Planning to Start and have no experience

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Planning to Start and have no experience

LaShonda Jordan
Benton, AR · Member since 2016 · 4 posts · 2 votes

Hello, 

My name is LaShonda. I am 22 years old and I live in Benton, Ar. I have always watched home flipping shows on HGTV and found it very interesting , and recently after praying to God to lead me to a prosperous future , I have realized that real estate investing may be the answer to my prayers! I'm very young of course, but I have a one year old daughter that I want to start a legacy for. I want her to see me as a role model and an example of creating wealth to take care of our loved ones and others. I am going to be very honest because I want the best feedback for what I should do in a situation like mine. Who knows , it may help someone else out in a situation similar to mine. I've made some rather spontaneous decisions as a young adult. I was not so responsible. I didn't realize that the decisions I was making would affect the hardship I will go through later in life. This is why I want to raise my daughter to know to make better decisions with her money. So basically at this young age I am having to file Chapter 7 for all of my debts. I don't consider this to be such a bad thing because it will give me a new start and honestly there's no way I could pay back the debt that I owe at this time. What I need to know is to start off in real estate investing preferably rehabbing and rental properties where do I start from here? I attended a one-day free class offered by Fortune builders I got some pretty good information and I also see that it takes lots of money to start in this business like any other but I want to believe that it is doable for me which is what I left that meeting believing. I also have dreams of moving out of Arkansas and traveling since I am so young and this may be a great reason to do so. If anybody has been in a situation like mine or knows what I should do to start my investments will you please help me out!? Also I'm not so familiar with some of the terms and real estate so offer as much information for a fresh beginner as you would like. Thank you and I look forward to hearing some great advice for me to start achieving my dream.

-LaShonda 

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JaMarcus Joseph
Wholesaler/ Buy and Hold Investor · Sherwood, AR · Member since 2015 · 83 posts · 18 votes
10y

Welcome to the Community. I have a similar story to yours, except I refused to file bankruptcy because I thought it meant giving up the dream of homeownership for 7 years. Long story short, I learned proper financial management. Robert Kiyosaki is real big on increasing the financial IQ with self-education

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  • Account Closed
    Lender · Hot Springs Village, AR · Member since 2014 · 274 posts · 92 votes
    10y

    LaShonda, 

    You have done the smartest thing a newbie can do...You joined Bigger Pockets. Listen to the podcasts. Join the flipping forum and contribute. Make every effort to get to the Central Arkansas Real Estate Investors Association (CARREIA.com). Or come to the Hot Springs MeetUp. Our next MeetUp is 6:00 next Saturday at Smokin in Style on 2278 Albert Pike in Hot Springs. Go to MeetUp.com to join. It's free.

    Kathie

    2Reply
  • JaMarcus Joseph
    Wholesaler/ Buy and Hold Investor · Sherwood, AR · Member since 2015 · 83 posts · 18 votes
    10y

    Welcome to the Community. I have a similar story to yours, except I refused to file bankruptcy because I thought it meant giving up the dream of homeownership for 7 years. Long story short, I learned proper financial management. Robert Kiyosaki is real big on increasing the financial IQ with self-education

    2Reply
  • Al Williamson
    Rental Property Investor · Sacramento, CA · Member since 2011 · 2k+ posts · 1k+ votes
    10y

    Hi @LaShonda Jordan'

    Glad you're taking steps to better your situation. You're making the right moves by introducing yourself. And as @Account Closed said, you've got to get out and meet people face to face.

    This is challenging with a young child - I don't need to tell you that - so beefing up your support is vital. Hopefully you have some people that can watch your baby while your get out.

    So, to keep making progress, I suggest that you:

    1 - continue to work on your self mastery - keep promises to yourself

    2 - continue to master how you handle the funds you currently have

    3 - continue to meet people, organize their contact information, and follow up with them.

    This is a path that God can bless. It is far from easy - but it is available to you.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @LaShonda Jordan

    one thing you should do is have a reality check.. BP is great for making you feel good and RA RA

    but if you want to get started in RE and your in your position you need to get a job in the industry and learn it from the ground up..  just like a carpenter is not borne they apprentice.. a Pilot is not the Captain day one.. he rides as Co Pilot for a decade or more.

    So for some concrete suggestions that will actually help you.. You can get your motivational stuff anywhere .. many good books to read on that. Including the GOOD BOOK>

    1. ONe of the least expensive ways to get started is take a pre RE license test course.. this will give you the terminology you will need it will help you with state specific laws and give a foundation so you at least have a little bit of a clue as to what the industry is.  Trying to read it on BP or other on line places will take forever. Its just like going to college and learning a skill..

    2. apply at RE companies for administrative help... Commerical brokerages.. OR like Al above get into the lending side of things.. LEnders once established make great money.. you can get a job. and start as file processor and seeing how the deals work.

    3. go to buseinss collage learn how that all works.  get on with a title co or closing attorney you will be dealing with RE profesionals daily..

    Trying to just Launch out on your own with no credit no money etc.. and thinking your going to make it just reading BP or going to RIA meetups.. is problematical at best your not learning any thing in a school type environment.. and in addition much of whats talked about on these kinds of website might be germane in some markets and are totally illegal in others.. so its just theory.. not reality in practice.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • JaMarcus Joseph
    Wholesaler/ Buy and Hold Investor · Sherwood, AR · Member since 2015 · 83 posts · 18 votes
    10y

    I wasn't finished with that post. After some studying, I took control of my financial future. I tried other investments, but BiggerPockets and some other YouTube channels really guided me in the right direction. I'm not sure where you are as far as your financial education is concerned, but you are on the right track realizing investing is the way to go to build a legacy. The free book offered by BP is a great beginning sources. All of the podcasts on buying with no money down is possible with some guided effort. 

    Another thing, I'm not sure where you are with your bankruptcy process or how much you owe, but I'd say if you want to be an active investor within a the next year, that's going to hinder your funding options. There are deals out there that could potentially pay off all your debts. 

    Anyways, our business partner, my wife and I will be at the MeetUp Kathie mentioned along with our 7 week old daughter. Gotta start em early. My wife is pretty active in the business as well. Happy investing 

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @LaShonda Jordan

    Welcome. You have received some excellent advice. You might explore an entry level property management job the good companies provide education. 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

    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 

    1Reply
  • LaShonda Jordan
    OP
    Benton, AR · Member since 2016 · 4 posts · 2 votes
    10y
    Originally posted by @Account Closed:

    LaShonda, 

    You have done the smartest thing a newbie can do...You joined Bigger Pockets. Listen to the podcasts. Join the flipping forum and contribute. Make every effort to get to the Central Arkansas Real Estate Investors Association (CARREIA.com). Or come to the Hot Springs MeetUp. Our next MeetUp is 6:00 next Saturday at Smokin in Style on 2278 Albert Pike in Hot Springs. Go to MeetUp.com to join. It's free.

    Kathie

     Thank you so much for that information. If I'm not working I will try my best to make it. I love opportunities to meet face to face with new and important people! That's 6:00 pm right ? 

    0Reply
  • LaShonda Jordan
    OP
    Benton, AR · Member since 2016 · 4 posts · 2 votes
    10y
    Originally posted by @JaMarcus Joseph:

    Welcome to the Community. I have a similar story to yours, except I refused to file bankruptcy because I thought it meant giving up the dream of homeownership for 7 years. Long story short, I learned proper financial management. Robert Kiyosaki is real big on increasing the financial IQ with self-education

    Hello! Thanks for taking the time to read and respond. Yes, when I was introduced to the option of bankruptcy, it just didn't sit well with me. But I was told that it may be the best option for me at this time. What type of deals do you mean could be an alternative for bankruptcy? Self- education is the key at this point of my journey. 

    1Reply
  • LaShonda Jordan
    OP
    Benton, AR · Member since 2016 · 4 posts · 2 votes
    10y
    Originally posted by @Al Williamson:

    Hi @LaShonda Jordan'

    Glad you're taking steps to better your situation. You're making the right moves by introducing yourself. And as @Account Closed said, you've got to get out and meet people face to face.

    This is challenging with a young child - I don't need to tell you that - so beefing up your support is vital. Hopefully you have some people that can watch your baby while your get out.

    So, to keep making progress, I suggest that you:

    1 - continue to work on your self mastery - keep promises to yourself

    2 - continue to master how you handle the funds you currently have

    3 - continue to meet people, organize their contact information, and follow up with them.

    This is a path that God can bless. It is far from easy - but it is available to you.

     Thank you so much for that helpful information!! 

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @LaShonda Jordan

    My BP PM does NOT work you must EMAIL me to connect

    Paul

    0Reply
  • Account Closed
    Lender · Hot Springs Village, AR · Member since 2014 · 274 posts · 92 votes
    10y

    Yes. The MeetUp is at 6:00. If you need more details PM me.

    0Reply
  • Brandon Foster
    Real Estate Agent · Birmingham, MI · Member since 2016 · 103 posts · 13 votes
    10y

    It's alot that cause over exposure and  prevent you from making a move. I recommend  finding a mentor. Someone that is doing it right and follow them on what your wishes are.

    0Reply
  • Jay J.
    ., OH · Member since 2015 · 361 posts · 127 votes
    10y

    Welcome. You have already set yourself up for success by joining BiggerPockets!!
    This is really the premier place to start learning about RE and what it can do for you!

    I'm sure this has been mentioned, but :

    1. First things first, learn the basics --> http://www.biggerpockets.com/starthere

    2. Then, download the BiggerPockets Ultimate Beginner's Guide and start reading some more!!
    The UBG will will walk through many of the key topics of real estate investing. Ask anyone here, its an invaluable resource. -->

    https://www.biggerpockets.com/real-estate-investin...

    3. Once that's done, get to listening to the free BiggerPockets Podcast - A really great podcast with interviews and a ton of great advice. -->

    https://www.biggerpockets.com/renewsblog/category/...


    0Reply
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