Where do I even start ?

[Account Closed]

Good afternoon everyone, 

I'm sure this question on the title has been asked thousands of time. I am a 30 year old working in the construction field have about 100k saved up and looking to buy my first rental property. Where do I even start and how can I educate myself properly to be able to be in the position to buy something. I do live in California and open to investing out of state. Any tips would be very appreciated, thank you for your time. 

[Eric Goldman]

@Account Closed looking to just by premade rentals? Brrrr? I started by reading alot of books, going to meet ups and talking to people in the business. 

[Wale Lawal]

@Account Closed Hi, 

Welcome to BiggerPockets.

I hope you continue to learn from everyone on this platform.

If you have not, great books to read are:

• Rich Dad, Poor Dad

• The Millionaire Next Door• Cash Flow Quadrant

• Tax Free Wealth

• Set For Life

• Rental Property Investing

• The Millionaire Real Estate Investor

• The REAL Book of Real Estate

• So Good They Can’t Ignore You

You are more than welcome to reach out if you have any questions.

Good Luck and go make it happen!

[Account Closed]

Originally posted by @Eric Goldman:

@Account Closed looking to just by premade rentals? Brrrr? I started by reading alot of books, going to meet ups and talking to people in the business. 

Thank you for the reply Eric, I'd be open to both. What books would you recommend for someone starting out ?

[Account Closed]

Originally posted by @Wale Lawal:

@Account Closed Hi, 

Welcome to BiggerPockets.

I hope you continue to learn from everyone on this platform.

If you have not, great books to read are:

• Rich Dad, Poor Dad

• The Millionaire Next Door• Cash Flow Quadrant

• Tax Free Wealth

• Set For Life

• Rental Property Investing

• The Millionaire Real Estate Investor

• The REAL Book of Real Estate

• So Good They Can’t Ignore You

You are more than welcome to reach out if you have any questions.

Good Luck and go make it happen!

Thank you for the reply Wale, I'll definitely pick some of these books up. 

[Scott Esmail]

listen to the bigger pockets podcast from episode one and keep going. The earlier ones were great when it was with Josh. You can learn alot

[Billy Davidson]

@Account Closed Manuel I'm excited for you to take the leap into your real estate investing venture. I think first and foremost, educate yourself and analyze deals as much as you can. Even if you are not ready to buy right now, act as if you are...that way when the time comes and you want to buy, you are confident in your analysis of properties. 

Also, work on your credit and prepare a portfolio of what you have to back your credibility. Lenders like to have a person they can trust and that they feel comfortable lending money to. Create a friendship and dont just look to them for money, think of it as a sustaining relationship. They could help you with many more deals.

Lastly, after you educate yourself, pick your niche and go for it. I would recommend finding something that you can BRRRR. Find a C+ property in an A+ neighborhood. Look to add value and get rents in more than one way. What I mean by that, house hack it in some way that you can have two rents coming to your mailbox instead of just a single one. You got this!! Reach out if you have any questions. Excited to see where you go.

[Caleb Brown]

Podcasts, books and networking helped me. Many people starting out partner, do a turn key one, or dive into the heavier projects like BRRR or flips. What's your background in construction? I'd research as much as you can. Pick 1-2 strategies you like. Get a game plan together. Network to find a team to help you get started. Then start.

[Account Closed]

Originally posted by @Scott Esmail:

listen to the bigger pockets podcast from episode one and keep going. The earlier ones were great when it was with Josh. You can learn alot

 Already on Ep. 2, thank you for the advice.

[Account Closed]

Originally posted by @Caleb Brown:

Podcasts, books and networking helped me. Many people starting out partner, do a turn key one, or dive into the heavier projects like BRRR or flips. What's your background in construction? I'd research as much as you can. Pick 1-2 strategies you like. Get a game plan together. Network to find a team to help you get started. Then start.

Thank you for the advice. I am an estimator in the scaffolding business. My Father is a retired contractor and brother has a home improvement business so that can help down the line. 

[Craig Anderson]

Read and learn, read and learn, read and learn. The first book that you should read is HOW TO INVEST IN REAL ESTATE: ULTIMATE BEGINNERS GUIDE TO INVESTING
BY JOSHUA DORKIN AND BRANDON TURNER

Then, go from there.

[Eric Goldman]

@Account Closed put together a great list of must reads!    

[Casey Caton]

@Manuel E Chavez listen to the BP podcast everyday to get some ideas. Think about your goals and the vision that you have and why you want to do it. Build that strong foundation. Attend local meet ups, ask questions, listen and learn. After doing that - hopefully a clearer picture appears and you’ll decide to focus on a niche that interests you more than others. That’s how I started, and then finding properties and managing them and raising money is all stuff I learned along the way that was built on that foundation that I started with.

[Account Closed]

Originally posted by @Casey Caton:

@Manuel E Chavez listen to the BP podcast everyday to get some ideas. Think about your goals and the vision that you have and why you want to do it. Build that strong foundation. Attend local meet ups, ask questions, listen and learn. After doing that - hopefully a clearer picture appears and you’ll decide to focus on a niche that interests you more than others. That’s how I started, and then finding properties and managing them and raising money is all stuff I learned along the way that was built on that foundation that I started with.

Appreciate the advice. 

[Wale Lawal]

Originally posted by @Eric Goldman:

@Account Closed put together a great list of must reads!    

 Absolutely man!

[Account Closed]

@Manuel E Chavez you’ve already taken a few important steps! You’ve managed to save 100k which is a great accomplishment and a solid amount to deploy.

Joining BiggerPockets was a really good decision as you have aligned yourself with like minded people who are willing to share their success stories and failures with you. Surrounding yourself with knowledgeable people and educating yourself to the industry’s diversified paths is huge.

The most important thing is to get your first deal under your belt. There is no better education than learning kinesthetically. Don’t get stuck on the sidelines waiting for the perfect deal!

Best of luck, you’re getting so great advice on here!

David

[Cassi Justiz]

Hey @Account Closed, 

Congratulations on saving up 100k and joining BP! Those are both great places to start!

There are a ton of options for your first investment property. I think the easiest way to get started is a  turn-key property. There are plenty of markets in the Midwest where you can pick up sub 200k properties that are move in ready and will provide positive cashflow. With a conventional loan, you should be able to net at least a couple hundred dollars a month after all expenses. 

Since you are in the construction industry, you may be a good fit for BRRR type deals. For BRRR deals, I'd recommend staying closer to home rather than trying to coordinate that from out of state. It's possible to do this from out of state, but not the easiest process.

While you are learning about the different options, try to get plugged in with your local investor community. Find out what other investors are doing and get advice from them. You can see what works/what doesn't work and most investors are happy to share their resources. 

Good luck! 

[Marc Rice]

I'd start by not investing in Cali if you want landlord friendly property and want to be able to buy multiple. That being said you can do an owner occupied multi-family in Cali and probably do well.

I'd research some markets in the Midwest and find a good investor friendly agent to help guide you.

[Dave E.]

@Manuel E Chavez there is a TON of information out there. Honestly I would start with the BiggerPockets blogs and podcasts. Read and listen to several until you find a strategy that sparks your interest. Then take a deep dive on that topic with books and research. Develop your plan then execute.

Best of luck to you!!

[Alicia Marks]

You are getting great advice. I second learning what you can an analyzing deals. Find the market you want to target and narrow down what types of properties you are looking for. Turnkey is a great option for distance and new investors, but research and follow up on references for all of them. They are definitely not created equal. Don't stress too much on finding a deal of a lifetime, find something that meets your goal (cashflow vs appreciation vs balanced) and get your foot in the door.

The fact that you've saved well up until now shows you have the discipline you will need to build a successful portfolio in the long run. Sometimes it's being patient that can serve you better.

[Cameron Braig]

@Account Closed

Congratulations on getting started and welcome to the forum. 

As you evaluate a potential metro to invest in, items to consider are; job growth, job diversification, rent growth, population growth. 

Best of luck going forward and congratulations again on getting started.