Rookie in Real Estate wanting Advice on identifying GREAT deals

Rookie in Real Estate wanting Advice on identifying GREAT deals

Member since 2021 · 4 posts · 0 votes

Let it be known I am new to the game but excited to begin! I have been thinking about getting into real estate/investing for years and I do wish I began earlier, but I am 27 years young with ambition! What has inspired me thus far has been reading, among others; The 4-Hour Work Week, Rich Dad Poor Dad, and currently- Investing In Real Estate With No (and low) Money Down. I have come to this website to expand my knowledge (for free). I have started reading the Ultimate Beginner's Guide on BiggerPockets and have just signed up for a Real Estate Course for a fair price. While I am not interested in obtaining my Real Estate License persay, I am looking to do so to gain access to the MLS because I am interested in foreclosrues. I did not realize that there may be some cons to holding a real estate license while investing. I have had a full time job for almost 4 years, and good credit, so obtaining an FHA insured loan as my first buy is what most interests me and is what I would feel most confident in. However, I am looking for more ways to find and know what makes a GREAT deal on a property. Any guidance is appreciated. With there being innumerable outlets to learn from, is anyone able to reccomend some additional, phenomenal readings/classes/outlets that are useful for individuals like me getting started? I am interested in learning about rental property, house flipping, using the FHA 203(k) loan, and eventually want to learn as much as I can. Thank you in advance!

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Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
5y
Originally posted by @Kaitlin Hannan:

@Stephen Brown I think seeking out an experienced agent might be a great idea and way for me to learn. I’ve seen some properties through other listings/foreclosures online but It’d be nice to have a second educated opinion on them as I start. Thanks again Stephen for your advice!

 Not a problem Kaitlin. Always here for help.

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  • Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
    5y

    Hello Kaitlin. Your best source will be someone within your area or someone within the market you wish to pursue. One book I recommend everyone to read is "What Every Real Estate Investor Needs to Know About Cash Flow" it's a great read to understand the numbers!

  • Member since 2021 · 4 posts · 0 votes
    5y

    @Stephen Brown Wonderful, I appreciate the response and I will add that book in my que to read soon! I agree, a source in my area would help tremendously. I am a very quick learner and do my due diligence, yet the first hand experience is irreplaceable. Would you recommend finding sources primarily through joining clubs in the area?

  • Real Estate Agent · PA · Member since 2021 · 240 posts · 131 votes
    5y

    I agree with Stephen Brown. Find a real estate agent in the area you want, who knows how to work with investors. In the end you will pay for their expertise...BUT, they should know how to run numbers, and give you piece of mind when buying your first investment as well as find you potential deals on and off the MLS. With their experience they are aware of more investor pitfalls and should be able to guide you towards a safer investment.

    When running your number you first need to know what are you trying to accomplish? fix n flip, buy and hold, BRRRR?

  • Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
    5y
    Originally posted by @Kaitlin Hannan:

    @Stephen Brown Wonderful, I appreciate the response and I will add that book in my que to read soon! I agree, a source in my area would help tremendously. I am a very quick learner and do my due diligence, yet the first hand experience is irreplaceable. Would you recommend finding sources primarily through joining clubs in the area?

     Yes. You can find deals that way or even through an agent. There's a lot of deals out there to be had as long as you keep networking.

  • Member since 2021 · 4 posts · 0 votes
    5y

    @Austen Mueller Thank you Austen. I'll be doing research into these types of real estate agents and see what I can find. Since I don't have my license yet, I would like their expertise and guidance. I'll likely be running numbers for the BRRRR method. Thanks again!

  • Member since 2021 · 4 posts · 0 votes
    5y

    @Stephen Brown I think seeking out an experienced agent might be a great idea and way for me to learn. I’ve seen some properties through other listings/foreclosures online but It’d be nice to have a second educated opinion on them as I start. Thanks again Stephen for your advice!

  • Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
    5y
    Originally posted by @Kaitlin Hannan:

    @Stephen Brown I think seeking out an experienced agent might be a great idea and way for me to learn. I’ve seen some properties through other listings/foreclosures online but It’d be nice to have a second educated opinion on them as I start. Thanks again Stephen for your advice!

     Not a problem Kaitlin. Always here for help.

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