Looking for advice from experienced real estate investors

Looking for advice from experienced real estate investors

Member since 2026 · 1 post · 2 votes

Hi everyone. I'm a mother passing along some information for my son, Blake, because he isn't able to participate in the BiggerPockets community himself right now.

Blake is currently incarcerated in Texas following a tragic DWI accident that resulted in the death of a friend. He is taking responsibility for what happened and wants to use his time to learn and prepare for when he gets out.

He is working on his MBA in Business Management through Adams State University and has gotten really interested in real estate investing. He's been reading BiggerPockets books and other real estate books and is trying to learn as much as he can.

His goal is to eventually own rental properties.

I wanted to ask the people on here who have been doing this for a while:

If you were starting over, what would you spend your time learning before buying your first rental property?

What do you wish you had known before buying your first property?

What skills should he be working on now?

Are there any books, or other resources you would recommend?

How did you meet and build relationships with other investors when you were first getting started?

He's not looking for money or asking anyone to invest with him. He just wants to learn as much as he can now so he isn't starting from scratch when he gets the chance to invest.

If you've been doing this for a while, we'd really appreciate any advice you have. I'll be passing the responses along to him.

Thanks everyone.

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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 905 votes
    1d
    Quote from @Robert Blake Prince:

    Hi everyone. I'm a mother passing along some information for my son, Blake, because he isn't able to participate in the BiggerPockets community himself right now.

    Blake is currently incarcerated in Texas following a tragic DWI accident that resulted in the death of a friend. He is taking responsibility for what happened and wants to use his time to learn and prepare for when he gets out.

    He is working on his MBA in Business Management through Adams State University and has gotten really interested in real estate investing. He's been reading BiggerPockets books and other real estate books and is trying to learn as much as he can.

    His goal is to eventually own rental properties.

    I wanted to ask the people on here who have been doing this for a while:

    If you were starting over, what would you spend your time learning before buying your first rental property?

    What do you wish you had known before buying your first property?

    What skills should he be working on now?

    Are there any books, or other resources you would recommend?

    How did you meet and build relationships with other investors when you were first getting started?

    He's not looking for money or asking anyone to invest with him. He just wants to learn as much as he can now so he isn't starting from scratch when he gets the chance to invest.

    If you've been doing this for a while, we'd really appreciate any advice you have. I'll be passing the responses along to him.

    Thanks everyone.

    Robert, Blake is already doing something valuable by using this time to learn and prepare. I’d focus on understanding deal analysis, financing, property management, rehab costs, and how to build a strong local network before buying anything. I’d also look at out-of-state markets when the time comes, especially parts of the Midwest where the numbers can be easier to work with. 

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    16h

    STARTING OUT

    If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

    I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

    To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

    Since most cities won’t allow basement rental units, I’d consider finishing the basement, just well enough for me to live down there (cities don’t care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

    I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

    I’d also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I’d aim for low downpayment land contracts and lease options.

    After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

    While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

  • Min ZhangBusiness Member
    Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
    16h

    Hey Robert! It’s great that Blake is using this time to learn and prepare for his future. I’d focus on learning how to analyze deals, understand financing, and get familiar with property management and the numbers behind rental properties. Reading books is a great start, but learning how to evaluate real deals and building relationships with other investors will be really valuable too. Wishing Blake the best as he works toward his goals!

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