Neophyte Rental Investor

[Hawke Morgan]

I live in SE Rural Iowa.  My market here is small, as my village is small.  Yet I have found my first investment property that I am willing to make an offer on.  I am delighted to have stumbled over the BP website.  I sought information on another website program, and the first on the list turned out to be BP.  I explored a bit, grew excited, sat through a webinar, and found myself completely hooked.  

I am looking forward to growing in my knowledge as I expand my skills in REI.

[Rene Hosman]

Quote from @Hawke Morgan:

I live in SE Rural Iowa.  My market here is small, as my village is small.  Yet I have found my first investment property that I am willing to make an offer on.  I am delighted to have stumbled over the BP website.  I sought information on another website program, and the first on the list turned out to be BP.  I explored a bit, grew excited, sat through a webinar, and found myself completely hooked.  

I am looking forward to growing in my knowledge as I expand my skills in REI.

 Welcome! Other than the BP webinar what other resources here have you found helpful? Have you invested time or money into other real estate education or is this your first entry point into the real estate world?

[Ryan Irwin]

Quote from @Hawke Morgan:

I live in SE Rural Iowa.  My market here is small, as my village is small.  Yet I have found my first investment property that I am willing to make an offer on.  I am delighted to have stumbled over the BP website.  I sought information on another website program, and the first on the list turned out to be BP.  I explored a bit, grew excited, sat through a webinar, and found myself completely hooked.  

I am looking forward to growing in my knowledge as I expand my skills in REI.

Hey @Hawke Morgan as a fellow Iowan, welcome to BP!! So much knowledge and great resources here. Congrats on jumping in and if you want, breakdown the numbers of the offer you're putting together and happy to take a look at it? Also, what is your strategy (buy and hold, BRRRR, STR, flip, etc.?)

[Nadeem Alamgir]

Welcome to BP Hawke and that's awesome! How'd you find this deal? 

[Hawke Morgan]

Quote from @Rene Hosman:

 Welcome! Other than the BP webinar what other resources here have you found helpful? Have you invested time or money into other real estate education or is this your first entry point into the real estate world?

First I want to say thank you for your reply and your questions, Rene.

I have been listening to Coach Carson's podcast for the last month or so.  He often mentions BP.  I recognize that I don't know enough to be truly effective in my REI.  I have been browsing all the tools here, and just trying to become familiar with the site and the treasure trove of knowledge and tools that are available here.  I did take the 7 day free trial of Pro, and I feel confident that I can grow enough here to feel confident as I take my first steps in my REI journey.

I spent several years in the early nineties as a real estate agent, and did well enough to be recruited by Re/Max for the last 18 months of my career.  Unfortunately I wound up with a life changing situation that forced me to give it up.  During my time in the industry I learned to work systems so that I could consistently effectively list homes to get them sold in a timely manner.  I expect that I will develop those same skill sets within my REI journey.  

[Hawke Morgan]

Quote from @Nadeem Alamgir:

Welcome to BP Hawke and that's awesome! How'd you find this deal? 

Thank you Nadeem.  I have a local agent in town that I have kept in touch with since we moved here.  She is the agent that sold me on my current home.  I have looked at other investments with her, but did not find the product we wanted at a price we were willing pay.  

I did find the deal on Zillow.  I tend to give it a look over every couple of months, and found this great opportunity.  Her brokerage listed the property, and she is taking me out there to do a walk through to determine if I want to take the next step. 

[Hawke Morgan]

Good Morning Ryan! Thank you for your warm welcome. 

Once I decide on the offer to make I will definitely get back to you on this.  My strategy is to BRRRR, as well as to flip.  I need a general contractor in order move forward on my plans to flip, as well as becoming better informed on the what, how and why of the processes incumbent in flipping.  

[Rene Hosman]

Quote from @Hawke Morgan:

Quote from @Rene Hosman:

 Welcome! Other than the BP webinar what other resources here have you found helpful? Have you invested time or money into other real estate education or is this your first entry point into the real estate world?

First I want to say thank you for your reply and your questions, Rene.

I have been listening to Coach Carson's podcast for the last month or so.  He often mentions BP.  I recognize that I don't know enough to be truly effective in my REI.  I have been browsing all the tools here, and just trying to become familiar with the site and the treasure trove of knowledge and tools that are available here.  I did take the 7 day free trial of Pro, and I feel confident that I can grow enough here to feel confident as I take my first steps in my REI journey.

I spent several years in the early nineties as a real estate agent, and did well enough to be recruited by Re/Max for the last 18 months of my career.  Unfortunately I wound up with a life changing situation that forced me to give it up.  During my time in the industry I learned to work systems so that I could consistently effectively list homes to get them sold in a timely manner.  I expect that I will develop those same skill sets within my REI journey.  

 That's great that you have a foundation in RE from your time as an agent, that's something good to build off of that a lot of us don't have. 

If you're re-starting your real estate journey and want to jump back in with detailed content that can help you hone in on what kind of investments you may want to make I have two personal suggestions - I just started the book "Start With Strategy" by Dave Meyer this weekend, and I already wish I had read this right away when I was getting into the idea of real estate. Secondly I just finished "Real Estate by the Numbers" also by Dave Meyer - even though I have a business degree and am actively involved in investing it was a really great refresher on not just the numbers and theories involved in real estate decisions but also the pros and cons of different return metrics and how all the metrics relate to one another. 

I am also a big podcast fan so I've been doing the above books as audio books with the PDF guides to follow along and take notes. I really enjoy that way but they're also available in paperback or kindle.

[Nadeem Alamgir]

Quote from @Hawke Morgan:

Quote from @Nadeem Alamgir:

Welcome to BP Hawke and that's awesome! How'd you find this deal? 

Thank you Nadeem.  I have a local agent in town that I have kept in touch with since we moved here.  She is the agent that sold me on my current home.  I have looked at other investments with her, but did not find the product we wanted at a price we were willing pay.  

I did find the deal on Zillow.  I tend to give it a look over every couple of months, and found this great opportunity.  Her brokerage listed the property, and she is taking me out there to do a walk through to determine if I want to take the next step. 

 That's awesome that you self sourced and found it, thank you for sharing and best of luck! 

[Hawke Morgan]

Thank you Rene!

I will grab both of those books and stir it into my morning routine.  I love audible, because I can listen to it and multi-task, then return to it and deal with notes and points to revisit.  

[Hawke Morgan]

Quote from @Hawke Morgan:

Good Morning Ryan! Thank you for your warm welcome. 

Once I decide on the offer to make I will definitely get back to you on this.  My strategy is to BRRRR, as well as to flip.  I need a general contractor in order move forward on my plans to flip, as well as becoming better informed on the what, how and why of the processes incumbent in flipping.  

 I did a walk through on the property, and I think in my current market that this is not a reasonable choice for my investment money.  Looks like a six digit rehab, which will price it out of any reasonable return beyond appreciation.  I just don't feel it can work in my local market.  

[Bill Hampton]

@Hawke Morgan

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking and is full of great content.

I recommend that you check out the following resources:

1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

2. Check out other online guides available here: https://www.biggerpockets.com/guides

3. Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

4. If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

5. You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings

6. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

7. If you can't find what you're looking for, try the Bigger Pockets Fileplace. It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files

Good luck.

[John Mason]

Welcome to Bigger Pockets ! You have come to the right place to begin your investing journey.

[Hawke Morgan]

 @Bill Hampton:

Thank you so very much Bill. The links you provided turned me in the correct direction! I have been reading and broadening my understanding of the processes needed to succeed with REI.