Where to start?

[Rasean Lowe]

As of right now I have read a book, watched one of Brandon Turner's live webinar, and I am almost finished with a book on real estate investment wholesaling. I will be attending a seminar hosted by Than Merrill this weekend. I am interested in house hacking, flipping houses and rental properties. I was thinking of starting with a rental property as I continue to educate myself on what real estate investing is and how I can start to build a life of freedom for my family and myself. Simply put I am looking for guidance on where to start.

[Michael Lee]

Hello and welcome to BP! I am 60 years old and have much to say. There are a few things besides learning and making a niche selection. One thing that you should do before you start investing, depending on your net worth, is to form some type of corporation or a LLC. You might have to get advice from an attorney and/or a CPA (or tax accountant) to help you make a location for an office once you have decided what to do.

Another thing you should do is to locate where your office should be.  It can be in your home but get a place that does not have too many distractions.  Right now inentory is kind of low and a seller's market that is generally helping cash buyers because they can close quicker.  Before you start making offers, you should get a pre-approval loan letter that states how quickly take to close and your maximum amount.  Having a good relationship with all sellers.

If time permits you should do some practicing on estimating property worth.  You mentioned having a family so they should be in favor of your selection.  Will you be able to do everything that it takes to make offers.  Do not make any emotional decisions.  A Team to help you with what they know and you don't want to learn.  A local and experienced Team, primarily would be Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen.

Do not try to do everything yourself.  Be patient and consistent with real estate investment.  Just do what is average for that neighberhood.  I have been in construction since I was 17.  Right after I graduted college and got a business degree I got a real estate broker license.  I kept that license active for about 30 years but never did that full time.  Good luck to you!