Would love to find freedom in REI

Question

Hello my name is Cresundo Whitaker, I have no real estate experience at all. My girlfriend just bought her first house though and it has sparked in me something that I did not know was there until I was exposed to it. I live in Atlanta and I would love to get into investing in real estate. I have been listening to the podcast and with each episode I get more and more inspired. I think the avenue I want to get into is buying, holding and renting. I am looking at duplexes, triplexes and quads in my area but I don't know what makes a good deal and what does not. My mind is totally open to learn what to buy in the Atlanta area or anywhere in the United States. From what I here on the Bigger Pockets podcast these forums are full of teachers and learners. So I am ready to learn. I will ask lots of questions because I want to try different facets of real estate and learn what I can.

Thank you.

Abhi Golhar · Answer

@Cresundo Whitaker

Here's what I would do:

1. Podcasts, books, videos, etc are great, so absorb them.2. Find a pro who is willing to let you shadow/walk projects/ask questions.3. Once you're ready, do a deal with your pro mentor.

My advice: while you are crushing #1, HUSTLE for #2. And remember,failing, getting rejected, and making mistakes is CRITICAL FOR YOU RIGHT NOW.

Chadd Naugle · Answer

@Cresundo Whitaker I would go to 123flip.com.... This is J.Scott's website, get on the e-mail list....he has some bonuses on there, one of which is an Analysis tool to help you evaluate a deal....you simply put in the purchase price, down%, monthly rent and expenses and it will calculate everything for you.  After you get the tool, go on realtor.com do a search for multifamilys and then call the realtors to get the financials (rent and expenses), and start practicing analysing deals....

Cresundo Whitaker · Answer

@Abhi Golhar

I am currently doing step one listening to podcasts and reading blogs everyday. Just bought my first real estate book recently.

Looks like a consensus that the next step I need to do is find someone who can help me learn hands on so that is my home work for this upcoming week. I am excited to be here and to have this resource at my disposal. I am a paralysis by analysis expert so just doing it is what I need to do.

Kenneth LaVoie · Answer

I learned alot by buying lunch for two local REI's in my area. One a lower income type landlord and one a property manager who also owned a few units. The info I got was very "believable" because it was real world facts regarding my specific town, so I was able to take action and make decisions on what direction i wanted to go based on their input, vs. trying to make "general" knowledge (like found in podcasts, books, etc.) apply to my area. Both have value in different ways. Best of luck.

Cresundo Whitaker · Answer

Wow you guys are amazing, i have heard how great the forums are on the podcast and now seeing it for myself. Thanks for all of the support I will keep asking questions and keep posting my steps on the forum

Kevin Izquierdo · Answer

Welcome to BP! Im also new to the RE business and Im going to do the same as you, buy, hold and rent which Brandon calls, "house hacking". I recommend reading whatever BP has to offer for free like the UBG and anything else on the Learning tab. Keep listening to podcasts and dont be afraid to ask questions

Barbara G. · Answer

Everyone is giving you good advise.  The one thing that you said yourself was you shoud join Meet Ups

That is exactly right.  Ga must be a good place to buy invesment property?

Join the local Real Estate Club and join  the local Real Estate Meet Up Groups.  House Hacking with a duple or a riplex or a Quad is a great way to go

Let us know what your next step is.

Pyrrha Rivers · Answer

@Cresundo WhitakerWelcome to BP. This is a great place to learn! Keep engaging by asking questions and posting comments. Good luck with our search for a mentor. I hope you find someone with whom you can forge a mutually beneficial relationship.

James Wise · Answer

@Cresundo Whitaker

Welcome to the site.

Starting off with an owner occupied multi family is a great way to get started.

You can pick up a duplex with only 3.5% down. Let your tenant pay your mortgage and give you some landlording experience.

Would love to find freedom in REI

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