Newbie, Trying to figure out to not just give up

[Lindsay Bearden]

Hi everyone,

I am obviously a newbie, but I am working on my knowledge base to make sure that I not only get a start with a good home/deal, but also not feeling overwhelmed by the whole process.

From what I have read/watched so far it is about analyzing and then making offers. I have the bigger pockets books and haven't gotten through one yet (still working on them), so I am worried that I may find a property that I think is a good deal but may end up costing more than I thought. How can you know that you are at least in the right ballpark on the rehab costs?

Also, I have been working on my credit so I can get a better loan. It has gone up but still hasn't gone up over 700. Is this something that I should really be worried about? Or should I just deal with the loan that I can get? This has honestly been what has stopped me so far. I have a lot of anxiety (that is probably misplaced) when it comes to financing this huge change. 

What would your advice be? 

[Matthew Irish-Jones]

What is your plan? To buy and flip? If you buy a place that does not need to be rehabbed you can stop worrying about rehab costs.

Sometimes the best idea for a newbie is to make your first investment the least complicated one.

Try to find a buy and hold property that is cash flow positive and rented. Then you can slowly build up a network of vendors on small jobs,
And gain confidence in managing larger jobs.

You will also get an idea of how much plumbing clogs, painting, changing locks, taxes, and all the other expenses that come along with RE cost.

And.... get through the book!!! That’s step 1