Recommended BP Content for Newbies

[Denali Ravera]

My husband and I are new to real estate investing, but very eager to learn and grow in order to get him out of the manual labor field for good. We have a toddler and two dogs that we enjoy spending our free time with, and our goal is to do more of that! My husband is a general contractor, private pilot, and Air Force veteran. I am a stay-at-home mom with a Business Administration degree that I can’t wait to apply to my new passion for real estate investing.

I decided to start listening to the BP podcast starting with episode 1- I'm about 15 in, and although I love the content I do feel as though some of it doesn't apply to our current market as I'm sure it's dated. Would you suggest I keep going and hopefully make it to 800 before I croak, or start backwards to gain some more relevant insight? We have been deal hunting for awhile, and are prequalified and hoping to do a 1031 exchange with our single family rental in Vegas (that we bought with $0 down and now have $250k in equity, and have only paid a few months of the mortgage ourselves) to buy a multi-unit in our current town in Central Oregon. We have one fix-and-flip under our belt, and are currently rehabbing the house we're living in as well as adding an ADU (we don't plan to sell this house). We have a lot of ideas to find a deal (thanks BP), but definitely have a bad case of analysis paralysis. Additionally, our market is extremely inflated and despite 30+ % down, the numbers just don't pencil out.

I'm sure stories just like this are posted every day, but we're determined and hopeful- We are a young family that would love a mentor, as we are wanting to get more involved in REI but just can't make that next step.

[Randall Alan]

Quote from @Denali Ravera:

My husband and I are new to real estate investing, but very eager to learn and grow in order to get him out of the manual labor field for good. We have a toddler and two dogs that we enjoy spending our free time with, and our goal is to do more of that! My husband is a general contractor, private pilot, and Air Force veteran. I am a stay-at-home mom with a Business Administration degree that I can’t wait to apply to my new passion for real estate investing.

I decided to start listening to the BP podcast starting with episode 1- I'm about 15 in, and although I love the content I do feel as though some of it doesn't apply to our current market as I'm sure it's dated. Would you suggest I keep going and hopefully make it to 800 before I croak, or start backwards to gain some more relevant insight? We have been deal hunting for awhile, and are prequalified and hoping to do a 1031 exchange with our single family rental in Vegas (that we bought with $0 down and now have $250k in equity, and have only paid a few months of the mortgage ourselves) to buy a multi-unit in our current town in Central Oregon. We have one fix-and-flip under our belt, and are currently rehabbing the house we're living in as well as adding an ADU (we don't plan to sell this house). We have a lot of ideas to find a deal (thanks BP), but definitely have a bad case of analysis paralysis. Additionally, our market is extremely inflated and despite 30+ % down, the numbers just don't pencil out.

I'm sure stories just like this are posted every day, but we're determined and hopeful- We are a young family that would love a mentor, as we are wanting to get more involved in REI but just can't make that next step.

 @Denali Ravera

What a difference a couple of years makes!  2 years ago it was everyone talking about the 1% and 2% rule.  Double the price of the real estate and the interest rates and suddenly not much of that functions well.  Since you already have a rental under your belts, I would encourage you to be patient on pulling the trigger on your next move until the market conditions agree with your purchase criteria (ie. you can actually make some money on your next purchase).

It's awesome you have a 1031 opportunity.  Be sure to study up on that... for instance, you can't touch any of the proceeds from your sale of your Vegas property.  If you do, the 1031 exchange is disqualified.  You have to have a fiduciary in the middle receive the money on your behalf.

Here are a couple of good guides for newbies... but you may already know much of it:

The Ultimate Beginner's Guide to Real Estate Investing:

https://www.biggerpockets.com/blog/wp-content/uploads/2022/0...

Real Estate Investing for Beginners: How to get started:

https://www.biggerpockets.com/guides/ultimate-real-estate-in...

All the best!

Randy