The Newest BP member has arrived!

[Tristan McGowan]

Hey BP Community!

Allow me to introduce myself; my name is Tristan McGowan, I'm a college student from Montreal, Quebec, Canada and just turned 21 this week! As the subject suggests, I'm brand new to the site and I've spent the afternoon reading some of your posts and getting used to the layout of the site and I've already learned more in a few hours than in years of schooling!

A little background information about myself, I grew up in a lower middle-class family but always had high ambition and expensive taste. I was first exposed to the investment side of real estate after an accounting professor I had made the class read Rich Dad, Poor Dad by Robert Kiyosaki, a classic beginner book. Since then I have read dozens of books on real estate, selling, marketing, etc! I have known for a few years now that the traditional schooling path is not for me and that I want to be a full-time career real estate investor. Only problem is, I'm hesitant to start! It's all quite daunting and I would love to hear you guys' advice for me on where to begin. I planned to start by flipping a few houses to build up a bit of capital before investing in long-term, high cash flow rentals!

Thank you all for taking the time to read my somewhat long message and I look forward to hearing everyone's advice!!

[Michael Lee]

Hello and welcome to BP!  You have gotten to a good start.  Reading books are highly recommended.  I think that Fix and Flip is a good place to start as well as wholesaling some of what you buy.  Your confidence of real estate investment will increase by learning more.  I am from and raised in Dallas Texas.  Are you planning to stay in Canada or do you plan on moving to the U.S.A.?  I really do not know much about Canada.

It is good to get into real estate investing while you are in college.  I am 59 years old now and I found BP about a year ago and I have still not decided what to do while I recover from a medical problem.  Even though I graduated from college with a business degree that emphasized real estates, I felt more comfortable with the construction business.  I have been in the construction-related business since I was 17 including those college years.

I have a daughter that is getting ready to start her 3rd year at The University of Arkansas.  Always remember to do the math analysis and try to look at your prospects before you bid or at least have a clause in the sales contract that allows you some time upfront (About 15 days) to make a detailed inpection and possibly back out of the deal without a penalty that will hurt you too much.

Do not cut any corners to make something look better.  I kept that broker license active for about 30 years.  I believe that another way you should start on is a small apartment complex.   Positive cash flow is important in rental property.  You do not need prior experience to do that.  In whatever you do is the location good and is the subject property average for that neighberhood?  

Pretty Neighberhoods are typically the best place to be for a quicker turnaround.  The success of real estate investments depends on the quantity of your offers.  Just make sure the local economy is diverse and the population is growing.  The closer you can be is as near to the central town is typically better and so are the amentities.

My father has been in real estate buys and sells for about 45 years and he has taught me a little bit.  If you think I could be helpful to you please contact me through BP at any time.  Good luck to you!