How do I get started?

Question

Hello! I am New to BP and looking to get my feet wet in the real estate business. I work in construction and have grown tired of doing everyones work for them. I would love to get involved with flipping homes and purchasing rental properties but don't really know where/how to begin. I do not have access to a lot of cash and home values in my area have recently gone from high to completely insane. I have the time, vision, and work ethic, and would be willing to go out of region if necessary. If anyone has any advice on how to team up with someone business wise, secure creative financing, or just really get moving down this path it would be greatly appreciated.

Thank you,

Conor

Thank you,

Conor

Wale Lawal · Answer

@Conor J Horigan

Welcome to Bigger Pockets!

We
all started from somewhere and you know yourself better than anyone
else.

I suggest that you clearly define your criteria and what you are looking for.

Based on the area you choose, a local Investor-Agent can help shorten your learning curve and save
you a lot of headaches as they tend to understand the market better.

Additionally, here are 5 top ways to scale your real estate investment business.

1. Focus on a niche.
2. Create a brain
trust.
3. Delegate.
4. Measure.
5. Standardize.
Please read this blog for detailed information on above mentioned top
five ways  https://www.kiavi.com/blog/sca...

All the best and good luck!

Nathan Gesner · Answer

Welcome to Biggerpockets!

This is a tough time to get started because sales prices are definitely insane. The good news is that they will start settling down and rent rates will continue going up and eventually catching up. This is a good time to educate and save.

You have skills, but not a lot of money. Try networking and looking for someone to partner with that has money but not the skills. They buy, you renovate, then you split the profits from the sale or long-term rental.

Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

Chris Winslow · Answer

Hi Conor- That's awesome that you are thinking of getting started, definitely do it!! As I am sure you have heard, house hacking is an amazing way to start and I would highly recommend it.

Here's what else I would do though:

- Get some background knowledge on real estate topics and strategies (BP is great, books, podcasts etc). Learn what successful people are doing and how they are doing it. Do this so you can talk about real estate with others and so you'll understand the basics when they talk to you. Definitely read this too as a start: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

- Narrow down your focus on where you want to start (location, building type) and what strategy you want to learn (ex house-hacking), probably best to pick one thing at a time to really dive into and get good at versus trying to learn every strategy in-depth at the same time. Really focus on learning everything you can about that one thing/area.

- Make connections- investors, lenders, realtors, contractors, wholesalers, etc. You will hear people say “Rockstars know rockstars” and it is very true. Meetups or other real estate events are a good place to meet people as well as on BiggerPockets. These people can also help you determine which areas and types of deals would make sense for your situation. If you get set up with a couple of good connections then everything in the process will be smooth from selecting an area and strategy up to closing on your first deal.

- Once you have your criteria and you know what you are looking for, analyze deals every day until you can immediately spot a deal when you see one (and when you do jump on it immediately, there is no time for waiting around on today's market)

- Keep taking daily consistent action and always showing up and that will get you to where you eventually want to go. Good luck!