Phoenix, AZ new member looking for guidance

[Jeremy Reynolds]

Hello BP community. My name is Jeremy. I live in the Phoenix, Arizona area (Tempe, currently). I am an audio engineer/warehouse manager for a local audio production company, and I have absolutely no knowledge of real estate investing :) I joined Bigger Pockets because it seemed like a good source of information and education. I am not financially ready to make a deal currently. More importantly, I would have no clue, whatsoever, how to go about making one. I have always wanted to have at least one rental property. But, ideally, I would like to own multiple cash flowing properties (I know that's kind of a vague statement, and who wouldn't like to have that?) I am now taking the initial baby steps to educate myself so I can find some sort of direction to go in. Right now I really don't even know what I don't know. I don't know the questions I need to ask, or what I need to start researching first. I want to know as much as I possibly can by the time I am able to make my first deal. I have been listening to the BP podcast the last couple days (I think it's awesome, btw) but I was wondering if anyone out here would be kind enough to offer some suggestions to point me in the right direction for my studies, and offer advice. Any help is greatly appreciated. Thanks for taking the time to read my overly-lengthy introduction, and I look forward to interacting with all of you on the site! Jeremy Reynolds

[Account Closed]

Look at 50 properties before making an offer. Keep a journal listing the price per SF of each, all financial information, the date inspected and comments from agents or sellers.  Do all this in one zip code.  Before you know it you will understand the values in that area better than most agents.

• Create a commercial checking account with a credit line.
• Attend every public auction in your area, bid on none but study the process, look at the property and play a game - guess what the high bid might be
• Make friends with new real estate agents (new only---- they haven't been polluted by negative comments and attitudes by older agents.)
• Ask your agents to send you list of expired listings (give them money for their services, like a thank you $100.00 bill) Understand the Law of Universal Prosperity.)
• Run classified ads in your local news papers --WANTED All real estate, commercial, houses and non-conforming properties, family business call 555-555-5555 for a fast no fee offer.
• Call me if you need a partner.
• Have fun while learning, don't take this business too seriously
• Don't make offers on real estate, make them on the equity that the real estate can offer
• Always negotiate for the equity
• Get a real estate license, not to be an agent, but to understand the culture of the business, to have access to the MLS and to meet some nice folks
• Farm an area - drive around, look for FSBO's, agent's signs, ugly houses, put them in your journal to call later
• Create a little flyer to put on super market's bulletin boards
• Ask 10 people a day this questions; "would you know of anyone who would like to sell their real estate?"
• Make sure you have a cash reserve
• Keep in mind......"That if you are not embarrassed with your offer, you are offering too much!"
• Introduce yourself to owners of auction companies, get on their mailing list, meet all the auction associates working for that company, ask them for advance notice of up coming auctions
• Attend REIAs, but understand and be aware when you are there that you are a target for someone selling you something.  Out of every membership there are about 2% (my guess) pros there, the rest are looking for an easy way to get rich.  Don't buy their programs. If you want a program, invest in a mentor, one who will go out with you on leads!
• When you are more knowledgeable on how to handle leads, advertise on radio and TV (call me for help here)

The real estate business is a great business, full of traps, stops and negatives, listen to only those who have a proven track record, don't get involved with slick talking folks who want to up sell you something.......... take counsel from professionals. If it sound too good to be true......you know the rest

Pray (or think about it long and hard) on it before making a financial decision

Be kind to others, ask for opinions.

Charles