How Did You Get Your Start Investing?

Question

Good Afternoon BP Family!

I'm writing this post to give some type of relief as well as a  road map to those getting started in the business of real estate to look back on and relate to others on their first steps towards financial independence. It is from my experience most newbie investors hit a road block due to lack of income, lack of experience or lack of time.. My question to you all is how did you get started with finding and funding  your first rental property/fix & flip, what was your income source at the time and what mental shifts did you experience in the process of climbing to the levels of success that you experience today?

Jim K. · Answer

Typical story myself...wild night in Vegas, don't remember much, woke up a landlord! Surprise!

Account Closed · Answer

I was a loan officer doing refinances. Sometimes it made more sense to the borrower to sell instead, particularly houses that weren't MLS ready. I'd take over the financing, give them cash for their equity, fix up the property and sell.

Caleb Heimsoth · Answer

@Jamaal Johnson saved for 10 months.  Listened to about 200 podcasts, posted a ton on BP. Bought 4 rentals in a year. Then sold 2.  Bought 2 duplexes.  Pretty much sums it up.  Goal is 10 plus units by next year and 30 plus units by time im 30.

Bill B. · Answer

Wanted to move out of my parents house. Didn’t want to pay for housing when it had been free my whole life. Got 3 friends who were already paying rent to pay for the house I bought. It was great until I met my wife. She didn’t think sharing a house with 4 guys was as awesome as I did.

Josh Oaten · Answer

@Jamaal Johnson

I started out by reading books, listening to podcast and watching videos. I then started posting questions and discussion points on here. I would get reposes and follow up with those people, letting them know I was willing to provide assistance to them in anyway I could to learn.

From there I got onto a few investors where I was writing blogs for them and doing market research. As you take these opportunities and steps, the doors to new relationships keep opening and you need to take advantage of that by just following up with people non stop and asking "Who do you know in ... that I would benefit from knowing".

Caleb Heimsoth · Answer

Well I saved for 10 months and then kept saving.  The more cash flowing real estate you own the easier it gets.  I’m 3 years in and I’m just now starting to feel like it’s paying off.

Jamaal Johnson · Answer

@Josh Oaten - You are absolutely right man. RE is 90% relationship building. Like everything in life, If you don't feed it... it will weaken and fade away.. I figured this out early with my marketing. Its not enough to cast out a fishing pole with a worm at sea.. If you want to play with the whales and sharks you better come with something bigger and more appealing to eat!

Jamaal Johnson · Answer

@Matt Millard - You had a lot of hustle and determination from day one, and this is what separated the talkers from the Doers. I commend you on your successes man this is inspiring!

Jamaal Johnson · Answer

@Joe Sadusky - Leveraging your W2 Job is excellent advice for those thinking of jumping into RE full time. Slow and steady wins!

@Bill Brandt - Hey man, you know what they say, happy wife... and nobody gets hurt lol. This is awesome! College Students take note.

@Brian Ellis & @Kyle Boughton Me and a buddy are searching for our first flip currently.. What advice would you give in that space as far as how to manage the risk of overpaying, handling contractors and the overall operations involved with this niche?

@Caleb Heimsoth - You sound like you are well on your way to achieving your goals and more man! Please tell more about how you was able to pull in 4 rentals within your first year in REI.

Matt Millard · Answer

Became interested in real estate in middle & high school after reading Rich Dad Poor Dad.  Later found a mentor from my church that had rentals & taught me some more basics. I had a successful lawn service growing up & several other high paying jobs & built retirement accounts & more. Went to college at 17 & made friends & lived in dorms. Found roommates for following year & started looking for houses neighborhoods late fall. Built a spreadsheet to track & model my buying & operating costs.  I took advantage of the fact that my soon to be house hack was 1/2 an apartment cost & 1/3 of dorms/meal plan.  In the spring I found my neighborhood by biking after church & talking with builder neighbors. Went under contract that Spring & closed a few weeks after finals & everyone moved in.  Lost my IRA’s in the process because I put 20% down to avoid PMI. Kept it at least 3/4 full for 4 years til I moved home & leased my new second property as well to grad students!  Sold both raised money multiple times & now in 7 syndications in multiple classes with different cycle timing, geographic areas & operators. Also co-own two small businesses & partnerships.

How Did You Get Your Start Investing?

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