How Did YOU Start Investing in Real Estate?

Question

Hello everyone, I've seen a topic like this in the past but I haven't found any recently.  Looking to motivate myself and others vicariously through some juicy stories.  How did you start investing in Real Estate and where are you now?

Casey Miles · Answer

Got rid of ALL my monthly non-essential payments (nice truck, motorcycle, quad, etc.) Literally sold everything I had of any value and bought one $42k SFH. Kept working and buying. I had the advantage of a buyers market in Phoenix at the time. I also worked a 9-5 that is the best capital generator you have, like it or not.

The BIGGEST thing I suggest to any young investor is get rid of the monthly payments. Unfortunately most people like new cars, toys, and big houses. My eventual goal is a modest income for me and my wife. We're fine with 10 year old cars and a decent house. We'd rather be wealthy in our free time and travel.

At the the very least if you want to buy a new car find a property that will pay for it.

Good luck,

Casey

Jason Kramer · Answer

i was driving around the town doing nothing on my day off. Heard one of those ads on radio"do you want to filp houses with no money down, be part of our team bla blah attend our free 2 hr seminar"  .

attended that 2 hr seminar/sales pitch for fortune builders . i was so impressed by their marketing , i signed up to their 3 day seminar ($200) thinking i would learning anything and everything about RE investing and start flipping houses from day 4.

they want me to shellout 30k and  join their mastry program .  instead i used that 30k to  make downpayment on a rental property.

this was 1.5 years back. now i own 6 rental properties.  either way that 3day/sales event helped me make a decision that flipping or wholesaling is not my cup of tea and decided to start buying rental properties .

while researching about fortune builders i ran into biggerpockets . which is by for the best source of information you can find on RE investing.

Sergio Norzagaray · Answer

Just getting started in Phoenix, AZ myself. I starting out dropping off yellow letters while D4$ and looking at getting a list to begging mailing out as well. Would love to find legitimate wholesaler in the area in the meantime.

Thomas S. · Answer

Saved my money till I had a significant amount of cash to begin with a low risk factor. During that time I educated myself on exactly what facet of real estate investing best suited my needs.

Began with buy and hold, extended that to flips once my buy and hold income was solidified.

I retired from my day job, on pension, and now self manage and flip as I please. Having realistic modest needs my income/net worth is now sufficient to carry me to the grave. Comfortable middle class income.

Within the next 5-8 years I will liquidate and retire entirely.

Juan Reyes Jr · Answer

Mother-in-law decided to let us be part owns of her SFH in SE Portland, OR. We currently doing a “live-in-flip”. This is our first real estate investment.  Depending on where the market is in 2-3 year, We will decide to sell or rent. I’m thinking we’ll have to rent. Which is fine because if we rent we’ll cash flow pretty nicely. Especially since it’s Portland, where cash flow is very hard to find. If we sell we could make $200k profit but it’s hard to analysis actual profit since “carrying cost” is going to be over 3 years and we’ll be living there.

I have full time mechanical engineering career that lets us save some money every month. I also still have student loans, which should be paid off by the time we’re doing with the remodel. So after the remodel we’ll have a good amount of equity in the house and we won’t have student loan payments anymore, freeing up a lot of money for us. Also in 2-3 year the market may be turning and hopefully we can pick up our second real estate investment at a discount.

This is how I’m starting my real estate investing.

Anthony Jordan · Answer

Hello Ryan,

It's good to have you here.  I'm new to Biggerpockets myself - I'm only now getting serious.  I started in Real Estate by reading books and online research and have done a couple of bird dog deals.  I'm looking to do more and make more money.

Hello Jason,

I've noticed seminars and webinars myself and I can relate to your experience.  They tend to advertise free information on how to find all the abandoned houses in the country or tell you how you can get private lenders to beg you to take their money if only you'll attend their webinar only to find out that they are simply 30 minute ads for an expensive program and might have 1 or 2 tidbits of information that I didn't already know and can use.  That's why I tend to stay away from them.

Pretty much all I've learned comes from research and picking the brains of people in Real Estate I come across.

How Did YOU Start Investing in Real Estate?

Most Popular Reply