Where to begin?

Question

I have read several forums and the beginners guide which is helpful but still kind of confused as to where to begin. I been trying to get into real estate investing for the last eight years. I started out buying into the Armando's stuff and got no where and recently renatus has been trying to get me to sign up with them. I have wasted thousands of dollars just to get no where. I use to live in Ohio but recently moved to Martinsburg, WV to be with my fiancé and her family. I am trying to learn this diverse market but its not as simple as Ohio was. I was told to start my own llc and I did in Ohio but not sure if I did it correctly. I have no money since I been out of work for the last year and a half due to a work injury but when I get my settlement I would like to get into fix and flip and rent and hold. I been to a REI club in Ohio but no one there was willing to help even when I offered services and not sure to see if there's one here since there was a fee to get in and I'm almost out of money. What is the best way to get started now or do I have to wait till I get my settlement?

Engelo Rumora · Answer

Hi Ronald, Sorry to hear about your injury. Something similar happened to me 4 years ago and it actually gave me time to re-asses my life and move down a different route. Ohio is a great market and I am actually moving there in 7 days to continue growing my portfolio. I love the saying "make a passion an obsession and you will never work a day in your life" If you live and breathe real estate all day and everyday you will find that things start to open. Doors start opening and you start excelling in field. Leave no stone unturned. Its just a numbers game. Connect with as many people as you possible can on daily basis. Ask questions of investors who already are where you want to be. Spend a fortune on lunches and coffees and pick their brains haha You will find that most professionals will happily assist. The ones that won't, well they aren't even worth talking to. Thanks for reading and I hope my post helps. Have a great day.

Scott Costello · Answer

@Ronald Heppner Here is thing about getting started in real estate investing. It will cost some money so having none is a problem. What you can do until your settlement comes and you have a few bucks is to get out there and meet as many investors as possible. Build relationships make friends. When trying to build the relationship don't be asking for them to help you out in the beginning. Just try and make a friend. Friends will help you out when you need it. You have to build up a relationship before you can really benefit from it. I forget who I heard this from but the saying went... "You must build equity before you can start pulling money from it" In other words, you must start building your relationships and trust before you can start to ask for help and get true help. Otherwise you get stuck spending 1000's of dollars on people who are only looking out for their best interests.

Raymond B. · Answer

@Ronald Heppner, Click on the learn tab, at the top of this page, and you could be spending many hours with the Information that is available. Raymond

Ronald Heppner · Answer

Well Scott K., When you don't know where to go or what to do unfortunately people take advantage and they know how to play your emotions against you. Robert Lunt, it seems like your on the right road and I'm looking forward to be where you are and I see your in Florida maybe during the cold months up here I'll come down there to do some projects with you. I worry about making a website and getting a landline right now since I'm just about on my last dollar and not sure when I'm going get paid again and I'm tired of this kind of lifestyle and really need to get something going.

Account Closed · Answer

Well Ronald I am sort of in the same boat minus the settlement lol. I read the beginners guide and now Im exploring all the links attached to it. I have a little money from flipping cars. I signed up for real estate school because it is only around $500 with everything to get ur licence with testing. I bought the domain smoothsalehomes.com for $10 off of godaddy , got the google voice # (405)459-SALE for free. Ordered 1500 bizz cards from vista print for $70 and then I looked into Than Merrils fortunebuilder back office software realeflow and purchased that for $99/mo which is very comprehensive and provides wholesaling training courses, leads pipes(bankrupsy,foreclosures,private lenders, cash buyers, tax liens, etc..) for your county and surrounding area, real estate website templates ( http:www.smoothsalehomes.com ) it gives automated tools for direct mail, mobile marketing, bandit signs, rehab estimates, 8 free squeeze pages. Set up a facebook bizz page and twitter. Started researching and studying contracts. I made an appointment with a real estate attorney to discuss legistics and develop a tailored contract, which I got the referral from the 1st meeting of the REIA I just joined and plan to interview a title company or 2 tomorrow and then I should almost be ready to start handling leads and solidifying deals, right after I meet with the REIA for lunch tmrw and build my buyers list:) . Hope this might help you in taking steps to getting off on the right foot. WHOLESALE -WHOLESALE- FLIP-RENTAL. Blessings to all and I am looking for as many colleages as I can acquire on here.

Elizabeth S. · Answer

I agree, don't spend money on learning the business except for lunches. You can learn so much from those who are in the business. It's going to take cash to get started though so to some extent you're on hold but there is a lot of information to learn in between. Good luck!

Ronald Heppner · Answer

Thanks everyone you all have been real helpful. I been and will continue to check out the forums available to learn as much as I can while I wait for things to take place.

Ramon Jenkins · Answer

I would agree " podcasts " Welcome to biggerpockets Quote for the month: Wealth is a team sport

Samuel Larger · Answer

@Ronald Heppner , definitely listen to the podcasts and go through their previous casts too. They are full of information and real life situations. Good Luck!

Ben Wuollet · Answer

One of the safest ways is to start out being a deal partner for a reputable wholesaler. This way you can locate properties, learn the process, and work together with them until you are comfortable doing it on your own. Many wholesalers realize you may be a competitor to them once you get it down, but in the meantime everyone wins, and who knows you may just build strong enough relationships where you never need to do it alone... It is a tough business if you are involved in every step of the process by yourself!