Beginner Advice

[Jarred S.]

I am still in the process of learning and need some advice on what route to take.

I plan to join my local REI and meet landlords there with hopes to shadow and help out any way I can to learn off of other veterans. I would love to help someone flip a home if I could see all the aspects of it. I have a business partner and he is in the same boat as me which makes it more exciting going through everything. Were both young 23 and 24 so we have that going for us. Can anyone offer advice on paths to take or even how to go about learning on here, it is often overwhelming with some of the terminology? I spend a lot of time working to save more and more cash. I am always trying to think of ways to make cash thru real estate now just to build up to our first property. I also question when it is right to derive a business plan. I know I am not ready for my first property but it seems being in a partnership where were both learning it could really give both of us an understanding of what is expected and the path we will take.
Any response would be greatly appreciated.

Thanks

[Nathan Emmert]

It's time for a business plan when you've decided what you're going to do in real estate. The problem most beginners have is being overwhelmed by the different areas of investing and believing they will do them all. Part of the time they'll be doing Lonnie deals, and we'll leverage those into flips... and we'll hold every 3rd flip to become a landlord... and we'll 1041 the proceeds from the other flips into a complex... and we'll leverage the rents received to become a HML to others... and we'll use the proceeds from that to buy tax notes... and we'll flip those properties for quick cash... and and and....

Focus on 1 or 2 things you think interest you. The #1 key to real estate investing (IMNSHO) is consistently applied focus over a sustained period. If you're going to get bored, if you're going to get burnt out, if it's not something that REALLY interests and invigorates you... you are setting yourself up to fail.

After you've made that decision, create an action plan for you and your partner. Lay out a 5, 10, 20 step plan to your 1st deal... divy up the responsibilities. A Business Plan will likely flow out of that if you do it well.