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Updated over 5 years ago, 06/21/2019
Newbie To BP, Hello All
Hello everyone. I’m new to BP forums and just getting into real estate investing. I’ve been listening to the BP podcast and hearing all the great advice that’s being shared on the forums so I figured I’d join and say hello.
A little about myself, I live in the Boston area, currently renting but looking for our first Multi Family to start house hacking. My REI goal is to have 5-10 cash flow properties to generate somewhat passive income. I don't know anyone who invests in real estate today, so I'm hoping to start building my network. Any tips for a newbie getting started would be great, or if you just want to say hi! Drop a line below!
@Munir Hassan welcome!
I like your stated goal of $5-10k income, now i recommend getting more specific. Is this monthly? And most importantly, when do you want it by? Begin with your goal in mind and you’ll begin taking deliberate steps to achieve that goal.
Do you have a preferred strategy? Buy and hold, fix and flip, BRRRR, wholesaling?
- Real Estate Agent
- Lowell, MA
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Good Morning Munir and welcome to BP! Great goals of househacking your first property and growing to 5-10 cashflowing properties over time. I started a very similar way, I househacked a 3 family in CT about 10 years ago and it was the smartest thing I ever did.
My advice to a newbie would be to grow a network and find your team. I can tell you already know this and are serious since your asking for help on BP. But try to interact in person, go to a BP meetup event and find people to talk real estate with in your community. Tell everyone you know that you’re looking to buy a multi-family, you’ll be surprised how many people in your sphere invest in real estate of we’re investors at some point. Find an agent that works with investors and start the conversation. Go to the bank you have your accounts with and see what mortgage programs they have for first time home buyers.
As you grow your team and your network real estate will become more natural.
Welcome and best of luck, real estate is a very fun and exciting ride!
- Jonathan Bombaci
- [email protected]
- 978-710-8611
Hey Pat! Thanks for the reply. I meant 5 - 10 properties that are cash flow positive. Based on some of my estimates (which are probably a little off) I think each property will get me between $200 - $300 a month or $36k per year. Buy and hold, and or BRRR is what I’m thinking but my market is pretty tricky so these numbers will probably change.
Originally posted by @Patrick Menefee:
@Munir Hassan welcome!
I like your stated goal of $5-10k income, now i recommend getting more specific. Is this monthly? And most importantly, when do you want it by? Begin with your goal in mind and you’ll begin taking deliberate steps to achieve that goal.
Do you have a preferred strategy? Buy and hold, fix and flip, BRRRR, wholesaling?
Hey Jonathan - that is great advice! Thanks, I’m really looking forward to meeting investors in person and will check out the meet ups. Telling people I know is a great idea! I actually hadn’t been telling people I know. I guess because I felt I needed to have some deals under my belt before I put myself out there like that. But you make a great point.
Originally posted by @Jonathan Bombaci:
Good Morning Munir and welcome to BP! Great goals of househacking your first property and growing to 5-10 cashflowing properties over time. I started a very similar way, I househacked a 3 family in CT about 10 years ago and it was the smartest thing I ever did.
My advice to a newbie would be to grow a network and find your team. I can tell you already know this and are serious since your asking for help on BP. But try to interact in person, go to a BP meetup event and find people to talk real estate with in your community. Tell everyone you know that you’re looking to buy a multi-family, you’ll be surprised how many people in your sphere invest in real estate of we’re investors at some point. Find an agent that works with investors and start the conversation. Go to the bank you have your accounts with and see what mortgage programs they have for first time home buyers.
As you grow your team and your network real estate will become more natural.
Welcome and best of luck, real estate is a very fun and exciting ride!
@Munir Hassan it would really help if i just read what you said wouldn’t it?? Haha that was only 1 cup of coffee in, I should be good now.
Best is luck! Looking forward to hearing about your success
Lol thanks man. No worries.
Originally posted by @Patrick Menefee:
@Munir Hassan it would really help if i just read what you said wouldn’t it?? Haha that was only 1 cup of coffee in, I should be good now.
Best is luck! Looking forward to hearing about your success
@Munir Hassan hello and welcome! I am in the same boat as you. I’m new here and have the goal of starting with a house hack to start my investments in rentals. I to hope to have 5-10k a month in the next 5-7 years. Good luck and look forward to seeing your progress!
@Munir Hassan Welcome to BP! I think a lot of start with the house hack, my first investment was in Melrose and it did great for me! I live on the South Shore now but love being in this day to day. Where are you looking to buy your first home? Building a team is a great recommendation - first two people you need are a good loan officer and a good real estate agent. These people will get your on the right track for your first deal and will start introducing you to the rest of the real estate world. Once you get into it, you will find it's smaller than you think :)
Best of luck, I wish you much success.
Thanks for the tip and encouragement. I’m looking in the South Shore area. I live in Quincy so been looking around there. I have also seen some better priced property in Randolph and Brockton. I’m currently researching those markets.
You mentioned “find a good agent” which leads to a question, what makes a good agent? What value should I expect my agent to bring to the table versus what I should be doing myself? I assume an agent isn’t analyzing properties for me (or are they?) or doing any due diligence but what are some of the signs you have a good agent?
Originally posted by @Mark Terry:
@Munir Hassan Welcome to BP!
@Tucker Jones thanks fellow newbie. Best of luck to you as well.
That's great you are starting the process. You are right in my neighborhood as far as location. I actually spent this morning personally calling multi family owners in Weymouth to see if they were ready to sell yet.
As far as a good agent - the answer would be different for everybody. But hear is what I would say:
- Somebody that listens to your needs and knows how to communicate with you effectively.
- Similar communication styles. Communication is the most important part about any business relationship.
- Somebody who compliments your strengths and weaknesses. Maybe you are really good at researching homes but not good at analyzing. Your agent should fill in your weaknesses and bring you the perspective and insight that you may not have from your own experiences.
- Somebody who can dedicate the time to you as a client.
You know the right fit when you find it! Best of luck and never hesitate to reach out with questions!
Originally posted by @Munir Hassan:
Thanks for the tip and encouragement. I’m looking in the South Shore area. I live in Quincy so been looking around there. I have also seen some better priced property in Randolph and Brockton. I’m currently researching those markets.
You mentioned “find a good agent” which leads to a question, what makes a good agent? What value should I expect my agent to bring to the table versus what I should be doing myself? I assume an agent isn’t analyzing properties for me (or are they?) or doing any due diligence but what are some of the signs you have a good agent?
Originally posted by @Mark Terry:
@Munir Hassan Welcome to BP!
@Mark Terry thanks man. So it’s not crazy to assume your agent would do some analysis on properties and comps?
Not at all
#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
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#1 New Member Introductions Contributor
- Solo 401k Expert
- Anaheim Hills, CA
Welcome to the BP family! Good to have you here! Here are some recommendations for you:
Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: https://www.biggerpockets.com/podcast
Wishing you the best!
- Dmitriy Fomichenko
- (949) 228-9393
Hello Munir,
Welcome to BiggerPockets. House hacking is where a lot of real estate investors get their start. Always continue to learn, and perhaps attend a few meetups in your local area. Best of luck.
Sincerely,