Starting Out in Real Estate Investing

[Shawna Fitzpatrick]

Hello,

I am highly interested in begin a career in Real Estate Investing. I am wanting to do Buy & Hold Real Estate Investing with Single-Family Homes, and Duplexes. I am currently serving in the Army, and stationed in Germany. However, I am interested in beginning my investing in Bell County, Texas. I have lived in Killeen, Texas for two years prior to joining the military. Also, after enlisting into the military, I was stationed at Ft. Hood for approx. 2 1/2 years before PCS'ing to Germany. So, I am highly familiar with the Ft Hood, Killeen, Harker Heights area. My tour in Germany will be ending next year, and I hope to return back to the states.

I have been researching, studying, and reading multiply articles on BiggerPockets. They are quite helpful. However, I am needing more assistance. I am currently stuck on creating my Real Estate Investing Business Plan, and Assembling My Team. I have read BiggerPockets "Ultimate Beginners Guide" E-book. So far I have created a rough draft mission statement; I have set my goals and time frame; I have established my criteria; etc.

Far as assembling my team, I have a mentor that I can talk to as well as reading the Forums on BiggerPockets. I also have the property manager I want to work with in mind. Im stumped on selecting a loan officer; real estate attorney; escrow officer/title rep; accountant; contractor; handyman; and realtor.

All recommendations, what-not-to-do and what-to-do advice, and comments are welcomed.

Thank you in advance.

[Account Closed]

It seems you are well on your way.  Please, please, please do not hire unverified labor off of Craigslist.  I did that when I first started out in the business and it was a disaster.  You'll need to link up with experienced local real estate investors in the area and ask them who they use.  Do not use anyone who hasn't been recommended to you by another investor.  I did that once and I learned my lesson the hard way.  I had materials stolen off the site and sub-contractors performing labor and not getting paid.  It was awful.  

Now I have a set of two contractors.  That's it.  No one else gets in my circle unless they come highly recommended by another investor I seriously respect.  

I'm a realtor and I give everyone I meet this advice.  Make sure the realtor you select actually owns income properties because most don't.  Being an expert at carrying a contract is completely different from being an expert at real estate and investing.  A agent that's an investor too has a different skill set.  It's a skill set that's necessary for success in the investment arena.  They will know market dynamics and valuation much better than others.  If anyone tells you they own property, verify it.  Real estate is all public record.  It's not hard to see who is doing well in the space.  By the way, a good agent can help you build your entire team for you.  Everything from from a network of lenders to contractors.  Finding your agent should be your next step because they can help with all the rest.  I hope this helped you.