What is/was Your Typical Day as a Newbie RE Investor?

Question

Hello, BP Fam! I hope you can share your stories of what you did daily when you first started really diving into real estate investing.

I've been a reluctant landlord since 2014 on 2 SFH that were my primary residences (1 mortgage underwater and a mandatory military move) and I recently decided to use real estate as a way to build wealth and freedom. Unfortunately, both of my properties do not bring any positive income (bleh). I am looking to go as a full-time RE Investor when I retire from the military in less than 5 years, but that's not stopping me from looking for deals this year!

So, in 2015 I was passively looking into using real estate as a means to an end. In the beginning of the year, I went to a couple local RE meetups, I scrolled through some BP forum posts and didn't participate, and read 2 Robert Kiyosaki books (not Rich Dad, Poor Dad (yet)) that I picked up from the thrift store. However, I started ramping up towards the end of 2015 by finally reading ‘Rich Dad, Poor Dad’ (found at another thrift store), buying J Scott's books on flipping houses and Brandon Turner’s books on rental property investing, listening to the BP podcasts (I’m on episode 108 as of now), and engaging more on the BP forums.

This is my typical day now as a Newbie RE Investor: When I wake up I open the BiggerPockets app on my phone and I read and engage in the forum posts. On my way to work I listen to the BP podcasts at 1.5 times faster (quick tip from a BP episode!). When I need a break from my job I login to BP or read real estate/self-improvement books. On my way home I listen to BP podcasts again. When I’m at home I look on Craiglist and Zillow searching for deals. I go on my BP app again to learn more from other investor’s experiences. Before I go to bed I’m either checking out BP yet again looking to network or reading a book.

I’m really starting to love real estate and am constantly thinking of it. I hope to get my first, actual deal (whether it be a flip or a cash-flowing buy & hold) this year. Thanks for reading and I hope to hear what you were/are doing on a typical day as a newbie and what helped jump start your RE investing voyage.

Meghan O'Connor · Answer

Hi Eric,

I'm new to the community and would eventually like to flip, but am in the process of networking in the hopes to some day partner in a venture project.  As I mentioned, the networking is key.  I met with a realtor last week, and although she talked about how competitive the market is here, I am not going to make me shy away from continuing on in this journey..So you asked about my daily activities as of today?

Well, besides the podcasts, blogs and forums, (as it sounds like you have covered very well!), I'm trying to get something solid prior to my first Santa Cruz REIA meeting this month.  I have designed (and am waiting for my business cards to arrive), I received my postcards for my direct mailing campaign and am sending (at least a 300 of them) out tomorrow. (then 300 next week and so on..)

I have finished my Landing page & thank you confirmation to create website presence, and am going to pay someone to optimize my SEO and am hoping that will get me to the top of a google search.  I am currently working on my cash buyers page as well and will likewise optimize SEO for that.  I want people to actually READ what I've worked on and not just let my pages sit buried in the vast sea of google real estate searches!

In addition to my direct mailing (approx 950 pieces, which I also designed...not yellow cards..I tried to be eye catching..think animals..this is animal loving Carmel), I am in the process of building a cash buyers list (no deal yet!!)...but want to have everything in place prior to that happening, even IF I don't have a potential deal when I get there.  Ideally, I will have come across a property someone wants to sell by the time the REIA meeting rolls around.  I'm not counting on that, but it most definitely worth a try!!

I also will be reaching out to for sale by owners and cash buyers on Craigs list.  I've recently joined Property Radar because I've heard that is a good resource & I love their customer service..they will take calls and walk you through any questions you may have...very impressed with my first encounter with them.  As you've probably gathered from my day to day routine, I'm starting with wholesaling with the intent to transition into fix/flip properties.  However, I will not try to wholesale anything listed, and will work with a realtor for comps, see the house in person and have a knowledgeable rehab person with me so as to create solid numbers  (I'm very conservative in nature and don't want to screw up my very first deal by not being thorough)

So basically, the bottom line for me is...networking/reading/marketing at this point.  I know that I'm forgetting something, but I'm still looking for additional ways to reach potential sellers.  I feel like that is my best option at finding a deal, and because I most likely won't be able to find anything worthwhile out of an MLS listing at this point...AND I don't want to step on realtors' toes...I need them and their knowledge of Comps/Arv in the area.

That should keep you busy!! lol   sounds like you have a lot less time than me though!!

Good luck & if you want to connect, I'm on the other end of my computer and just a profile away!!

Oh, and THANK YOU FOR YOUR SERVICE!!

Take care!!

Meghan

Steve Marshall · Answer

Eric,

We have similar stories.  I have been a landlord since 2005 and will retire from the AF in about 4.5 years. I got my first real deal this year, and my 2005 property just made it out from underwater.  Time and patience...

Look forward to hearing how you do it.

Steve

Melissa Gittens · Answer

Eric Mauricio I think that these are great steps that you are taking to get more involved in real estate. You are taking the steps to truly educate your self. I believe the two properties you have will eventually cashflow once you study the market and possibly do some updates to the home (again this depends on your market).

Meghan O'Connor · Answer

hi Eric

In my area there r a number of different cities that are considerably different in $. In Carmel, u can pay 1.5M+ for a "cottage".. Unbelievable. However, if a distressed property is in an area surrounded by expensive homes, that could a good project to pursue.

but to answer ur question.. Yes, I'm focusing on several cities...all within 20 min of each other in my area.  I'm just waiting to see what pops up from my marketing efforts.  I have the most hope for the out of staters who have popped up on my list...we'll see.

I heard of property radar right here on BP. There is a monthly fee however, but I'm hoping in the long run, the information it provides me will be well worth it.

Eric Mauricio · Answer

@Vanessa Buirse - I suggest that you keep reading all the forums concerning flipping, listen to all the BP podcasts, and buy J Scott's book on Flipping Houses if that's the venture you'd like to pursue.

@Steve Marshall - doesn't that 4.5 years look so close, yet so far away? Lol. I'm looking forward to seeing all the deals you close on BEFORE retirement!

@Meghan O'Connor - that is so awesome to hear all the action you're taking! So, are you focusing on a handful of neighborhoods? Where did you hear about Property Radar because that is the first I've heard of it?

Vanessa Buirse · Answer

hello my name is Vanessa  I am a new newbie I have a strong desire to flip houses but I am afraid  I don't have anyone  I can call on and help me to understand the concept  I am currently  working as a teacher but it is no longer my passion if you can help me please text me.

What is/was Your Typical Day as a Newbie RE Investor?

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