Hello from Texoma (North Texas & Southern Oklahoma)

[James Pearson]

Hello Bigger Pockets,

My name is James Pearson.  I am a 33 year old military veteran and I own a small construction business in Texoma.  I have been lurking here on an off for about 6 months and thought I would finally take the time to introduce myself.  I suppose you could say I am new to real estate investing and all that entails, but I don't consider myself a complete newbie.  I found myself on this site after researching a company a dear friend of mine invested in called Fortune Builders, and this site was one of the first returns when searching for reviews.  No need to get into all that here, but it's what landed me here and I was impressed with what I read.

My goals here are simply yet thorough, learn and network with like-minded people.  My experience in rei is working a few deals with my parents, as well as owning a small construction company.  My company is fairly new, a little over 1 year old.  I mainly work in woodworking, as that is where my passion is, but it's really more of a hobby.  I would like to become a true investor one day, and do all facets of real estate, mainly through rentals and flips, and owning and building my construction side is where I chose to start.  I don't have the time or patience to start with wholesaling, and don't have the funds and credit to start by purchasing, so the construction and renovating side makes sense.  I look to learn from both other contractors as well as investors, and hope to make some connections moving forward that will help me attain my goals.  

My girlfriend is working towards attaining her real estate license now which will hopefully leap our dreams of being real estate investors into a reality.  We currently own a home and look to lease that out in the future and find a fixer upper to move into and repeat that idea every couple years.  

A little more about me:  I am also working towards another passion of mine and becoming a certified personal trainer as well as taking a few classes to finish my bachelors degree.  I am taking a wide range of classes such as construction safety, finance, web page development and a nutrition class.  I work very hard, put in lots of hours, and dont sleep a ton.  I have always been successful in the past, but I'm really starting a new chapter in my life and I know it will take a lot of hard work and dedication.  I am an open book as well as a very receptive person, as well as patient and deliberate.  Any questions or advise please feel free.

[Robert Leonard]

Welcome to BP @James Pearson!

Getting renovations done and dealing with contractors is a one of the keys to getting things done in this business, so that will be very helpful in your investments!

You said you own a home, so you should have received an appraisal when you bought it? I would pull that out and take a look at what you can learn from it.  A lot of new investors struggle with understanding valuations and tend to do what I call "throwing around numbers."  When you look at your appraisal, look at how the adjustments were made to the comps used to come up with the value of your house.  Appraisers can make errors, but from the appraisal, you should be able to get an idea of how to use similar properties that sold as recently as possible and how adjustments are made for size, features and amenities.

The key is to get smart and get started.  One key factor in investing is the "time value of money invested." It has to be invested to grow.  The sooner you start investing properly, the sooner it starts growing.