New member introduction

[Angel Negrete]

Hello everyone, 

I been a member for a bit but never really introduced myself but something has changed. I am just a newbie to the real estate investor world but been reading many books about real estate investing for about a year. Found "The book on rental property investing"  by @BrandonTurner and here I am. The change is that now it seems like I have been bit by some type of real estate investing bug and all I can do is think about my next move. To all of my fellow bigger pockets members always remember if you want to realize your dreams you have to go out there give it everything you have and more to make them a reality. 

[Michael Lee]

Hello and I am glad that you were glad to associate with us!  I am 60 years old am I am a bit opinionated.  I have not heard many good things about California but there are still some good deals out there you just have to work smarter and quicker than your competition.  To be so is to try to offer cash and sound like you know what you are talking about plus be creative and be a problem solver.  Not being able to know about the future holds for you but you might think about moving to a southern state that is still talked positively like Texas.

One place to start out is wholesaling.  It des not take too much money and teaches around all (just about) niches but you have to be kind of brave and be a little bit selective on what you tell the homeowner.  So , if you feel safe with all of that, it might be the way to go but you will have a bunch of competition there.  If you are thinking about short term investments and their returns, go with Fix and Flip.  If you are wanting long term investments the rental markets, the apartment complexes might be less competitive way to go.

Do not try to do everything youself.  Local and experienced professional that are willing to help you are essential to making it because you do not know it all and need some help from them that know.  Primary Team members are experience in what you are proposing to do like Attornies/Lawyers, real estate Agents/Brokers, CPA's (or accountants you know and trust), Inspectors, Propery Managers, General Contractors, and Handymen.

In the beginning especially, always do the math analysis and try to look at prospective properties before you make an offer or at least have a clause in the purchase contract that allow you some upfront time (about 10 to 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  Be able to dominate the competition there and continue your education at whatever you choose to do.

Watch out for what you see on the Internet, it typically has a bunch of people that try to make it by making emotional sales for things you do not really need.  In the begining just do what is simple and what is average in that neighberhood.  There are a few things you ought to consider after you make your niche and market area selections and before you start investing.

One of those things is to form some type of corporation or LLC. You might want to hire a lawyer, a CPA, or a tax consultant to advise you on the best way to go. That will help you keep your personal things safely away from any legal issues against your business. Another thing you might consider is to figure out who your lender will be. They usually provide you with a loan letter that states their average time for then to close on that type of loan and the maximum amount you qualified for. You could put a copy of that letter will make a copy of that and submit that with your offers.

A final thing I will mention here is to find a location for your office that is convenient and has a minimum of distractions.  You can locate your office in your living place as long as you can close it off and have minimum distractions, especially personal ones.  Try to stay in control of whatever you are responsible for.  Do not let anybody take over until you are ready to let things go.  Track all income and expenses of your projects in report form and review that regularly with people you trust in an attempt to reduce expenses and increase income.  This will tell you what to concentrate on to improve the bottom line.

Do not assume that anything done the way it was it will be done correctly without your control.  Do not believe the title on the business card  because you might be smarter than them.  Do not cut any corners to make estimates to make them look better on paper but not will physically.  Do no make something look better to get a loan but will not be that way in actuality when done.  I have more to tell about myself and the real estate business but this letter has gotten long enough.

Good luck to you!