Where should I start???

Question

Hey everyone! So a little background about myself first, I'm 23 years old working a full time job, I don't have money saved up yet, but I am determined to be a rental property owner by January 2018! But I don't have any idea where to start! I listen to bigger pockets podcast while I'm at work all day, and I've been reading books, forums, etc. Trying to gain as much knowledge as I can. So far I've thought about trying the wholesaling route for a few months, to try to make some money for a down payment and rehab, but maybe there's other route I haven't thought of yet? I live in the north Seattle metro area, so I'm thinking it would probably be smart to try and buy something less expensive in a different market, but I'm just not sure where to start. Suggestions, guidance any knowledge would be much appreciated!

Thanks everyone!

Kenneth Reimer · Answer

@Grant Russell Grant, as far as educating yourself, I think you're doing it right. I amassed as much content as I possibly could, and would read voraciously. That part you have down. As far as where to start out, you have to find what your competitive advantage will be. I wouldn't dabble with wholesaling, and then move to buy and hold, and try a flip here and there, etc. I would research until you have found what your skills, expertise, and network bodes well with, and dive in full force. Be the master of your specialty, as compared to the jack of all trades.

I would write a list of all possible niches, then first cross off the ones you simply could not do. Then from there, continue researching each topic so that you can further narrow down your options.

Seatlle is definitely a hot market, but market sentiment expects further rent growth. That being said, getting in a hot market, expecting it to climb further, and then getting out before it cools off, is quite the risky strategy. Make sure you understand the different strategies of buying/selling/refinancing/exchanging before you invest your first dollar. Understanding the layout of the project (market) is useless unless you know what tools you're working with (strategies).

Hope this helps. Feel free to reach out with any questions.

Kenny Reimer

Where should I start???

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