Hi everyone, we are new to the real estate investment community.

[Jennifer L.]

My wife and I are just starting out as serious real estate investors.  I am a semi retired engineer and my wife works full-time as a systems analyst for a large communications company.  We've always had interest in real estate investing and that interest was peaked when we recently we attended a local real estate seminar.  The seminar was great and very informative and we certainly learned a lot but not enough to go all in until we educate ourselves.  My wife found out about BP and after I examined what the community does for one another relative to education, networking, etc...we couldn't wait to join.  We love rehabbing because we've already rehabbed a few properties ourselves in the form of a "live in and rehab property".  We would like to know what type of investments we should start or focus on for our initial deals.  Thank you!

[Michael Lee]

Hello and welcome to BP!  It is more competitive than it was a year ago.  I have no experience expert one time I was invested for myself.  Unfortunately, I am now recovering from a brain anuerism and a stroke about 6 years ago and I still cannot walk or make any money for my wife and daughter. My daughter is in her 3rd year at The University of Arkansas and doing quite well.  My wife, a computer programmer, makes enough money to support us all without going into long term debt.  I just turned 60 years old in August and I hope someday I will be able to go back to work and contribute to my family.  My wife's Boss has been very nice about myself's problem.  He only makes my wife to go to work a 1/2 day and work the other 1/2 day working from home so she can care for me. 

He pays her a full salary and full benefits.  Luckily my wife has been saving money for about 25 years so I am not under much stress.  She has gotten by without dipping back in to her savings.  Her frugality has its pros and cons.  My different working conditions in the construction business I was able to spend a bunch of time with my daughter while she grew up.  I could add much to that but now it is time to get back to you.  I think that your area around Las Vegas will do well and continue to keep on providing you with the opportunity to do well in whatever you select.

There are a few things after you make a niche selection and a market area that works best for y'all. I live in Dallas County and I know there will be plenty of properties to choose from in this city and suburban towns. One thing you should do before you start is to form some type of corporation or a LLC. That will help your personal things out of reach when a legal problem that might come from your company. You might have to hire an attorney and/or a CPA to advise y'all on the best way to go. Another thing you might consider doing is to get any financing figured out. They can provide you a loan letter that states the average time to close a loan and give the maximum amount you qualified for. That can be copied a given to the owner and make them more comfortable with your ability to close.

Another thing you should consider selecting an office for its convenient location and have a minimal of distractions.  You can locate your office at the place you live as long as you can close it off and have minimal distractions from personal things.  Distractions can cost you time and take away production income.  A local and experienced Team of members who are willing to help you with what you need or do not want to do.  The primary Team is made up of Attornies, real estate Agents and/or Brokers, CPA's (or accountants can do what you need), Inspectors, General Contractors, and Handymen.  They are usually worth every penny paid them.  Do not try to do every thing yourself.  Y'all might look for a Mentor but it is not easy.  All successful people talk about the importance of having a mentor(s) in their bussiness that Mentor(s) gave them from allready being in that business.

Always remember that you need to do a math analysis and try to look at subject prospective properties before you make an offer or at least have a clause in the sales contract that allows you the time (usually 10 to 15 days) to make a detailed inspection of the subject property without a penalty that will hurt you too much.  Do that when you are starting out.  Track everything you are responsible for and review that regularly that will hopefully help you cut expenses and possibly increase your income.  Maintain control everything you are responsible for.  Do not trust the title on the business card that the person knows any more than you.

Good luck to both of you!