Where do I begin in the real estate world???

Question

Hello everyone, My name is Mildred and I am new to the real estate world. Where do I begin ??? do I start with wholesaling? or where do you think I should start? Because I'm all over the place trying to learn.

Millz Black · Answer

Thank you so much guys, I do want to do long term rentals. But I will start with the podcasts

Cherie Gatling · Answer

@Millz Black Hi Mildred! The “Real Estate Rookie Podcast” by Bigger Pockets is a great place to start. Start from show number one. It will introduce you to the world of real estate investing in bite size increments, help put things into perspective, answer some of your questions and concerns as a newbie, give you LOTS of insight, as well as eliminate confusion. Along the way as you listen to podcasts, you will most likely find the niche and strategy (thing to do/where to start) that resonates with you meaning your interest, financial capabilities etc. I would also suggest that as you learn, be it from podcast or otherwise, always stop “immediately” and look to define (look up) terms that you do not understand. I am suggesting this so that later on while listening to more advanced podcast where they’re not breaking everything down, you will have already made yourself familiar by way of looking up definitions, and have acquired understanding. Make terminology your friend. It will cut down on potential frustration and feeling lost or overwhelmed.

After you discover your interest (wholesale or whatever), that would be your chosen “niche” just FYI. Along side that your “strategy” should be determined. (Ex: A wholesaler sets out to find motivated sellers for starters. The strategy could be those who abandoned their properties, are in probate, divorce, or those who just never wanted to be an investor type landlord in the first place and want to call it quits, and then some).

And then you’ll find after that you’d have to decide the best approach to reach them. Of course the same concept applies if you choose not to wholesale. Niche and strategy! Find out these answers and then deciding what direction to turn your attention to after that will become that much more easier. Allow yourself to think and move in steps, and not in hurdles. Forgive me if I over simplified it. I just wanted to be as helpful as possible. I wish you the greatest of ease as you start your journey and none other than the very best!!

Theresa Harris · Answer

Decide what you want to do.  Wholesaling is a bit dodgy.  Long term rentals are a good way to start as you don't need to worry about quick turnarounds as you do with a flip where you can end up losing money. Short term rentals are more work for potentially more money.

While you are deciding, save money and talk to a bank to see how much you can borrow.  Decide where you want to invest and run some numbers for those areas, so you know what you are getting into.