All Forum Posts by: Ryan Arbeiter

In my opinion, you don't need more than 3-6 months to know enough to get started. If you are taking 1-2 years, then you will probably develop analysis paralysis. Of course, I'm assuming you are debt free first...

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together!

5. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

It does not take 1-2 years, it might take 90 days. You need to decide on a strategy and educate yourself on it for about 30 days, apply it for about 60, and then be ready to act when the opportunity comes up. In those 60 application days, refine your strategy and hone in on your targets. You will know an opportunity when it comes up. 

Take the time you need to feel comfortable. It most likely will take longer if you go about it on your own vs getting in the room with folks who are doing what you want to be doing. Id start saving $X or X% and put that in a high interest bank account if you think you may make a move in the next year. I wouldnt put alot into a Roth IRA if the goal is to buy a property soon.

Hi @Ryan Arbeiter, Welcome to the world of REI and congrats on starting your landscaping business! BiggerPockets is a great place to be to ask questions and learn from the people that are in it. I would definitely continue to listen to podcasts, read investment books and all that, but I would also get out to meet ups when at all possible. There are tons that happen in Philly and the surrounding suburbs.

Along with learning about REI in general, take the time to learn about the Philly market. If you are planning on investing in Philly, do your research on the different neighborhoods and the trends that market is seeing. Philly can be very block by block so you need to be mindful of that. Also take the time to build your team. Reach out to agents, talk with contractors, lenders, anyone you might need from looking for your first property to renting it out if you are househacking. Having a team that you know and can trust is major if you are going to be successful.

It's important for you to learn about all of it and prepare beforehand but I wouldn't wait too long. If you ever have any questions about REI or the Philly market, feel free to connect! I'm an agent in the area that specializes in investment properties in the Greater Philadelphia area.

Good luck!

I would definitely start off with a property you can live in while renting out another room. This is how alot of folks start off. 

@Ryan Arbeiter

welcome.  these are GREAT questions.  i especially love your 2nd one.  i hope you get some thoughtful responses.  my short answer to that one is - try to do both.

on your 1st... it depends.  house hacking is much lower risk than flipping.  there are a lot of steps you can take toward a house hack that are totally free:

-save up enough money to house hack.  not kidding.  have: savings + down payment + closing costs + reserves.

-call a bunch of lenders and ask about low down payment programs.  DON'T have them pull your credit until you're actually ready to apply.  just call and ask.  ask questions.  have a conversation.  find a loan officer or broker you like.

-find an agent and start looking at properties.  look at lots of properties.

-go to REIA meetings and ask questions.

@Ryan Arbeiter  A lot of property owners need lawncare in Philly. Could be a good way to connect and network.  Can you provide that service?