Where to get started

Question

Hey,

Im new to the real estate investing world but after being out of school a few years feel i need to start diversifying my investments and feel that property is the way to go. Currently i live in San Francisco and rent due to the fact that buying in the city right now seems like a TERRIBLE idea. Ive been poking around on zillow and trying to find places potentially as vacation condos/homes to rent on airbnb. But the more i look at it, the more i keep thinking i do not know what im doing and also that i do not have the capital/time.

I found this by stumbling upon the podcast and thought this community might be the best place to sit and learn and read different strategies as i save up and figure out where to go. But the first few posts i saw people trying to leverage amounts (like 5k) to start flipping and doing other crazy things and to me that sounded ABSURD! I figured you need a lot more cash saved and much more cash flow.

For my situation i have a solid paying job (100k+) that i plan on keeping, no debt, a 760+ credit score and a small amount of savings (50k+). But at this point i feel like the condos in miami beach, LA, Hawaii or others to rent are a few years out from being affordable and also cost effective (and maybe i just want a reason to visit those areas :) ). And to sum it all up, i dont know what i dont know...So any starter tips for me to start reading and such would be awesome. Thanks!

Rosston Smith · Answer

Hey man! You are perfectly positioned for massive success in real estate!I recommend you do these things in this order, and by the end if it all you'll be ready to go.1. Study and find out which vehicle you like. (SFHs, MFHs, foreclosures, HUDs,Flipping, etc) you can do this by browsing bigger pockets, YouTube, listening to podcasts, etc2. Choose your vehicle3. Study that vehicle and only that vehicle. ( Buy 5 books on it, read them.)4. Network with people who are proficient in that vehicle.5. Take action. You have 50k saved which is far more than enough for your first deal. So focus on finding out what you want, and how you will achieve it.

Jeff Rabinowitz · Answer

You have found a site with thousands of posts and blogs on hundreds of topics. Pick something and start reading. If it resonates look for similar topics. If it doesn't look for others. The site is searchable.

Rosston Smith · Answer

THATS WHAT IM TALKING ABOUT PAUL! Knocked out 30 already! You also chose your vehicle already. Nice!Keep studying and hit me up if you have any questions!

Robert Musallam · Answer

Hey @Paul Lucas Welcome to BP!

I think @Rosston Smith nailed it - and it looks like you took his advice. Good on you!

I'd do a couple things now that you've narrowed your focus a bit.

1 - Add keyword alerts to your profile for Lansing Michigan. That way if anyone is talking about that area, you'll get notified.

2 - Start connecting with folks who invest/work in that area. So you get real data from folks on the ground doing the work in those markets.

3 - Be patient. Good things come to those who wait :)

Best of luck to you moving forward. Feel free to reach out if you ever have any questions.

Paul Lucas · Answer

Hey Rosston and Jeff,

Thanks for the feedback. I think this post was driven out of just the mass amount of content on bigger pockets and i needed to just figure out where to go. I took your advice Rosston and have now listened to about 30 bigger pockets podcasts and feel like ive now moved from Unconscious incompetence to conscious incompetence which is a good step haha. Ive started narrowly focusing on Buy and Hold as my vehicle and have decided to stick around the area i grew up (Lansing Michigan). This way I have knowledge of the area while also being able to afford it unlike the Bay Area and also have a reason to travel there once in a while.

Thanks again to both of you for the advice and am looking forward to posting more as i learn more!

Where to get started

Most Popular Reply