Newbie! Not sure where to start!

[Natasha Lopez]

I am very new to investing and don't really know where to start! I am looking at different options. Buying cheap land, buying a cheap property to flip or buying a property to rent out. How do I pick? Where should I start to learn which option is better? Thanks!

[Natasha Lopez]

Hi Barry, thank you so much for all the info! I'm definitely going to take it all in. Looking for a mentor is a great idea! I really appreciate your input. Do you do loans anywhere? Like Florida?

Thanks again!

[John Thedford]

@Natasha Lopez

Welcome to BP. By your post, it appears you are not sure which route is best. Everyone starts somewhere. You might define your goals, and this will help you decide what route might be best to start. I see you mention vacant land. Unless it can be purchased WELL BELOW market, you will simply have a piece of land you are paying taxes on but it will not PAY YOU to own it. If you are seeking monthly income, buy and hold rentals is one good route. Another is doing private lending if you have cash available. Feel free to send me a PM and ask anything you like. Also, join your local REIA,

[Natasha Lopez]

Hi John! Thank you so much. Yes, creating a form of income is the route we would like to go on. So buying and holding does seem like the way to go. I might take you up on that offer and ask some more questions soon! Thanks again :) 

[Dwayne Byrd]

Hello Natasha,

Welcome to BP. I think one of the best things we can do in business or life is to sit down and determine our end goals. When faced with so many opportunities or routes we can take, I usually try to figure out where I want to end up, then work backwards to find the best method of arriving at that end goal. Just this weekend I took out some paper and wrote down things that I would like to accomplish this year and mapped out my path to get there.

Please let me know if I could be of help in any way as I am a realtor / investor in Brevard County FL. About 2 hours away. From Ft. Lauderdale or so.

[Samir Montenegro]

Welcome @Natasha Lopez !!

I will definitely say Multifamily (buying and holding rentals).....

[Natasha Lopez]

Hello Dwayne!

Thank you so much for you insight. I agree that writing out your goals in such an important step to achieving them. I read your profile and it seems we have some of the same goals. I appreciate your willingness to give some advice. Maybe I can give you a ring sometime?

[Natasha Lopez]

Hello Samir! Thank you for your input!

[Craig Curelop]

Hi @Natasha Lopez - Welcome to BP! First off, before jumping in, I highly recommend you take a few months and listen to the BP Podcast and read as many books as possible. 

I'm not sure of your family situation, but usually house-hacking is one of the easiest ways to get into real estate. This involves putting a low down payment on a multifamily property, living in one unit, and renting out the rest. That way you have someone else paying down your mortgage while you live for free (or extremely cheap). There are several articles and posts about including this one here written by Brandon Turner. 

https://www.biggerpockets.com/renewsblog/2013/11/0...

Hope this helps! 

Best,

Craig

[Dwayne Byrd]

Absolutely, not a problem at all. BP community is here to try to align goals and help each other.

[Natasha Lopez]

Craig Curelop thank you so much Craig! I'm going to do that! Any books you recommend?

[Craig Curelop]

@Natasha Lopez - I always recommend Rich Dad, Poor Dad. It's an easy read and is great for getting you thinking the correct way. My other two favorites are Tim Ferriss' 4-hour work week and Hal Elrod's Miracle Morning. 

As for Real Estate Books - The book on Rental Property Investing by Brandon Turner is also great one as well as his Book on Investing with No (and Low) Money Down. Scott Trench just came out with a book called Set for Life that shows you how to go from little to no net worth to financially free through saving more, making more, and investing the difference. 

www.biggerpockets.com/books also has a select list of top 20 books that I'd recommend.