New to this

[Derick Jennings]

Hello I am Derick, new to all of this. I am after my first door. I would like to do something real soon!! What has worked and what has not worked? I will take any advice.

[Dan Guenther]

Hey @Derick Jennings - welcome to the BP community and the real estate investing world.  A LOT of what I have learned and the connections I've made along the way have come either directly or in-directly from this community. 

If you're currently renting, house hacking is by far the best way to get in the door. You might not cash flow right away, but even just offsetting what you were paying in rent while building equity, getting tax benefits, and learning how to be a landlord is a game changer. Instead of paying down someone else’s mortgage, you’re setting yourself up for bigger and better deals down the road.

Your first deal is going to depend on a lot of factors—how important is location? Do you have a partner or kids to consider? How much capital do you have? Are you comfortable with roommates? Would you take on a rehab to get a better deal? And of course, getting financing squared away is key so you know your price range, which will help narrow down locations and strategies. Without going down a rabbit hole here and overwhelming you, there are also creative ways to buy properties without needing to get traditional lending, but these types of deals are harder to come by and usually come with more risks. 

What’s not working right now is traditional long-term rentals—high interest rates have crushed a lot of those deals. To make things pencil out, you need to get creative. House hacking, short/mid-term rentals, co-living, sober living, or finding ways to add value are where the best opportunities are right now. 

You're in the right place and now is the time to focus on education and planning. Keep at it!