All Forum Posts by: Taylor L.

Less than 10 years old would be too constraining for me, but I like that he's including property age in his criteria. Many investors have been drawn to old properties due to cheaper pricing, not realizing that the cheap pricing can be offset by high cost capex items. I made this mistake myself early on.

My criteria is now 1980s or newer, but it also depends on the actual condition of the property. We go for B to B+ class properties and I find that we're still able to locate opportunities in that age range. 

Consider how turnkey of an acquisition you're looking for. Are you looking for a rental that's move-in ready and all buttoned up? Then it'll be more expensive. If you're willing to buy properties that need a small to medium level of repairs before being rented, you can buy at a lower price and build in some margin. That does add additional risk, though. Particularly if you're newer to rehabs & analyzing the costs.

 Makes sense. BP Bootcamps seem to be popular, as others have mentioned, but I can't comment on those. BP does have frequent webinars and quite a few books, some of which are intended for new investors just starting to get their bearings.

There are also several groups for current and retired service members who invest in real estate. Networking is another key factor that hasn't really been discussed in this thread. You can learn so much by networking & building relationships with like-minded people. I'd suggest seeking out groups like that so you can get inspired and learn from others with similar backgrounds who are a few years ahead!

The truth is that there are numerous ways to make money with real estate and nobody is an expert at all of them. That may help explain why there are so few 30,000 ft view things out there.

There are so many directions you can go, that's why people say read, listen, and learn. Those 3 exercises can help you pick a specific path (i.e. flipping vs wholesaling vs BRRRR vs multifamily vs land vs mobile home parks...on and on)

Have you decided which path you want to take? Finding a beginner's guide becomes more straightforward when you know which direction you want to go.

Nice! How did you invest the $40k in renos?

For my reserve funds, I don't mind taking the inflation hit by holding in cash. I see it as a cost of de-risking my overall portfolio. Some folks use short term CDs, but the rates I've seen on those haven't been enough to beat inflation in recent years, at the cost of losing some liquidity.

I think limiting beliefs stop more people than circumstances.

Congratulations on taking the initiative - this is quietly a very common and successful strategy. By that I mean there are plenty of established investors who provide mentoring in exchange for social media, blogging or other marketing help.

In this space we're often thinking about our 'avatar,' or our ideal investor/partner. So who is your avatar? Be as specific as possible. How can you chase them down and offer them your assistance?

When finding partners/investors, it's great to start with people you already know. Make a business plan and start discussing the idea with people you think may be interested. Be ready to hear no a lot.

Also be sure to invest plenty of time in networking with other real estate investors. You can do that online or in person. In person is the best for building connections, but may be difficult with a travel nursing schedule.

What Every Real Estate Investor Needs to Know About Cash Flow and 36 Other Key Financial Measures by Frank Gallinelli

That's wild. We already have a preferable tax treatment as real estate investors. Why get greedy? There are so many lawful ways to save on taxes while making money.