Where to Start with RE Investing?

Question

Hey all! I'm 24 years old out here in AZ and i'm looking to get my feet wet and get moving with this! I have read a lot of books and took a few classes for RE Investing as well.

I don't know if it's just me but I feel overwhelmed by all this information and don't know where to start or what I should be doing from the get go. I understand it's a learning process and experience is the best teacher but if we can all shorten that learning curve we would be happy campers.

I have my goals, still looking for a mentor to guide me through my first couple deals and then I will be good to go in terms of confidence. What activities should I be doing daily to build the network/brand and what are some initial steps I need to make sure I do.

Shayne Hastings · Answer

Bill Gulley I appreciate the honesty in your reply. Like I mentioned, I have taken classes and have been speaking with multiple people in the industry about the market and different avenues to go.

And to touch on my situation, it's most definitely not that unique but as we all know it's the individual that makes things happen, not the situation. I'm on BiggerPockets to gather as much info and guidance from people have been in the industry who have had success, so I appreciate the honesty and will take that advice and continue down that path.

Michael Otranto · Answer

@Shayne  Hastings I believe wholesaling is a necessary skill for all to learn.  You need to learn how to find MOTIVATED sellers (those who HAVE to sell NOT want to sell), get them under a simple contract, and sell to a buyer.  It's not nearly as easy as the "guru's" lead you to believe.  I agree with @Bryan L. that you should find a house for you to live in before buying an investment property.  I picked up a primary residence for myself on a 10 year lease with option to buy at the current mortgage balance at time of exercise..now that's a GREAT deal!

Bill Gulley · Answer

Don't want to sound rude, but, reality check!

Any classes in the basics, like do you understand the differences between deeds, know basic legal matters, understand contacts and valuation? Or are you hung up on guru stuff, systems, ploys and niche deals. I see you signed up as a "wholesaler" that says a lot.

Might be time to get out from behind a computer screen and meet real people in public, talk to people in RE who are out there in your community. Get to know your market. I'm not saying go to monthly REI meetings, I'm saying talk to Realtors, talk to people anywhere you can strike up a conversation about RE. The waitress who served you coffee may have an uncle who is thinking about selling!!!! By the time it hits your computer screen you lose your advantage in finding a deal.

I don't see anything unique about your situation, being in AZ, being 24, having taken some classes. Your question has been answered over a thousand time on BP, at 24 you should know how to search topics, I'm old and I know how to do that....sort of. You're just addicted to the internet (like me, but I'm retired, you're not).

Sorry, had a kid yesterday saying he was here to learn....no he wasn't, he got good advice and wanted to argue that he could step right into advanced areas dealing in foreclosures. What he was really here to learn but for the chatter, taking his imagination for a trip in forums. I don't think he made any money yesterday being here. :)

Bryan L. · Answer

@Shayne  Hastings  - First off, do you own a home yet?  I mean a home for you to live in.  Or do you rent?

And don't get too hung up on the "brand" stuff.  I don't buy Coke over Pepsi because it's a great brand.  I buy it because it tastes better.

Lori Valene · Answer

First off good for you for jumping in! I am also newer at investing in the South Seattle area. What area of investing are you wanting to start with? I am wholesaling. Got to tell you, warning to the newbies out there. Three times now, I have reached out for advise and ended up-the person on the other end of the phone just wanted me to sign up doing business with their help and they only need 1/2 of the profit from each sale to "help" me. I don't know if this is standard or not,  it just seems like a really expensive way to learn. I would love to talk to you live if you want to and go over some things that may help you. (for free) lol