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Updated over 8 years ago, 04/13/2016
Is there any help for the new?
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!
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!
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!!!
Thank you so much for this advice! Your 2 cents is worth a million bucks in my book right now! I can read a million books, and watch a thousand videos, but if there is no one to answer the questions I have, I'm lost. Have you found an investor willing to teach you the ropes? I will try to get in contact with a realtor and see if they can help me as well. Best wishes on your journey! I look forward to possibly teaming up in with you in the future, when we've mastered our place in the real estate industry!
I have not found an investor specifically, but the Realtor I'm working with is very familiar with investing (and now that I think about it, he easily does both, but I haven't pried). I'm in contract on a condo in Albany Park right now that I'm waiting for the bank, but even then, especially with it being a short sale, he's very attentive and responsive when I have a question about another property, and he'll likely be my Realtor for future deals as well. I'd also like to back-up @Kumar Paj in that you need to get some paperwork done and be ready to go, which is what I did with the mortgage broker to get started on my first deal. I found out what I could afford, where, met a Realtor, and within a couple of weeks made an offer.
Looking back, I wish I'd have known more about deal analysis than I did when I put in that offer, but if you want to ride the ride, you've gotta buy a ticket.
Thank you for the reminder to be patient, and reassuring me that I have made the right choice in signing up with this site. I am so ready to get my feet wet, but I am not sure where to start. I'm researching different home repair loans, home loans, and what I can afford. Do you know anyone in the area who would be a good helping hand? Would you be willing to help me on where to start, and the language of real estate?
Hi Myia Davis !! Hope all is well. I'm not an expert and only deal I have I my personal home that were fixing up to rent when I find our next live in home. What has helped me to this point feel more confident is... networking- starting to meet people in the industry like other flippers, investors, realtors, contractors, etc... Reading books and listening to podcast- really nice to listen and learn from other people's experience. Reading business books also helps
Spark the entrepreneur in me.... Business plan- really helped me put the vision I have for my Business on paper and how I plan to get there. Real estate class- part of my business is me being licensed and being broker after 3-4 years. The class I think is great even if just for learning some language. Hope that helps. Take care!
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...
#2 New Member Introductions Contributor
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- Rockland, MA
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
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
Good Luck
Paul
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!
Thanks everyone! I am taking all the info you all are giving and using it!! My first goal is to learn from the pros! Check!!
@Justin Pillion Thank you for your advice. I'm definitely open to the meet-up. It's probably one of the better ways for me to learn. Can you inbox me more info?
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!
@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.