Newbie investor looking to learn

[Priscilla Pe]

Hi everyone! I am excited to learn everything I can from this great community. I am looking to invest in real estate to diversify. I am invested in mostly stocks and bonds and know nothing about real estate. Thank you for having me!

Priscilla

[Nathan Gesner]

Quote from @Priscilla Pe:

Hi everyone! I am excited to learn everything I can from this great community. I am looking to invest in real estate to diversify. I am invested in mostly stocks and bonds and know nothing about real estate. Thank you for having me!

Priscilla

Welcome to BiggerPockets!

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.

[Shawn McCormick]

Welcome and congrats on taking the steps to invest in yourself @Priscilla Pe! I serve on the board of our local REIA (Central Florida Realty Investors, CFRI) and this would be a great place for you to network with other local investors. We have about 20 meetings per month on a variety of topics including flipping, investing 101, landlording, multi-family, advanced investors etc.

Happy to get you a guest pass if you are interested and also be a resource as a Realtor if you need.

Best of luck!

[Todd Anderson]

Priscilla, welcome to BP!   you are in the right place to learn about RE Investing.  I happen to be at BPCON right now and there is a lot of ways to learn with BP.

There is certainly many opportunities in Florida for Investing.

Please feel free to connect if you would like a conversation on how to get started.

[Jordan Ray]

Welcome to BP! @Priscilla Pe 

[Min Zhang]

Welcome to BP @Priscilla Pe. First things first, take some time to educate yourself. I recommend grabbing a couple of good books, like Rich Dad Poor Dad or The Book on Rental Property Investing. They’re packed with insights that can really help you get a grasp on the basics. Next up, think about what you want to achieve. Are you looking for steady cash flow from rental properties, or do you want to see your investment appreciate over time? Setting clear goals will give you direction. Building your network is also super important. Connect with local real estate agents, attend meetups, or hop on online forums. Hope this helps and best of luck on your real estate investing journey

[Savannah Holzer]

Hey Priscilla, welcome! Would love to discuss different paths you can take based on your investing goals and financing options based on your strategy. Looking forward to staying in touch and answering any questions you may have!

[Max Wilhite]

Hey @Priscilla Pe

Welcome to the bigger pockets family.