BiggerPockets Pro Membership!

[Allen Bannister]

Been listening to the podcast quite a bit lately! Decided to buy a pro membership. Any suggestions for how to make the most of it starting off?

I’m 24, working full time out of college, don’t own any properties. Paying rent, that’s my current situation.

[Scott Trench]

Hi Allen! 

A couple of suggestions: 

First, consider attending one of our Bootcamps to get started in real estate. They can be great motivation for someone getting started. You must be a pro to sign up for these - note that they are $225 for Pro Members.

Second, understand what "good" looks like in terms of a real estate deal for you. Consider analyzing at least one property per day, including rehab budget, using the calculators. If you analyze roughly 100 properties over the next 90 days, for example, you will likely have a clear grasp on what a "good" deal looks like. I'd use that information to write a clear thesis for (two paragraphs) describing that great deal. Post a couple of the deal analyses to these forums. Don't analyze deals that are currently for sale at first. Instead, analyze deals that have recently sold. On-market listings often give you a distorted view of higher prices than exist in reality. Sold listings are the recent reality in your market. And, don't get discouraged if only 1 in 10 deals, or fewer, make sense. That's the game.

Third, connect with an Investor Friendly Agent (they love Pro Members, because it is a signal of serious intent to buy property). You can find them at the top of your screen in the navigation bar. Tell them what a "good" deal looks like to you, and ask them to send you properties that meet your criteria. They will likely be happy to do so.

Fourth, consider getting pre-qualified (or better, pre-approved) for a loan. Even if you don't end up using that lender, you will be able to clearly understand what you qualify for in terms of purchasing power. You can find lenders in the "Network" tab, or ask your agent for a few recommendations. Understand if they will be pulling credit (this WILL be the case if you get pre-approved, but likely not if you simply get pre-qualified) and make that a conscious decision. A credit pull has a minor negative impact on your credit score, so you only want to have that happen when you are seriously shopping for mortgages. 

Fifth, consider watching some of the webinars (all replays available to pro members) here. They are wealth of information and teach you how to use the Pro Membership to maximum impact. 

Sixth, consider trying out the Invelo software (free with Pro) to begin a test marketing campaign if you are interested in off-market deals. Maybe a good one to try after you define a "good" deal, so that you feel comfortable makign off-market offers. 

When you own property, that's when the RentRedi property management software, leases, and other forms kick in and become more tools for you.

Hope this helps, and thank you for joining BP and going pro!