What should new investors do everyday?

Question

Starting out in the real estate world and do not want to waste any time. What should new investor do everyday. I’ve heard practice getting ARV and how much you should offer for the house stuff like that. What’s should one practice everyday or something that should be known really well?

Abraham Lozano · Answer

Thanks so much for the information.

Joel Hutchinson · Answer

Hi Abraham,

Take some time to familiarize yourself with real estate investing before jumping in. I'm currently taking a year to do this.

• Read as much as you can Top 20 Real Estate Books (or listen to Audiobooks) & listen to Bigger Pockets Podcast.

• Get to know people/Build Your Network. Spend time asking questions and answering questions everyday on BiggerPockets Unanswered Discussions. Attend your local REIA (Real Estate Investor Association)

• Read Ultimate Beginners Guide To Real Estate Investing

You are in the right place. Good Luck!

Lamont Chen · Answer

@Abraham Lozano Congrats on deciding to jump into this world of real estate investing.

In no specific order I would say starting out you should:

1. Figure out what market (local or out of state) you may want to start getting into to get your feet wet. Folks tend to spend lots of time analyzing and not jumping in although you should only jump in after performing due diligence.

2. Learn what expenses you should typically expect and calculate deals often if not daily to see if they may be worth it (rent vs vacancy, repairs, capex, property taxes, home owners insurance, hoa, etc.)

3. Figure out what you can afford whether it be local or out of state as there probably would be different financing options (owner occupant, vacation home, investment property, etc.)

Once you have a good idea of the above you can probably start reaching out to an investor friendly realtor and begin the hunt!

Good luck!