Super newbie starting out in Philadelphia any suggestions ??

Question

Hi I’m starting in Philadelphia , on a retail salary and would like to know how, what, and where to start i’ve read a few books, watched thousands of videos online but still haven’t made the first move please help any suggestions help.... thanks in advance

Roland Paicely · Answer

Attend your local REIA to network.  Ask if an experienced wholesaler can mentor you while you work with her.  Call owners with a house for sale on Craigslist to get experience talking to sellers.

Alexander Zurn · Answer

@Dereck Mills books, videos, & podcasts are the building blocks for any newbie so right there you're already off to a great start. Some progressive next steps:

1. Start analyzing properties - get a feel for how to analyze good deals so that you know the price points your chosen neighborhoods that are good deals. It will take time and you may not have even chosen neighborhoods yet but analyzing deals in multiple areas will help you narrow down where good and bad deals are - thus, helping you pick the areas to analyze further and jump on should a good deal come available

2. Talk to a mortgage broker - I say this before you get pre-approved. There are a lot of questions you'll have once that process gets going and when the time comes for you to submit an offer you likely won't have time to ask all of them. The sooner you start the mortgage/financing discussion the more comfortable you'll feel. Chalk it up as learning more information about the whole process and helps you start building your team!

3. Save money and pay down debt - there are many different strategies but I found it useful to pay myself first (Read Richest Man in Babylon if you haven't). There higher % of your income that goes to you the better!

4. Go to Local Real Estate Investor meet ups. Philadelphia has a huge REI Group so google that and start going to simply be around and get comfortable talking real estate.

Education is the basis but you also don't want to get stuck in analysis paralysis. Hopefully some of these steps can help you move the needle forward over the next months and get you prepared to buy your first property!

Dereck Mills · Answer

@rolandpaicely thanks i did send sign im going to the next meet up !

Dereck Mills · Answer

@Alexander Zurn thanks i really appreciate the advice ! I like what you said, specially talking to the mortgage broker i would have not thought about that as being a first step but makes all the sense in the world.