Starting Real Estate Investing Journey

[Adam Goff]

Hello everyone,

I am new to real estate investing and currently learning as much as I can; I have been bingeing podcasts and reading books to prepare for my first investment. My wife is on board and will be joining me on this venture as well. I work in the defense contracting industry and my wife works for a multi-family housing company. We live in Arizona and will be focusing on properties within Maricopa County, although I am open to properties in El Paso, San Antonio, and Austin, TX as I have connections in those areas too. Our goal is to buy at least one property before the end of this year; we are building capital for a down payment and will likely have a decent size of funds around May/June timeframe (even better if we can find a seller open to seller finance or subject-to). Ideally, the property we find will be $250k or less, monthly cash flow is not a huge priority as long as equity is being built. We have been looking at single family homes, apartments, and condos. Our primary residence is on a VA home loan and we feel comfortable making payments on a $250k property should it remain vacant for a considerable amount of time. What advice would you give to someone just starting out, specifically within Maricopa County? What would you have done differently with the knowledge you have now? Anything you would avoid or be cautious of because of an unforeseen circumstance? Any and all information is appreciated.

[Mason Weiss]

Hey Adam, focus on building your team in the market you decide to pursue. A equipped investment agent can help you find a deal, and an investment friendly lender can help answer your questions when it comes to financing. 

The only other piece I would focus on is if you want to self manage or hire a property manager? For your first property, I would recommend self managing so long as you have the time and desire.