Question on learning path and selecting a niche, finding mentors, building a team

[Jonathan J.]

Hi BP Community,

I'm starting out my learning path and I've read the Ultimate Beginners Guide and have been listening to the BP Podcast starting from the old episodes. I've just finished reading for the second time in my life Rich Dad, Poor Dad (first time was as a younger adult, and now as a more seasoned adult :) ). I've just started reading "The Book on Rental Property Investing" by Brandon Turner, so I'm excited to get learning on that.

Question for the community, how did you all start your education journey that lead to your first investments (books, youtube, bigger pockets, etc)? I'm also curious how you chose your niche and strategy, like Single Family Homes, Multi-Family etc. Also, how did you choose your target market, was it your own geographic area or something else that lead you to another area?

Did you have mentors and how did you find them? I'm located in the SF Bay Area in San Jose, so if there's anyone I can buy a coffee in exchange for some of your time, I'd be more than happy to connect.

Lastly, I don't think I'll be ready to start seriously looking for a first investment for a few months, so the question is, when is the right time to start talking to people like real estate agents, brokers, lenders etc.? Is it when you're ready to buy, or when you already have a potential deal or is it before, just to introduce yourself? How did you all build your network/team?

For myself, I think my ultimate goal is to have an alternate cash flow to offset my dependence on a day job, which would allow me to choose a job I enjoy rather than have to find a job based on salary and ultimately allow me to travel with family more and enjoy life rather than stress about money.

Thanks in advance and hope to connect and gain wisdom!

[Zach Lemaster]

@Jonathan J.

Welcome!

Great questions to start asking.

Short advice from me on a few topics:

You are already in the right place for education.  My advice is to start applying that knowledge by taking action.  I am a firm believer that you truly learn by doing.  That doesn't mean invest foolishly.  Choose a strategy & proceed with it.  Try to really excel at that strategy before getting distracted by the next shiny object syndrome.  If you follow Brandon, he always stated, It's more important that you choose vs what you choose!  That is another way for saying to make up your mind and take action. I highly recommend starting with residential real estate. Either SFRs or small MF in good areas! Maybe house hacking! SFR or a duplex offers very predictable returns and has the best financing options available. If your local market is too expensive, don't be afraid to venture out of state. There are plenty of excellent markets out there.

To build a team, start with your core necessary people (lender, broker, property manager).  You will find many recommendations on here.  You can expand your team over time as you grow (CPA, attorney, etc.).

To find a mentor, don't barrage them with questions like everyone else does.  Go work for them for free and add value to them before asking any questions.  That, or join a niche community that fits your interests.

Another book recommendation: The Millionaire Real Estate Investor by Gary Keller.

Hope some of this helps.

Best of luck to you!  ; )