New to the real estate markets and looking for Beginners Help

[Brandon Gaddy]

Hi all,

I’m new the the real estate market and I’m looking for some general ideas on how to start this journey. I been fortune enough to meet several partners and we have gathered a pretty decent initial bank roll to start small projects. I’m in the Dallas area and was thinking multi family sector but have also had some discussions on building townhomes to start. Any information on the best starting options or where some of you started and how you grew your portfolio would be greatly appreciated.

Thank you, 

Brandon 

[Bill Goodland]

Considering you're a newbie and we are most likely at or nearing the top of a RE cycle, I would avoid jumping into new builds right now unless you have some sort of competitive edge and/or partnering with someone with a ton of experience. Other than that, I would recommend getting your personal finances in order. House hack if you can to eliminate or severely reduce rent expenses, and if that isn't an option, maximize savings and earnings elsewhere and invest for cash flow. You won't get rich overnight but there are certain tried and true principles to building wealth slowly. Millionaire Real Estate Investor is a great book that has charts displaying that just about anybody can do it while discipline, time and consistency.