Newbie! Where can I start?

Question

Hello everyone,

I am new to the platform and real estate investing. My husband and I are homeowners and also have one rental property (our starter home). We would like to start investing in real estate and grow our portfolio, but I do not know how to start. Please, can someone direct me on what to read to start learning about real estate investing, how to get funding, and basically where to begin? We would like to buy a new property in 2024. I am a registered nurse by profession.

Thank you!

Min Zhang · Answer

Welcome to the community, Ifey! It's awesome that you're considering real estate investing. Since you're thinking about buying a property in 2024, have you ever considered Out-of-State (OOS) investing? It can be a great way to diversify your portfolio and potentially find more affordable properties with higher cash flow in other areas. Plus, you can tap into markets with strong rental demand. I suggest checking out this article about Out-of-State (OOS) investing. It talks about the importance of having your "core four" team members, which includes a local, experienced Realtor, contractor, lender, and property manager.

https://www.biggerpockets.com/blog/core-four-real-estate-team

I personally invest in Columbus, Ohio, so I can provide you with a list of contacts in Ohio to help you build your team, especially finding a reliable property manager. Let me know how can I help!

Noah Bacon · Answer

Hey Ifey! Welcome to BiggerPockets and thanks for joining!

Here are some tips for networking and making the most of your account.

1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.

2) Follow your favorite forum topics and set up keyword alerts! Adding keywords related to your investment strategy or market locations can be updated in your settings. You’ll receive notifications when there is conversation in the forums you follow or if a user mentions those keywords—so keep them updated often!

3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.

4) Review Dave Meyer’s The State of Real Estate Investing Report 2024  (in your resource page as a member of BiggerPockets!) for real estate investors available to all BiggerPockets members!

5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.

6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

Hope this helps! Please reach out with any questions you may have!

Simon Ashbaugh · Answer

Hi Ifey, welcome to BiggerPockets! In addition to Noah's suggestions, I highly recommend seeking out a mentor who has experience with the specific real estate strategy you're pursuing. Having a mentor aligning with your goals can provide invaluable guidance. Reach out to agents, lenders and brokers for advice on finding a suitable mentor in the real estate industry. Most will be able to recommend one.Consider how you can contribute to the mentor-mentee relationship by leveraging your strengths. Building a network takes time and consistency, so be genuine in your interactions. Share your goals openly and don't hesitate to give back. Remember, relationships are a two-way street and the more you invest in others, the more likely you'll receive valuable insights and support in return. Hope this helps!

River Sava · Answer

Hi Ifey, welcome to BP!

I would check out the David Green's book BRRRR (Buy, Rehab, Rent, Refinance, Repeat) if you are looking into flipping/hosuehacking. It is a great resource to understand the foundation of the process. I would be happy to chat further about financing and conencting with others in the space. Send me a DM!

James Wise · Answer

Welcome aboard.

Andrew Syrios · Answer

Right now, I think house hacking is really your best bet. It usually is for newbies but in this market, there's not a lot else I would consider

Jayson Cain · Answer

Hi @Ifey Odu, I'm based in Southern California, but I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals. I've started looking at Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid. I’ve also helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.

Newbie! Where can I start?

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