Getting Started in Houma, Louisiana

[Patrick Hollis]

Hey Ya'll,

(I don't really say Ya'll - I'm originally from Illinois)

My name is Patrick and I have no prior experience in real estate. I found the BiggerPockets podcast, and just read Rich Dad - so I am fired up to get started.

I have a corporate job in accounting - so I am really understanding the valuation models, but lacking on the "take the first step" part. My goal is to develop a rental portfolio to supplement my 9-5 income. I love to travel and I think a few rental properties could definitely fund my hobby!

[Robert Leonard]

Hello @Patrick Hollis, my cousins from Illinois say "you guys" in place of where we use y'all around here - welcome to BP.  It's all good.

I think you've already taken the first step, by reading and getting an understanding of WHY you want to invest in real estate.  I think the next good read you need to continue building your foundation of knowledge is "The Millionaire Real Estate Investor" by Gary Keller.

Start studying your market just by looking at houses online and in publications you can get for free.  You will start to recognize what normal retail prices are for houses in different parts of your market.  Before long you will notice when a price is "unusual" (whether it's high or low) for a certain area.  That's when you start to know your market and when you have a grasp on property values by area, then and only then are you ready to pull the trigger and buy something.  You have to understand valuation by location.  When they say "real estate is very local" it is true down to the subdivision, zip codes are way too big of an area in the LA markets I know.