those 'you've got 2 free tickets' real estate events in town. They will upsell their courses and be prepared for that. Generally, they want you to come to the three day training event for $300-$500. I think that is worth it for some but PLEASE leave your wallet in the car for the ENTIRE event. From day one they start upselling their next set of course for $8k-$50k. Classes work for some and I totally advocate for a mentor but put your money elsewhere first. They offer so much information so fast its hard to know where you sould be focused.
Instead of $50k classes on credit cards you've raised your lines of credit on, read on BP and follow the big posters, read the articles, listen to the forums. Its free information and I can say I've learned a ton more here than those guru classes(although valuable wasn't the right fit for me).
Hi Andy. I would suggest going to your local real estate investor association. They have education, networking and basically everything you need to know to get started in your city. I highly suggest a mentor, however, please be careful for out of town mentors that are doing seminars, charging a lot and then leaving your city. You can find a mentor at you local reia group who will know your city specifically and work with you closely. Now it may come at a cost but after you get to know the mentor you can decide whether or not they are the right person to invest your time and money into. Always do your own due diligence. Welcome to the wonderful world of real estate investing.
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Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
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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). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
@Andy Zenczykiewicz I think the best way to start is to estabilish a foundation of knowledege by reading, listening and interacting.
Reading: real estate books (like these), BP blog posts and newsletter
Listenting: BP podcasts and other good real estate podcasts
Interacting: attending local meetups, actively asking questions on BP and answering questions you have answers to
@Andy Zenczykiewicz Invest in marketing. That's where you should be. Think of it this way. You're standing on the river, you know there is fish in there, ( I mean look at how many of us are on the banks fishing, lots) . So you know it'll work. Learn how to get the fish on the hook, then worry about what to do with it.
This also goes along with knowing what you're after. Which is important because your marketing will working for you and you don't want some fish that are in that river..see?
First ask yourself why you think Real estate investing is a good avenue for you versus some other venture like a start-up. Second after you have secured an answer decide what type of investing strategy you want to start out with and stick with it! There are thousands of articles and members on here who will be happy to lead you in the right direction. Please also read Beginners guide and then use the search bar to find heaps of info related to your strategy. Being educated is one of the most important things to have a s a foundation to becoming a RE investor, or with any other practice you want to excel at! Call upon your current network of friends and family and ask them if they know anyone who wants to sell, and also be sure to network.
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