Totally new to Real Estate Investing part 2

[Tony Duncan]

Thank you all for your responses to my earlier 1st post. 

Hoping to build some connections this way.

Do you recommend buying into the biggerpockets pro version?

Here is a little more about me.

I will be turning 50 this year and feeling as if I may be late to the real estate game. Married and father of 3, my oldest is still trying to figure out life, my middle is in her 1st year of college and we are helping pay for this, at least her 1st year, and I have a son who is a sophomore in high school. My wife is ready to retire from her job and totally into trying out REI, and after watching a newbie webinar by David Green, she is ready to put up our primary residence as a rental and look for a duplex or multi plex to purchase and live in and rent out the rest. I am hoping there are better ways to acquire a property then doing this, willing to hear any suggestions.

I will be meeting with someone in my area later this week and discuss all options that may be available to us in our local area for now, in regards to our current situation, financing options, and properties in the area. I know I still have alot to learn before getting to far ahead of myself.

thank you again and look forward to hearing from anyone.

Tony

[Mike Paolucci]

Out of state investing is always another good option if you're not too keen on living in a duplex/multi unit building. 

Good luck! Happy to answer any questions you might have. 

[David M.]

@Tony Duncan

Well, the only question I saw immediately was whether to get bp pro.  I don't think so.  Maybe try it out, and see if the extras are useful to you to start.  Maybe after a year you'll have learned enough to figure things out yourself.

[Randall Brooks]

Tony,
I'm up north from you in Vandal country. Our state has seen quite the bump since covid. Couple of questions for you to consider your current position and what options are available to you. Is your primary residence paid off and if not how much equity do you currently have in the house. Also, if you were to rent it, how much do you think it would rent it for? Maybe try and find some comparable houses that are renting and what they are renting for to give you a rough idea.

There's not a lot of multifamily units available in your area, or mine, that will cash flow out of the gate given the current rates without a substantial down payment. Appreciation seems to be the play and I believe Nampa has seen an 8-9% increase since last year. Not overly familiar with your market but buying distressed and rehabbing to force appreciation and increase rents could be an option as well.

[Greg Parker]

Check FB and BP and see if there are any local REI meetups you can attend.

[Tony Duncan]

Quote from @Greg Parker:

Check FB and BP and see if there are any local REI meetups you can attend.

That is what got me started on here, went to a meetup last week and it peaked my interest. Now here I am trying to learn about REI. thanks

[David M.]

@Tony Duncan

Actually, you might want to check out this very long running thread:  https://www.biggerpockets.com/forums/48/topics/1159104-overl...

Investor really put it out there.  Many investors do lose money in real estate, just nobody wants to post about it.  So, there is a lot of "sampling error" in the marketing for real estate investing.

Looking again at your post, not sure your isutation on your primary, but take a look at this recent thread:  https://www.biggerpockets.com/forums/48/topics/1169308-equit...

[Greg Parker]

Good point.  I have definetaly lost a lot on a few deals.  Basically my stupidity, not the deal.  Be sure to have a plan B in place.

And, be careful who you get advice from.  Most folks will give you advice that benefits them, not you.  "Great deal here, lots of equity, I just don't have time to do it myself, so I am passing it on to you"....... I have heard that a few times.

[Simon Ashbaugh]

Hey Tony, while BiggerPockets Pro's resources and support are valuable, weigh the cost, especially for new investors like you. It doesn't guarantee success in real estate investing. You still need to do your own research, due diligence, and develop your skills.

Building a successful real estate future requires careful planning and informed decisions. Before taking the plunge, honestly assess your finances (income, debts, savings, and risk tolerance) and research your chosen market thoroughly (rents, vacancies, property values, landlord regulations).

This is a long game, not a short-term gain strategy. You have to be dedicated, plan it out, and keep learning as you go. Research your options and make informed choices. That's the recipe for navigating the challenges and building a successful real estate future. Hope this helps!

[Steve K.]

Hey Tony,

For me the biggest benefit of the BP Pro account has been the calculators, they provide a quick and easy way to analyze deals and then generate a report after, so if you want to share your analyses with a partner, bank, agent etc you can do that easily. I do have a spreadsheet that I use to analyze deals and overall I do prefer using that over the calculators, but that's just me. Shoot me a message on here and I'd be happy to share my spreadsheet with you. 

There is a lot to learn in real estate investing, but like others have said, start going to meetups, talk with other local investors, and look to find a mentor in your market that can help guide you through your first deal. There are a lot of good investor-focused agents out there that can serve as a mentor and help you get your first deal. 

Good luck and let me know if there is anything I can do to help!

[Bud Gaffney]

I think it is definitely helpful, especially if you are first starting out. More access to all the goods!

[Bud Gaffney]

Go Get Em! And only listen to people in the game.