First Investment - Looking For Some Guidance!

[Mike Kundla]

Hey friends! My wife and I are just starting out and trying to get the ball rolling on our first real estate investment. I'll be completely honest, I'm a little overwhelmed. I just finished David Greene's BRRRR Method and I've been trying to absorb as much information through listening to the BiggerPockets and RealEstateRookie podcasts on a daily basis. The concept of the BRRRR method makes so much sense - but all I keep reading about and hearing is how difficult it is to implement the BRRRR Method in today's market. Any recommendations on what niche to jump into right now? We've always been interested in out of state STR... I just don't know if going out of state is the right move for our first deal. As you can see, I definitely have a bad case analysis paralysis.

We sold my condo about 6 months ago and have about $60K left over after we bought our current home.

Thanks for listening,

Mike

[Corby Goade]

Congrats on starting your education and reaching out for support, you're building a solid foundation. 

The number one thing you can do to get you closer to taking reasonable action is to learn your market as thoroughly as possible. You don't need more books or podcasts (though that can't hurt, but there's no magic peice of infomration you are missing that will change things for you). Learn your market well enough that when you see a listing or a property, you can almost immidiately know the as is value and ARV based on the listing information. If you can fairly consistently guess within about 5%, you know just about everything you need to know.

Lastly- every one in every market always says it's tough to do X right now because of X. That's not true- people successfully flip, brrrr, wholesale, etc in every market in every city in this country. The ratios change based on the market, but opportunities do not. You just need to be ready and recognize an opportunity when it drops in your lap. 

Good luck out there!