New to BP Forums and Discussions

[Jonathan Castillo]

Hey BP Community, I'm a new guy here sort of. I've been around since November but just decided to post and introduce myself because I want to pursue this more seriously. I've been to a couple BP meet ups, listened to the podcasts and I've read a couple of BP Books, and other real estate related books but I can't seem to get over the hump of taking action. I've even been pre-approved for a loan in CA but that isn't going anywhere. I know that I at least want to purchase a Multi Family 2-4 units and out of state. However, since I've never purchased any residence I don't know where to begin and I think that's what prevents me from taking action. If you guys have any advice on what actions you recommend, please list them. Thanks in advance! 

[Andrew Johnson]

@Jonathan Castillo I'd say that Step 1 is figuring out the "where" for you.  If you can narrow it down to a couple of markets it makes it so much easier to understand those markets, what cash-flows, what doesn't, if the duplexes are in a decent area or a horrible one, what it will cost you to fly out and visit that market, etc.  In short, it lets you start building those investment scenarios.  Pro-formas come a little later :-)  But if you don't pick a market you run the risk of going down new rabbit holes every time to read a post here, listen to a podcast, etc.  Everyone picked their market for a reason and it's incredibly easy to bounce to the next shiny object instead of focusing like a laser on your targets.  

And, for what it's worth, I'd advise you to do you own diligence and pick your own market.  It's the one question that I always hate to see out there on BP.  I'm sure people can make money in Buffalo, NY.  I don't want to try and make money in Buffalo.  I don't believe in the market.  I don't want to visit it twice a year for the next 30 years.  I just don't.  Now maybe you love Buffalo.  If you do, great, but if you don't...well...don't let someone convince you that you should.  

Or...just look at the myriad of Top 10 lists that are out there and pick one with a dart-board :-)