How do I get started? - Las Vegas Investing

Question

My name is Jeanette and I’m new to investing in real estate. I’ve been reading and listening to the podcast on BP for time. I've also read a couple of real estate investing books to soak in more info. It's time to pull the trigger and get started. I have a limited amount of funds and just a little confused on where or how to get started.

I currently work a full time job but am looking into transitioning out of that and working on flipping houses full time. I worked as a real estate agent for brief time a couple of years ago so I have the basic understanding of how the real estate world works. I’m looking for more knowledge and a mentor that can show me the basics of real estate investing to get me started. I am willing to work for free in exchange for the knowledge of the in’s and out’s of the business.

In reading through the post on BP, a common suggestion was to locate a local REI group and you can make a lot of the connections you need to make there. Does anyone know of good REI group in the Las Vegas area?

Also, in regards to starting with a limited amount of funds. It this possible? How much do you really need to get started? I currently own my own home and don’t have the best credit so going with conventional bank funding is not an option, or is it?

Any advice to help me get started is welcome. Thanks everyone.

Glen Gaidos · Answer

Great, I sent you a colleague request. If you want to email me off-line, I'm happy to pass along the referrals. And if there are any questions I can answer, or go over some of the purchases I've made and the pros and cons, I'm happy to do that...

Jeanette Deleon · Answer

@Glen Gaidos Yes, that would be great!!! That you Glen.

Glen Gaidos · Answer

Hi Jeanette, I've done some investing remotely, and the key to my projects in Vegas, have been finding the right local resources. Two of the deals I found came from my realtor and were off-MLS. I'm happy to provide a referral if that helps... Happy Hunting! Glen

Phillip Dwyer · Answer

@Jeanette Deleon I'd meet with a few lenders to get familiar with what options you have currently or in the near future with some tweaking.

Jeanette Deleon · Answer

@Mary B. Thanks for the positive feedback. @Robert Leonard I have listened to a lot of the podcast and I have gotten great information from it. I think my biggest obstacle right now finding more money and/or financing with credit that is not so great. @Phillip Dwyer I do currently do have a conventional mortgage on the property with no equity. The property is in perfect shape and I have no plans on moving from it. Would I have to go the private lender or hard money route to get started? @Patrick D. Thank you for the advice. I'm being very cautious in my investing strategy in area.

Account Closed · Answer

I would be worried about investing in LV, especially for flips. Since it's one of the most speculative market, and it has a lot of competition, it seems like you have to take more and more risks to get the deals. I'm not trying to discourage you but try to be extra cautious so you don't get burnt. If I were you I would spend a few months going to trustee auctions, going to a lot of open houses, trying to network with current investors etc. Anything to get a good handle on the market.

Phillip Dwyer · Answer

@Jeanette Deleon I suggest networking as much as possible to learn more from local people if you plan to invest in the Vegas market. Meanwhile, what's the situation with your current home? Is there a mortgage? If so, what type (FHA, VA, Conventional)? Do you have equity? One strategy that you could employ would be to fix up your current house if needed, sell it. Then buy a fixer with a 203k FHA loan, fix it, live in it for a couple of years, sell, repeat.

Robert Leonard · Answer

@Jeanette Deleon Confused on where or how to get started? Listen to the podcasts, I'm pretty sure that every single investor they've had on as a guest was asked the questions, how did you start? Tell us about your first deal? They are on podcast number 51. To find them, place your pointer over the word "Learn" on the blue bar at the top of this page - when the menu drops down, select "Podcast" at the bottom of the list, then listen and learn! You can usually find local REIAs or meetup groups on meetup.com and search your area. Or you can use BP to search for local investors who are BP members by zip code or city.

Mary B. · Answer

Happy New Year Jeanette and welcome to the world of BP. Anxious as you may be take your time to find your niche. You can always switch should you choose. It doesn't have to be your money if you find a way to utilize other peoples money. Check out the many blogs and podcasts for creativity and experienced input as well as tried and true techniques in various aspects of REI. Healthy networking and prosperous investing to you. Kudos, Mary