Rookie looking to take the first step into real estate investing

[Brandon Gale]

I am new to real estate investing and have spent the last several months researching and gaining knowledge through books, webinars, podcasts etc. I have narrowed my strategy down to this; I am looking to buy a foreclosed, multi-family home using a 203k loan in the Worcester, MA area. I am excited to start this process but I am not exactly sure what my next step should be. I know with my strategy I am going to need a great realtor and an attorney and my thought is my first step should be interviewing realtors to find an enthusiastic and trustworthy person to work with. Any thoughts or advice on what my next step should be to get started on my first buy would be greatly appreciated!

[Brian Ellis]

@Brandon Gale welcome to BP!

I had flirted with the idea of a 203k, but opted out because I ended up with the funds to get into a conventional loan (10% down), and then rehabbed the place myself. I didn't want to rely on contractors I didn't know, and then have them work with the bank.

My suggestion would be to look at a TON of properties, and bring along a contractor buddy if you have one to get a second set of eyes. Be patient, the right opportunity will present itself. The market is slowing down, don't be afraid to make low-ball offers. Look at it as a business because ultimately that's what it is, and don't let emotion get in the way.

Good luck!