What’s something actionable I can do to get into investing?

Question

Hey everyone! Recently I had a sort of epiphany where I wake up and get stuck with life stagnating. I want to improve that aspect in my life as a real estate investor, but I have no deals around my belt or connections to begin with. I’ve been reading books and listening to BP podcasts like crazy! And I’ve gone to look at a few properties that could be rented just to gain some experience. But still I get stuck with not knowing what to physically do with my time other than learn. I’m finishing up school, and I work part time waiting tables.I’m in the Indianapolis, IN area and am open to internships and other things that I may have to dedicate significant amounts of time to. But what’s some skill or process that I could polish to provide value to someone looking to teach me? And how would I go about improving that? Thanks.

Scott Mac · Answer

Hi Josh,

To be a landlord (Like Fred Mertz--I Love Lucy, or Mr Furley, or Mr Roper-- 3's Company)

Get a 2nd job save up ALL of the money until you get to (at least) 30% (or more) of the purchase price of an investment property.

(Or house Hack a Duplex, Tri or Quad with 2.5% down -- if you area has these)

Then Get pre-approved by a lender for $X, find a rental that makes sense (for the amount of work you want to do on it) and make an offer.

If you are successful with your offer get a renter in there ASAP--Positive cash flow ASAP.

In your extra time while working 2 jobs study up on what you need to learn to do this.

Reading books for 2 years alone will not replace working a 2nd job for 2 years....(priorities) b/c CASH IS KING!

For instance Josh with $50,000 (or more) in his bank account can be an investor, Josh with $1500 in his bank account will probably find it hard going.

You need a down payment, some operating cash, a loan and the knowledge of how to do it.

Just my 2 cents.

Joe Splitrock · Answer

Now is the best time in history to earn income. You should be picking up side hustles and saving up for a down payment. Then you should buy to house hack. Don't look at properties until you are ready to make offers. Stop dreaming and start hustling. The world is filled with people who want to be investors.

Dillon Dale · Answer

@Josh Baxter speak with a lender and see what you need to do to get qualified

Bruce Woodruff · Answer

Yessir! Add NJ, WA, IL and Oregon to that list.

Brian Zaug · Answer

@Josh Baxter.. the first actionable thing you can do is cross NY and CA off your investment location list

Cullen W Jones · Answer

First, you develop a relationship with someone who has knowledge of the market you want to be involved in. Then, you discuss your goals with this person, and layout a game plan. I happen to be an agent in Indianapolis.

Tim Delaney · Answer

@Josh Baxter Indy is a hot market, find an investor that is in need of an intern and learn by working with him/her. There are also lots of people investing in Indy that are not located there. They may need help with boots on the ground sometimes.

Bruce Woodruff · Answer

@Scott Mac is right.....all the learning in the world will just make you a smart wanna-be.... You do need cash and/or a job that makes you someone that people want to loan money to. The nice thing about money is you can start tomorrow. Get a job, any job, and put away that $$

Bruce Woodruff · Answer

You need knowledge. Read/study/podcasts/Youtube/Etc.....

You might consider going through the process of getting your Real Estate and Contractor license. You don't need to actually get them, but just get the study materials and learn.....

Chase Lowry · Answer

Figure out what your goals are with REI. Find someone who is farther along than you who shares similar goals. Find out what they need. Learn it and become IRREPLACEABLE.

What’s something actionable I can do to get into investing?

What’s something actionable I can do to get into investing?

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