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Updated 11 months ago on . Most recent reply
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Seeking advice oh how to get started in RE. No previous experience.
Hello, I hope this message finds you all well. I am writing to seek guidance and advice on venturing into the world of real estate, particularly focusing on flipping properties and the BRRRR strategy. I am starting from ground zero, with no prior background or capital to invest, but with a strong desire to create passive income for my family.
I currently work as a middle school teacher in California, and while I love my profession, I have a strong desire to explore avenues that could potentially provide financial stability and additional income streams. Real estate has always intrigued me, especially the concepts of property flipping and the BRRRR method.
Given my lack of experience, I am reaching out to this knowledgeable community for any insights, tips, or advice on how to get started. Here are some specific questions I have:
What would be the best approach for someone like me who is completely new to real estate? Are there certain steps I should prioritize?
What would be the most suitable approach for someone like me who has no starting capital? Are there creative ways to get involved in real estate investing without a large financial backing?
Would attending a real estate school or taking specific courses be beneficial in understanding the fundamentals?
Any suggestions on how to connect with experienced investors or professionals?
As a middle school teacher with a full-time job, how can I effectively manage my time and efforts to delve into real estate investing?
I am truly excited about the prospect of entering the real estate market and creating a path toward financial freedom for my family. Any advice, personal experiences, or words of wisdom you can share would be immensely appreciated.
Thank you all for taking the time to read this message. I look forward to hearing from the experienced members of this forum and learning from your valuable insights.
Warm regards,
Joseph
Most Popular Reply
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Since you are a teacher in my backyard of Los Angeles, you may be able to qualify for the Golden State grant specific for teachers. I have had a few of my clients (that are teachers in LA, Riverside and Kern Counties) qualify for this program these past few months. Most teachers don't know that this program exists, much less that they qualify. So if there is a will, there is a way!
Unless you plan on becoming a Real Estate agent, there is no need to go to "real estate school". You can learn alot from the BiggerPockets books, bootcamps, podcasts and these forums without having to pay for the high cost of some of these classes I would follow ever single one of the points suggested by @Nathan Gesner, this dude gives really good advice. Since you are a teacher, then you will obviously agree that the more you read, the more knowledgeable you will be....so grab as many BiggerPockets books as you can and read away. More importantly, put that knowledge into practice.
Last but not least, get out there and meet investors, RE Agents, and Mortgage Lenders. Listen to their advice and their ideas. Everyone comes from a different walk in life and they will give you different perspectives. Good luck on your journey!
- Manny Vasquez