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Updated about 2 years ago on . Most recent reply
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Questions from someone just starting out on figuring how to start
Hello all. I started reading many of the free resources available on here and have learned a good deal and that I also need to learn a lot more. I plan on making a career shift soon (still within the same industry, just a different aspect) and with that I wanted to try and make my money and assets work for me as best as I can. So I thought a good starting point would be some kind of multi-plex with myself living in one of the units.
However, because my transition is still very much in flux I don't have any grasp on where I will end up location-wise (as well as other aspects like what my income will be, work schedule, travel requirements of the job - which is very possible - or even a definitive timeline) I cannot really look into the market of a certain region or make great projections. What would you recommend to someone like me to do to try and prep - as best as possible - for making this a reality? I also have a grasp on that the market is well, not great at the moment. Interest rates are very high and prices haven't gone down all that much. What should I be looking for as an indicator that things are starting to shift in a better buying direction - or to look for in opportunities that may offset the current financial situation?
Other kind of small question - I saw a lot of podcasts available that are from respected members of this community. However, a lot of them seem to go very far back. Are there any that you would recommend? And if so, how far back into the podcasts show records should I start listening? Will I find some of the information out of date from say - 2-3 years ago?
Thanks to anyone who is willing to help out!
Most Popular Reply
![Nathan Gesner's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/51525/1621411521-avatar-soldat.jpg?twic=v1/output=image/cover=128x128&v=2)
- Real Estate Broker
- Cody, WY
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Quote from @David Marino:
The market is still dropping and I expect at least 6-12 more months, but nobody can predict the future. No matter what the market is doing, you can still find good deals. Keep educating yourself on how to evaluate a market, analyze property, etc. Save up so you're financially prepared. Talk to some lenders to see what your options are. You'll be better prepared when the time comes.
As for podcasts, almost all of the information you hear is still applicable. Deals were easier to find in 2012 or 2016, but the same math applies to finding deals today.
1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.
6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
- Nathan Gesner
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