Business Owner · Moore, SC · Member since 2015 · 2 posts · 0 votes
Hello Bigger Pockets members, I am a business owner who is looking to transition away from my current "daily grind" into the world of REI. I have limited experience with real estate, a few home purchases and one commercial building purchase along with receiving my sales license a number of years back (unfortunately did not have time to utilize the continuing education involved so it is no longer in use). Looking to eventually replace my current business with real estate income and would love to hear all thoughts and ideas on where I should start and what I can expect!! Look forward to hearing from you!!
Real Estate Solutions Provider · Baltimore, MD · Member since 2014 · 571 posts · 452 votes
10y
@Christopher Bourland Welcome to BP! What is your current business? I recommend identifying some of the skills you possess that are transferable to the real estate industry/business. You have a great head start because you already understand the importance of running your business like a business. That concept will remain the same no matter what industry. I recommend listening to the BP podcasts to hear about all of the different strategies out there in the REI world. Folks are making money so many different ways in real estate! Once you identify what your strategy is going to be moving forward, set up your keyword alerts so you will be notified when forum discussions mention your topic(s) of interest. I recommend starting with one strategy, two at the most, and become an expert in that field. Some knowledge will be universal to all strategies - evaluating property values, estimating rehab costs, local market trends, national market trends. Hope this helps get you started! The forums are filled with gold too. Just may take a little more digging.
Lender · Tucson, AZ · Member since 2015 · 279 posts · 91 votes
10y
Christopher:
Good evening, and welcome to BP! May I offer you this piece of advice (and since my company is not licensed in South Carolina, you can rest assured I'm not trying to sell you anything or "hook you" into using my services):
As you're about to embark on this very exciting new endeavor, I would HIGHLY recommend you meet with a mortgage/financial professional and share with her both your short- and long-term goals. When you do this, she will be able to help you construct a plan that will enable you to reach your short-term goals and reap benefits that will provide the resources you'll need (and want) to reach your long-term goals. Many new investors start off "hot", and they end up either overdeveloping their first property or they spend their money too fast - either way, they short-circuit their plans and end up sort of scuttling both their short- and long-term goals. A mortgage/financial pro will be able to give you the guidance you'll need to avoid those potential pitfalls. If you don't know a mortgage/financial pro, I would highly recommend seeking out two or three RE investors whom you trust (and you've seen them with a successful track record) and ask them for a referral to such a professional.