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Just getting started in my real estate investment journey. To be honest, I am not completely confident I will be successful, but I have mentally committed to making a consistent effort towards progress. I do not yet know what my end goal is, but my current goal is to obtain 1 single-family home rental property, and expand from there. Hoping BiggerPockets will allow me to obtain the knowledge I need.
Hey @Chase Wright, feel free to reach out if you need any advice on getting started, I'm also here in Dallas. I'd recommend speaking with @Matt Solis as well!
Hey Chase,
BP has a plethora of knowledge! This is a great place to start and learn about real estate regardless of what stage you are in! If you are ever looking to invest in the Sunshine State feel free to contact me!
Good Luck!
@Chase Wright, if you're starting out, most experienced investors would agree with me that you should house hack your first deal to gain experience. If you're new to the investment strategy of house hacking, read "The House Hacking Strategy" by Craig Curelop. House hacking is one of the most risk-averse investment strategies and is relatively straightforward for beginners.
Quote from @Denver McClure:
Hey @Chase Wright, feel free to reach out if you need any advice on getting started, I'm also here in Dallas. I'd recommend speaking with @Matt Solis as well!
Quote from @Michael Dumler:
@Chase Wright, if you're starting out, most experienced investors would agree with me that you should house hack your first deal to gain experience. If you're new to the investment strategy of house hacking, read "The House Hacking Strategy" by Craig Curelop. House hacking is one of the most risk-averse investment strategies and is relatively straightforward for beginners.
Welcome Chase! I am a new investor as well. BP has been vital in making connections to learn not only with national people but with local investors in my area as well (no specific meetups though). But in your free time I would recommend searching through the forums, reading the blogs, listening to all the podcasts, reading the books and connect with people. Im still not where I want to be yet but have started the journey with the help I have received from friends I have found here.
Quote from @Denver McClure:
Hey @Chase Wright, feel free to reach out if you need any advice on getting started, I'm also here in Dallas. I'd recommend speaking with as well!
Thanks for recommending me @Denver McClure! @Chase Wright, echoing what others have mentioned already, house hacking is the way to go for your first few deals. Specifically, I recommend purchasing a single family house with as little money down as possible, and converting the property to a rent-by-the-room investment. This is the easiest way to achieve positive cashflow, and there are a fair amount of deals that make sense out there.
Real estate investing involves setting goals, checking if you're ready money-wise, and learning a lot. It's key to link up with local groups and pros. You need to look at different places, ways to pay, and decide if you'll buy nearby or far away. Using sites like Zillow, Redfin, and Realtor.com, figuring out deals, and doing your homework well are key steps. Property management, monitoring performance, and growth strategies like BRRRR can help scale a portfolio.
Good luck!
-
Real Estate Agent Texas (#736740)
- (832) 776-9582
- https://tinyurl.com/f4ce9n8j
- [email protected]
- Podcast Guest on Show #469
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#4 Off Topic Contributor
- Property Manager
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@Chase Wright do you own a primary already?
If not, buy a 2-4 family to rent out the other units or buy a 1-family and rent out the other rooms.
Quote from @Michael Smythe:
@Chase Wright do you own a primary already?
If not, buy a 2-4 family to rent out the other units or buy a 1-family and rent out the other rooms.
@Michael Smythe - Thanks for commenting here.
Yes, I do own a primary residence with a decent amount of equity, which I may need to utilized for my first rental property.
Quote from @Wale Lawal:
Real estate investing involves setting goals, checking if you're ready money-wise, and learning a lot. It's key to link up with local groups and pros. You need to look at different places, ways to pay, and decide if you'll buy nearby or far away. Using sites like Zillow, Redfin, and Realtor.com, figuring out deals, and doing your homework well are key steps. Property management, monitoring performance, and growth strategies like BRRRR can help scale a portfolio.
Good luck!
@Wale Lawal - Thank you for this advice. I think I'm understanding it is about obtaining a solid grasp on these various aspects, then creating action in the right way.
Welcome to BiggerPockets, Chase! It's awesome that you're starting your real estate journey.
The first step is always the toughest, but you have the right attitude. BiggerPockets is a great place to learn and connect. Good luck with getting your first rental property!
-Julio
#4 Off Topic Contributor
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#4 Off Topic Contributor
- Property Manager
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@Chase Wright may be easier, and somewhat "safer", to buy a new primary and rent out your current home.
Depends on motivation and ROI.
Quote from @Michael Smythe:
@Chase Wright may be easier, and somewhat "safer", to buy a new primary and rent out your current home.
Depends on motivation and ROI.
@Michael Smythe This makes sense and is not something I even considered as an option. I view my primary as my long-term home, 3 young kids with a good school system, so this is where we are settled. It seems like it would be more challenging to find a new primary of equivalent lifestyle, but that's just me assuming. If it makes sense, it makes sense. Thanks for sharing this option!
Quote from @Chase Wright:
Quote from @Wale Lawal:
Real estate investing involves setting goals, checking if you're ready money-wise, and learning a lot. It's key to link up with local groups and pros. You need to look at different places, ways to pay, and decide if you'll buy nearby or far away. Using sites like Zillow, Redfin, and Realtor.com, figuring out deals, and doing your homework well are key steps. Property management, monitoring performance, and growth strategies like BRRRR can help scale a portfolio.
Good luck!
@Wale Lawal - Thank you for this advice. I think I'm understanding it is about obtaining a solid grasp on these various aspects, then creating action in the right way.
My pleasure!
Keep learning and growing...
-
Real Estate Agent Texas (#736740)
- (832) 776-9582
- https://tinyurl.com/f4ce9n8j
- [email protected]
- Podcast Guest on Show #469
@Chase Wright Congratulations to you and welcome to BiggerPockets! This community has helped me learn SO MUCH over the years and I am sure you will gain so much from it too!
@Chase Wright House hacking is a great way to start but it definitely matters if you have a wife and three kids (CONGRATS!) then another starting point people suggest is wholesaling but that is rarely done correctly. I think your best is to keep reading and above all build your network reach out to local investors and ask what they need help with.
I work with special needs kiddos and we often call investors, lawyers, etc. and ask them how we can create an intern program where we help them and learn the business at the same time. It works very well. If you need more details please let me know. We're all rooting for you, you're going to do great Chase!
Quote from @Anna Laud:
@Chase Wright House hacking is a great way to start but it definitely matters if you have a wife and three kids (CONGRATS!) then another starting point people suggest is wholesaling but that is rarely done correctly. I think your best is to keep reading and above all build your network reach out to local investors and ask what they need help with.
I work with special needs kiddos and we often call investors, lawyers, etc. and ask them how we can create an intern program where we help them and learn the business at the same time. It works very well. If you need more details please let me know. We're all rooting for you, you're going to do great Chase!
Thanks so much for sharing @Anna Laud! This is helpful