Is there any help for the new?

Question

I need knowledge of the industry and people that are willing to coach me, and point me in the right direction to successfully break into the real estate industry. Since joining BP I have taken the free course, browsed through different forums, and have even thought about getting the book. I'm thinking of taking a course at my local college, however, I don't know if that would be best. This is something I really want to do, but I still have no clue where to start!

Lucas Hammer · Answer

Hi Myia,

I'm slightly further ahead of you in that I've gotten some connections (basically a realtor and a mortgage broker), and this is my $.02.

First, decide what you want your beginning strategy to be, whether it's flipping, buy-and-hold, etc., and decide where you want to do it, whether it's Naperville, Chicago, another suburb, etc.

Second, start looking online at places like realtor.com to get an idea of the market prices that you're looking at and the condition of the homes that meet your budget. If you can get conventional financing due to job history and credit, contact a mortgage broker and see what you can get approved for.

If you're not having luck online, contact a realtor. I contacted a couple before I found one that could walk me through the details. He listened as I talked about buying a place, doing some work, moving to another, renting out the first, etc., and was very encouraging with that. He was able to help me temper my expectations of what I could afford with my budget and has continued to answer all the newbie questions for me, such as "How does an auction work differently?", "What are typical HOA fees on condos in Chicago?", "How do short sales work?", etc.

Note: All of this information can be found online, but it helped me a lot by going into his office, sitting down with him, and talking through it. Any time I have a question on a specific property or offer, I call him. Any questions I have that are more specific to investing, I post here.

Hope that helps!

Account Closed · Answer

Hi Myia! Welcome to the BP community! Congrats on taking action and working towards your financial independence! Recently I've headed a group of  Chicago BP   investors that go out every Saturday to view properties and make offers using no money down lines of credit. I have documented our experiences in the investor deal Diaries forum under the name project BP. We have a lot of fun learning about properties and taking action! Please check out the links below and leave a contact number if interested.

https://www.biggerpockets.com/forums/522/topics/28... https://www.biggerpockets.com/forums/522/topics/27... https://www.biggerpockets.com/forums/522/topics/27... https://www.biggerpockets.com/forums/522/topics/27...

Kimberly Dunbar · Answer

Welcome Myia D. is in and am learning a lot and meeting other investors in the area. My husband and I have met with a few mortgage lenders to see what our finances would allow us to pursue and I have gotten my real estate license to give me a bit of an edge in my market. Really the best thing you can do is get as much exposure in your chosen field as possible. My husband and I decided to focus multifamily units as our first step and are researching the steps towards getting our first one. Stay connected to Bigger Pockets and ask as many questions as you like. Looking forward to seeing how you progress!

Paul Timmins · Answer

Myia D.

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses,  The Book on Estimating ReHab Costs  http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Kumar Paj · Answer

My little $0.2....

don't get stuck into Analysis Paralysis....You will find almost everything and answer of almost any question here in BP. Trust me...you will learn more at BP, by doing and taking action than spending time, money and efforts at taking courses and training... If you want to learn how to swim, you cannot learn without jumping in the water.....of course you need helping hand..guidance etc...but you will HAVE TO JUMP sooner than later....

Good Luck!!!

Justin Pillion · Answer

Welcome Myia D. a few weeks ago and completely stand behind what he has too say. Dont be shy this is a people business.

Lilia Andrew · Answer

Myia D. is right though.  We have to jump in at some point and hopefully there will be a side rail we can hold on to.

Justin Pillion · Answer

@Lucas its primarily for those of us in the burbs but most investors arent going to say no to a good deal if you presented an opportunity in the city to one of us in the suburbs.

Lucas Hammer · Answer

Hey @Justin Pillion, is that specific to the suburbs or is it for all of Chicagoland? I'm specifically interested in the city, both north and south/southwest sides. I'm waiting for my first deal to either go through or fall apart, but I'm definitely looking for ways to network. Thanks!

Is there any help for the new?

Most Popular Reply