All Forum Posts by: Ryan Sario

@Ryan Sario You will start with buying a primary residence which might be a duplex or single family home to house hack. Dont worry about not knowing enough on your first transaction. You can just get a home inspection on your first purchase so you know what your buying and what work the property needs. I suffered through the 2008 mortgage meltdown and lost rental homes. If that was once in a lifetime occurrence then you will be fine.I just got ripped off by another contractor. Watch out for contractors if you ever purchase a property that needs a lot of work. They are the most crooked part of the real estate investing equation. 

Hi Ryan, welcome to BiggerPockets! This is surely the best place to start networking and learning. I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Continue listening to the BiggerPockets podcast and start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. 

House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place. You can learn more from this link here: https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

The fix and flip strategy can be a profitable venture if you've done everything correctly. You may want to make sure that you follow these top 4 tips that I have for flipping:

1. Do your research - Before purchasing a property, make sure you conduct thorough research on the location, the property's condition, and the potential cost of repairs. This will help you make an informed decision on whether the property is a good investment.

2. Know your renovation budget - You don't wanna overdo or underdo a property. Focus on the right improvements that will add value to your property.

3. Know your after repair value - The goal of flipping is to make money so you have to make sure you're not covering your all-in cost and you're actually making a profit

4. Time your sale right - When the market is favorable and the demand for housing is increasing, that's the best time to do it. This can help you avoid having to list your property for too long. Hope this helps and best wishes to your real estate journey! Looking to purchase my first property.

Get started and it will be only good things for your future. All the best!

Hi Ryan! Welcome to Bigger Pockets. I just graduated college, stared working in real estate, and joined Bigger Pockets so I admire you starting out so early. Good luck on your real estate investing journey!

@Ryan Sario The irony is that you will never know enough, that is part of the beauty and journey of real estate.  No matter how many deals you do or properties you buy, things will be missed, or something new will come up, or you'll learn something along the way.  The goal, for me at least, is to learn as quickly as possible by doing.  I have made a lot of mistakes this way, but I have also been able to expedite the learning process as well as my real estate portfolio growth by diving in and being willing to make mistakes.  I know this isn't necessarily the most encouraging message but I hope it helps!  The first is the hardest but they don't necessarily get much easier, you just get a little more confidence with each one!

@Ryan Sario, I have been investing in real estate since 1993 and I am still scared to do deals. I look at all the what-ifs and it drives me crazy. I have done a couple of flips and bought then sold duplexes and SFRs. I still think I am crazy every time I buy something. I analyzed 60 properties on BiggerPockets before purchasing 1. I think it was Brandon who said to just go into the BiggerPockets calculator and analyze 5 to 10 properties a day to get the practice. I think that was great advice. Good luck with your studies, your career, and your investing.