New BP member looking for advice about the industry

[Austin Kendell]

Hey Bigger Pockets Community! 

I am a new member of the Bigger Pockets Website. I have been listening to the podcast for the last 4 months or so. I have absorbed a lot of information from listening to the podcast, but I know that learning in the field is the best way to learn. I am currently trying to save up money so that my wife and I can start investing ourselves. I am mostly interested in creating a portfolio of buy and hold properties that will create positive cash flow and that will appraise in value over the next 10-15 years. I also am interested in Flipping, but I know that flipping is a lot more complicated.

I live in the Northern Utah Area, in South Ogden to be exact. I have learned a lot from listening to the podcasts about the concepts, strategies, and the numbers. What I lack is understanding the market, and knowing how to proper analyze deals. I know and have heard in the podcasts that you never really learn the industry until you start going after deals and making offers. However, I still feel like I am not quite ready to do a deal on my own. I don't want to get myself into a pickle. I am looking for some pointers, tips, and ideas on what I should do before I get myself into a situation where I am in over my head.

Anyone that can impart some knowledge or that knows where I may be able to turn to in my area would be much appreciated! 

Thank you! 

[Jeremy Peterson]

The best advise I can give is to jump into the market.  Figure out what you want out of a deal (i.e. cashflow, equity, tax deduction, etc.) Then crunch your numbers and make sure the property achieves your goal.  You aren't going to send your kid to college on every deal.  But you might do it with 10 deals.  So, you have to get started.  

I jumped in using hard money to purchase bank owned Ogden property in 2004. I did buy-and-hold this way because I bought the properties at such a discount I was able to refinance them with long term financing. I used my HELOC to fix up the places for the refi. It has all worked out.

We are getting ready for the next burst of opportunity as the Utah housing market prepares to shift in a different direction.