How do I start in real estate investment?

Question

Hello! I am Cherno S. Bah, from the Gambia. I graduated High School last year and am currently studying Law in the University. I have been reading books on financial education and investment. However, because of the impact the books had on me, I decided to focus my energy and attention on Real Estate investment, in residential rental properties as my ticket to financial freedom and investment. Also, I have been reading great books written by members of the Biggerpockets Forum, especially Brandon Turner and David Green (thank you guys!) and as a result of that, I was able to come across the Biggerpockets Forum. I am really passionate about real estate investment and I am ready to put in the hard work.

Therefore, I actually need some advice and ideas on how to start this journey, though I am not living in America and I am aware that some of you might not know the place called Gambia. I need help please.

Scott Mac · Answer

Buy a house (or a hut) or an apartment building and rent it out to people who you believe will be long term renters (customers) and have the ability to pay you (for the long term) rent money every week or month.

Your renters need some kind of stable income so they can pay you on time and for a long time.

If you own an apartment you want renters who are not pests to the other renters in your apartment, or the non-pests will likely leave.

The longer the renters keep renting from you the easier it will be to make money because you do not make money when the apartment (house or hut) is empty waiting for you to find a new renter.

Good Luck!

Will Fraser · Answer

HI @Cherno Bah, welcome to the Bigger Pockets forums!  Fortunately the nature of investing in real estate from Gambia and from San Francisco are not too terribly different in a few key ways:  here are a few

• Will you invest in your market or another market?
• Will you invest alone or with others?
• What role(s) do you want to play in the investments?
• What role(s) are you qualified to play in the investments?
• How can you grow competency in other areas (or deepen competency in current areas) through investment?

If you decide that investing in US is for you, then you'll be best served by a partnership with someone in the market you'd like to invest in, at least at first.  Once you've found a market (or a trusted investment partner) then it really is the same as partnering on a deal in the same country with an added complexity of:  how does the funding work in light of one of the partners being a non-citizen or non-tax-local?  Fortunately for you this is a well-trod path.

If you are looking to invest in Gambia then you can take much of the content from sources like BP and run it through your local filter -- which strategies will work in Gambia and which will not?  I would recommend thinking through the same list of questions above regardless of if you will invest in your immediate area or across the glove.

Here's a useful episode from the podcast that might be a good refresher:  https://www.biggerpockets.com/blog/2015-10-01-bp-podcast-142-22-and-a-half-actionable-tips-beginner-real-estate-investors-with-josh-brandon