Where should I start?

Question

I am really new to real estate, investments, etc. I was wondering if you guys could provide me with some guidance as to where to start learning (specific podcasts to listen to, books to read, etc), and/or what to start doing, in order to purchase my first rental property? Anything would really help me!

I do have a goal to have my first property by this time next year! Is that a realistic goal? If so, what do I need to do to make it happen? Thanks in advance for everything!

I do have a goal to have my first property by this time next year!  Is that a realistic goal?  If so, what do I need to do to make it happen? Thanks in advance for everything!

Tyler Braithwaite · Answer

@Bill Hampton. Thank you for all the insight. I’ll definitely get started on this list today!  I’ll definitely have questions in the future but right now I don’t know what I don’t know. So within the next few weeks I’ll have some questions!  Again thank you I really appreciate your help!

Billy Daniel · Answer

Agree with Bill 100%!  Also check out Rich Dad, Poor Dad.  Thats to get the right mindset.

I think its reasonable to have a property in a year!  Don't put off the education because you think you found a great deal, but also dont get paralysis by analysis.  You'll know when you're ready.  A couple of key points:

Zillow, Realtor.com, and others like them are usually 24-48 hours behind the local MLS.  This means using an agent will get you access to new listings before the general public.  Their costs are typically lumped into the price of the house, so you dont really pay them anything (when buying).  Chances are pretty good that the top agents wont give you the time of day.  Keep trying and moving through agents until you find one that calls you back.  Zillow does not automatically update agent information, so those that have current info with plenty of reviews are the ones trying to get more business.

A good agent can also direct you to a local lender, if you choose to go that route.  If you go through a bank or credit union, I strongly recommend you use someone local.  I will never use a big national bank that asks me to call an 800 number to get the process rolling.

That will get you started!  Good luck and enjoy it!  It's just as fun as it is scary!

Tyler Braithwaite · Answer

@Joe Aiola thanks for your suggestions.  I’m super grateful for the bigger pockets podcast. I’ve only listened to a few episodes but it has been extremely insightful thus far.

Tyler Braithwaite · Answer

@Billy Daniel. Thanks for your insight. I read Rich Dad, Poot Dad a few years ago, but I’ll pick it up again to refresh myself on all the concepts. Again I appreciate the help, and would it be fine if I reach out if I ever have any questions?

Joe Aiola · Answer

@Tyler Braithwaite Congrats on taking the first step! I would try to absorb as much free content as you can to determine how you want to acquire the rental property. Are you just going to put 20% down and buy one that's rent ready? Are you going to do a BRRRR? These are two different ways to purchase a rental, but would need two completely different paths. One requires saving much more money, the other requires renovation knowledge and a strong network.

Once you know exactly how you want to buy the rental, it will be much easier to lay out your next steps. If you're looking for a book though, I recommend starting with How To Win Friends & Influence People by Dale Carnegie. Not a real estate book specifically, but a great book that will certainly help your real estate investing and your networking.

So that's my opinion - absorb a ton of free content, read that book, save as much money as you can in the meantime, and network your butt off!

Best of luck!

Bill Hampton · Answer

Tyler,

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking.

I recommend that you check out the following resources:

1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

2. Check out other online guides available here: https://www.biggerpockets.com/guides

3. Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

4. If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

5. You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings

6. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

7. If you can't find what you're looking for, try the Bigger Pockets Fileplace. It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files

8.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Good luck investing. Let me know if you have any questions.

Where should I start?

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