How do I get started?

Question

I've been thinking about investing in real estate for the past 2 or 3 years but didn't know how to start. I've been to a few seminars and considered joining the Jay Morrison Academy recently but decided against it due to mixed reviews. I know that without educating myself first I won't be able to do anything in this field. I'm interested in buying and holding rental properties. Any suggestions?

James Polk · Answer

1) Pick up some real estate books that cover topics that you think you have concerns on.  I use to love to read, but who has the time with a wife, 3 kids, full time job, and after 5pm I'm an investor hunting deals.  Listen to the books on audible.

2) Listen to the bigger pockets podcasts. Brandon and David are awesome.  Even as an experienced investor starting to accelerate, the podcasts always have a gold nugget for me and are inspiring.

3) Partner with someone that has experience or someone that has capital, or someone that has capital and experience.  The real estate Trifecta is Hustle, Knowledge, and Capital...you need all 3 to make the deal work.

4) Start analyzing deals.  Even if you don't know what your doing.  You must learn how to discern a good deal.  The practive will help you see a good one from a financial grave with your money(or worse your investors money) and your dignity written on the headstone.

5) Do your first deal!  It is the hardest one.  I have done 16 and I did the first deal with no money, no credit and very little knowledge.  Like anything else you have done...you WILL make mistakes, just fail fast, mitigate the damage, learn the lessons and we will be hearing your interview on the bigger pockets podcast.

Patrick Menefee · Answer

@Dorian Jenkins as you said, educate yourself. Read all of the books, listen to all of the podcasts, meet all of the people. Don’t blindly start from scratch, start with some knowledge. More than anything, start with a goal