Newbie wanting to take the first leap

[Juan Gil]

Hello A,

Fairly new to BP and first time posting,

I am in Houston, TX and looking to jump start my real estate investment journey. 

I've read a couple of books and listened to multiple podcasts, but I know that there is no better teacher than experience.

I’m struggling to figure out what my first step should be and worry if I don't take some action I will stay stuck on the sidelines. Hoping for some advice/inspiration. 

I want to do a small multi-family house hack for my first investment but currently don't have enough funds. I do own a home, which I purchased about 2 years ago now with an FHA loan at a great rate. I've considered refinancing, but I bought this home with the intention of giving it to my mom and while I can afford the mortgage payments now, I worry that I won't be able to pay for the house hack and my first home after the refinance.

So, my questions are:

How did y’all take that first step off the ledge?

Should I save up for a down payment or get creative (private money lender, JV, pull from my 401k)?

Should I try to find an investor friendly agent or go at it alone?

Not afraid of hard work, just need to know what work needs to be done.

Grateful for all advice.

[Nathan Murith]

congratulations on your post and doing the work, @Juan Gil.

First is knowing what market you want to do this in. It sounds like maybe you know already, your backyard?

Second, I would recommend working with an agent as they will help you identify and find the right properties for your goals.

Then I would set up my search criteria with the agent as well as in zillow or any other tool of choice and look every day. 20 min a day. practicing that muscle will allow you to better understand the market as well and get practice analyzing deals.

Once you know the market better and what an average deal is like, then you can solve the financing problem. there are many ways to solve that problem.

happy to chat more in person if you want, do not hesitate to reach out, connect and DM me.