Where do I begin?

Question

Hi Everyone. I am new to Bigger Pockets and Real Estate Investing and I just don't know where to begin. I receive so many e-mails regarding programs, trainings and bootcamps that I am overwhelmed with all of the information. I know that I definitely want to be a Real Estate Investor and would love to build a RE Empire, but with so much information out there, it is hard to even get started. I was very interested in Cameron Dunlop's IFlip program where you learn to be a "Wholesaler" and flip property in a matter of days. I also have been reading about Short Sales and how you can generate a ton of money in this economy in a short period of time. I am basically looking for a way to generate money without using my own credit and without having to invest a lot of money. I want a system to replicate so I can generate a sum of money to use as a down payment on property that will generate long term income (i.e. Apartment Buildings). Does anyone have any advice as to where I should begin? This site is great, but all of the information is overwhelming! Thanks A LOT!

Andres

Diane J. · Answer

Welcome to BP! The amount of information is overwhelming but it will be easier if you focus on one aspect like wholesaling.

Try to find a local REI club so you can meet other investors in person and there are tons of posts regarding wholesaling right here on BP and all for free.

Good luck!

Andres Harrison · Answer

Hi All.  Again, thank you for your replies!  It is so helpful and refreshing to be a part of group of people who are genuinely invested in the success of others, especially newbies like myself!

I would love to start out by Bird Dogging.  I think that would be an ideal way for me to learn the business while making some extra cash.  Jackie, you mentioned that your organization is Nationwide.  Are you looking for Bird Dogs in the NYC area?

Thanks again for all of your replies!!

Best,

Andres

Harry M. · Answer

Hi Andres, and welcome to BP!
 As a medium/long term plan, you could possibly go bird-dogging -> wholesaling -> buy and hold and/or rehab and flip.  
The bird-dogging and then wholesaling will give you many of the tools you need for the latter stages of the plan - ie the ability to evaluate a property, and an area, as well as building up the contacts you will need in the business.

Jay Orlauski · Answer

2 - it requires relatively no money of your own  and you can make some money while learning the ropes.  Maybe you save up some of the money to start funding wholesale deals and whatnot.

In any case , coming to this website and seeking knowledge is a great first step towards your goals. Keep up the good work!!

Jackie Patterson · Answer

Hi Andres,

Short Sales can generate a lot of money, but it's not in a short period of time.  You have to figure a minimum of 3 months to complete a short sale, and it can stretch out much longer.  The secret to short sales is you have to consistently put them into the pipeline.  When they start closing, you will have a steady stream of income without using your own credit or investing your own money.

I would suggest you consider starting out "birddogging" for an experienced investor.  You find and refer the short sales for a percent of the profit.  It's a great way to learn the business, gain experience and knowledge, and make contacts.  We do short sales nationwide and are always looking for good referrals.

Jackie

Andres Harrison · Answer

Thank you all for your feedback!  It is very much appreciated.  Charles, you are totally correct about separating the hype from the actual lessons which are not as easy to learn and implement.  Will, I also agree with you regarding narrowing down my specific area of focus; rather than spinning my wheels, which I feel like I am doing now.

I have a question, now that I am going to focus on one specific area at a time, what do you think is the easiest or most basic strategy for a newbie like myself?  I will expand my horizons once I gain momentum in one area.

Thanks again!

Will Barnard · Answer

Welcome to BP Nation. Charles hit the nail on the head! Don't listen to the hype and know this - RE investing is NOT easy and you will most likely not make tons of cash overnight or even inside a few weeks, regardless of what others claim like IFLIP. Wholesaling is not easy either, but a good way to start for those without credit or cash.
Pick one focus that meets your personality and skills and stay focused on it without allowing other business models to distract you. Focusing on several RE applications will end up making you spin your wheels.

Account Closed · Answer

Welcome Andres,

There is a lot to learn if you want to make wise investments in RE.  One the first lessens though is recognizing and separating the hype from the real lessons.

Only in unique situations might an individual become rich overnight.  Real estate is hard work.  Most software will just make some of the tasks a little easier,  it is quite doubtful that they would eliminate the need to do any particular task.  When I hear "secret way to make money" that means run because it is not making money for you but the secret is how much you might pay them and that others have already paid.

There is a lot of great information that can be found here.  I would suggest digging for the treasure, asking questions, sharing concerns and experiences.   You'll really get a lot out of the site if you put time and effort into it.  Participation is a great way to build relationships here that can lead to RE success.

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