New to the REI scene

[Joshua Musquez]

Hello my name is Josh. I have been following the concept of real estate investing for a year or two now. I recently decided to step it up and start actually running numbers, or at least trying to. I bought Brandon Turner's book on rental property investing (great book) and made an account on bigger pockets. Long story short I am just introducing my self and look forward to all the advice I can get and read from here!

[Michael Lee]

Hello and welcome to BP!  I'm not sure where you are and if Chicago is close for you to benefit from it's diversity and population growth.  I am 60 years old and am in Texas so I know that Illinois is much difference there versus than being in Dallas County.  Before you pick a niche or an area I will tell you see what an experienced Agent has to say.  Use their input to impress you.  Just due something that is easy, simple, and to learn all you can before starting.  It needs to be something you like and feel comfortable in.  There are a few other things besides selecting your niche and the area to do it in.

One of those things is to form some sort of corporation and a LLC. That should protect you personally and not put you personally in any business legal lawsuits. Your might want to hire an Attorney and/or a CPA to advise you on what you should do. This will be better after you have selected your niche and area. Another thing you should consider is to get any financing you might need is to get approved and get a loan letter. It should contend the average close time of a loan maximum amount you qualified for. I have read 4 of his books so far and he has a bunch of good things to say.

Do not try to do everything yourself.  Put a local and experience on what you are getting ready to do as Team members that are willing to help you do the things you don't know how to or do not want to do.  The primary Team members are Attornies, real estate Agents, CPA's, (and/or accountants, Inspectors, General Contractors, and Handymen.  Do not hire the lowest bidding contractor.  Do not cut any corners to make something look better on paper or are legitimized property you want to invest in.  Track all you do and review it regularly and see where you might cut your expenses gain your income.

Always do your math analysis and try to look at your prospective properties before you make an offer or at least put a clause in the sales contract (for about 10 to15 days) without a penalty that will hurt you too much.  Do not assume people know more than you.  Keep in control of everything you do.  Education goes on forever.  Learn how to do everything that is business-based.  Financial statments for the last couple of years can tell you a whole bunch if you know how to read them and understand them.  Know that the present value usually is a lower sales priced property for sale.

Know the difference of good debt and bad debt.  The only good debt puts money in your pocket.  Be very careful of the Internet it has many crooks on it trying to make emotional sales. Where there is money attracts crooks that are trying to sell something you do not need.  I have been on this website about 18 months and I have been learning from since I had that medical injury.  I have been learn from here, from YouTube, and reading books about 10 hours a day, 7 days a week since I currently do not walk and spend about 22 hours per day in my bed.  

Good luck to you!