Where to Start? New Investor

[Carlos Oros]

Hi everyone,

Im new to this forum and website in general and am looking to meet people with the same ambition and interests as myself. I hope to one day become a full time investor and help others find wealth in their personal lives. I just moved from Montana back to my home state of Washington but to the new city of Marysville. I have had a mentor in the past that has taught me a lot in real estate but have yet to close a deal myself or own my own rental property and am ready to begin investing. I am currently not working and am looking for suggestions on what a good real estate job is if my goal is to become a full time investor in multifamily units. Is becoming a real estate agent a good idea? I am also interested in doing a fix and flip to fund my first rental property, any suggestions as to if this is a good way to start if working with little income. I plan on creatively financing properties with little to no money of my own.

[Alan Brown]

Hey!  Welcome to BP... you are in the right place!  I wish I had had this resource available to me when I was young and just getting started... Listen to ALL the podcasts... they will fire you up for sure.

You may need to start at the very bottom, depending on what your current skills are, but it will be worth your while if you focus hard on the prize.  I have no Idea how big Marysville is, but if you can find a Realtor that needs an assistant, or a Property Management company... sign on and do whatever is necessary to learn every possible thing you can.  Look for 'meet ups' in your area of Real Estate Investors, and network with them and find out what their suggestions are.  Maybe they need an assistant?  

Once you get a good solid job, start saving for a down payment, and building credit.  The 'forums' at BP will find you answers on ANY possible question you could have.  

When I was renting, I wish I had known about house hacking... best to find a 4 plex if you can, but a duplex will do.  As an owner occupant, You can qualify for this with as little as 3.5% down, or 0 down if you're a Veteran, and if the rents are right, those might cover or partially cover your own rent payment... this means you can save MORE money for future projects.  If you have some experience at that point in managing rentals as your job, a lender will probably allow you to manage your own, or you may have to factor in management fees.  The point is, when you decide to move on, if you've chosen your property well, you could be cash flowing on that, which may cover some portion of your next mortgage payment, and on and on and on!!  With any decent appreciation on the properties, your portfolio can grow exponentially... WHILE paying you dividends in Rent.. it can all snowball fast if you stay focused and true to your path.  

Good luck!