Just starting out in real estate investing

[Sean Starkey]

So my wife and I have been reading, listening to podcasts and learning everything about real estate that we can. We are in medical field as a physical therapist and a nurse and are looking to build our portfolio to gain financial freedom. We are stuck where to start. We dont have any money down but do currently own home in Huntington beach, CA. We just paid our supplemental tax bill so that wiled our savings away quick. Shouod the first step be to find a property and run the numbers then speak to a lender or the reverse? Please any help will be awesome!

Thanks!!

[Mike Mocek]

Good Morning @Sean Starkey The very first thing you need is to identify what kind of market you like.  Do you like Primary markets (Like Chicago, IL, Phoenix, AZ or Los Angeles, CA) or do you like secondary markets (Like Toledo, OH, Greenville, SC or Kansas City, MO).  I tell all my investor clients that every market has its niche and brings something unique to the table.  Talk about Ohio for example, you will see that Columbus and Toledo tend to go neck and neck but each city brings something different to the table.  Columbus, OH has the appreciation and mass cash flow, whereas Toledo, OH has the big city, small town feel with cash flow opportunities.  Each city brings something different to the table and, as an investor, will need to figure out what satisfies your goal.

Once you have identified the type of market, its time to identify an area that you feel comfortable.  Being from out of town, you will need to identify your core 4 (Lender, Agent (Deal Finder), Property Manager and Contractor).  There are some top hitters in each market that can provide multiple areas as well but its important to do your research, network and get everyone on the same page.

Once you have identified your market and your core 4, you are ready to go!  If you want to discuss ideas or have questions, you are in a good area and hands of investors all over!