New Member

[Steve Sands]

Hello, my name is Steve and I am new to this site and to the Real Estate industry. I just moved to the Virginia Beach area. I am looking to network and learn as much as I can about Real Estate investing. Any information or thoughts would be greatly appreciated. I am very motivated and looking forward to this process!

[Matthew Maggy]

I've only got 2 properties (3 units) and am very much novice, but what I've gleaned from Podcasts, Books, and experience:

1) First step is to figure out your goals. 

Do you want to flip houses? Do you want to Buy and Hold? I noticed you mentioned raw land and development. Do you want to develop and sell? Do you want to build on vacant lots and rent them out? What's your income goal? Do you want to replace your income and stop there?

The steps to do this are (beating a dead horse) listen to the podcasts. The recent one about the "freedom number" was good for me. It will help you figure out your goal.

2) At the same time learn all you can about your market. If you're willing to travel, what about other markets around you? I am in Richmond, and know nothing about the tidewater region, but local REIA groups or other meetups should help you there. Talk to people (in person).

3) Talk to a lending professional. Figure out if you can get financed and for how much. Knowing your own ability to get financed can tell you where to start.

4) Use an FHA 3.5% money down loan to buy a duplex/triplex/4plex and get tenants to pay your PITI. Once again, I don't know the market you're in an if that's feasible, but I'd imagine so? Use BP calculators and stuff to figure out if the numbers work.

5) BP can be intimidating to someone who is working full time, making family time, and trying to make Real Estate work because of the people who are constantly flipping and making deals happen. Don't compare yourself to other people. Know what your personal goals are and work backward to achieve it.

6) Get started. NOW. There will never be a perfect time or the perfect property. The best way to learn is by doing imperfectly and learning.