Help me get started

[Elon Matias]

I want to get started in real estate, but don't know how. Eventually I want to own several rental properties, but don't know how to get there. Should I start by flipping houses? Turnkey? Storage units? I'm not sure. Also, whats the best way to get started doing this? I have about 10,000 saved and would most like take out a loan. Should I go through a bank or are there better alternatives? Please share your stories .

[David Ebbeson]

Hi Elon,

Welcome to the BP Community!! Congrats on making such a wise decision to join the community. If you haven't discover it already this is a great place for information on anything having to do with Real Estate Investing (REI). The material is in various formats to help you learn whichever you feel most comfortable with. The are podcasts, forums, webinars, books (which I highly recommend. Wholesaling maybe a good place to start and build some cash. But, if you get a loan be smart with it you don't want jeopardize your future. If you are considering fix & flips in most cases you will need between 10% - 25% down and rates can be 7% - 15% with 4 - 6 points plus closing costs and fees. Also, 2 great books to read before jumping into it are the 2 books by John Scott titled "Flipping Houses" & "Estimating Rehab Costs". If you choose to go this route I have a 2 websites I can recommend for you to help with rehab. If your ultimate goal is rentals then Brandon Turner has 2 good books titled "Managing Rental Properties" & "Rental Property Investing". You can do both one you get established. The suggestion given to you earlier about joining a local REIA meeting, group, club I would highly recommend because there you will meet other investors who can help you along with contractors and others. It is also the best source for getting a pulse on what is happening in your local market. I hope this was helpful to you.

Have a Great Labor Day Holiday, Be Safe & Happy Investing!!!