What Would You Tell Your Beginner Investor Self to do First

[Nick Portillo]

Hello from Southern California! I am currently a business owner of a sales and marketing company looking to earn supplemental income via a buy and hold portfolio of residential homes. My knowledge on real estate is limited, but I am an avid reader, a huge planner, and a risk taker - all traits that I find could give me an unfair advantage in being a successful investor. With that said, I would like to hear from those who have "been there and done that." For those experienced investors, if you could begin your career/hobby/passion of purchasing residential properties with what you know now, what would you do 1st, 2nd, and 3rd?

[Scott Hollister]

Hello @Nick Portillo,

You're already doing it! 

Asking for guidance and seeking counsel when you need help. So keep up the good work! 

Next check out this awesome post by @Joshua Dorkin: What Decisions do investors need to make their first deal?

There is so much great advice to go along with Podcast 200! 

Knowledge: 

• Read the best books on Real Estate Investing. I have been reading the Millionaire Real Estate Investor and so far its a great read. Its great to think big! (Let me know if you want to start a reading group, accountability partners are part of the success path)

I can only speak on my experience. 

1. Started with a house hack. Two houses on a single deed. I rent one out and live in the other with a roommate. The goal is to live for "free". I believe this is a great way to start because everyone needs shelter right? And whats better then getting paid to live there?:)
2. Next I did an REO BRRRR strategy with $0 out of pocket. Teamed up with RCN Capital and used a HELOC for a down payment. I forced about 60k of appreciation and will be able to get my money back out, including all closing costs. 
3. Started a flip a month ago. I like it for building up cash reserves. I was wanted to get away from asset rich, cash poor. 

My best advice is to find your strengths, do what you're good at, and make a wise investment that will lead you to your ultimate goal in life. Find your purpose and plan backwards to get there!