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Question

I just started listening to the biggerpockets podcast, have been wanting to get into the real estate world for along time now, going to start reading books and everything I can also. But, I was wondering if anyone could tell me how I find auctions and those cheaper houses that I could turn into a rental? I have Zillow and a few other apps but houses just seem to be to expensive for me to even look at (150k+)

Chase Romine · Answer

@Beverly Anderson

Well I’m currently living with my in-laws rent free and I make roughly 35-60k a year depending on over time and have no bills. So I’m not really worried about living quarters at the moment, just want to build an empire (so to say),  something that I can work at for the rest of my life making money and managing everything without worrying that my boss will call me into work tomorrow.

James Wise · Answer

I don't think auctions is where you want to start. Lots of risk there. Ya see when you go to auctions you've got to buy the property in cash completely sight unseen. Not the way for a rookie to get started. What you want to do you hookup with a Realtor who is familiar with rental properties and focus on houses that already have tenants or are in good condition just a bit cosmetically dated.

Beverly Anderson · Answer

That sounds AMAZING!! Very convenient and beneficial to your goals. I'm just starting out so I don't have much advice on the process but good luck on that empire hopefully I see you at the top :)

Erica Moore · Answer

@Chase Romine I recently got started in real estate as well! What really helped me was finding a realtor who is in the investment game himself. Not anything big time, but enough that he understood what I was looking for in the very beginning and that I'll be pretty slow to grow (unsure if i want to stick with single family or more to apartments). Also with the understanding that I might need to leverage others at some point if i want to move in a direction he isn't as familiar with.

Steve Rozenberg · Answer

@Chase Romine

I would suggest you take the time to educate yourself. I agree with @james wise. Take the time to learn now, many people think they need to just jump in the deep end. that is ok if you know how to swim, if not your basically committing suicide.

I would start with the end in mind, meaning what is the reason you want to buy and own real estate. figure out your end goal and then work it backwards. Do not just buy a rental to buy a rental. Buy an asset based on your strategy that going to take you to your end goal.

Chase Romine · Answer

@James Wise

Thank you!

Chase Romine · Answer

@James Wise

Advice on finding a good realtor? Should I avoid a bigger agency or just set up meetings and go from there? (I am not jumping right into it yet, just trying to get a better understanding of how it all works before I start reading books on it).

Chase Romine · Answer

@Erica Moore

Awesome! Thanks for your advice, so I guess my first step is to save enough up for a deposit, then find a realtor. Believe I’ll start with a small single family home so I can get my feet wet and understand more about the process. Thanks so much!

Beverly Anderson · Answer

@Chase Romine I'm in the same situation. I'm actually house searching but i realized after a few podcast and advice from the awesome folks on here that I want to "house-hack" and find a duplex, live on one side rent the other side. That being said, the prices are UP THERE! So that makes me a bit hesitant to such a big commitment.

James Wise · Answer

Look at listings for rental properties like occupied single homes, duplexes, triplexes and that sort of thing. On top of that check with Realtors who work for companies that have a big property management presence in your area. You don't want to work with the type of Realtor who would sell you your family home, totally different ballgame here.

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