Looking for advise getting started

[David Colson]

Hey there BP community, I have been in real estate in one way or another my whole life. I owned a remodeling business for over 10yrs and for the past 10yrs I've been working as an HVAC technician. While still doing some remodeling on the side. I found BP just over 2 months ago and have listened to over 50 episodes of the podcast, it has blown my mind on ways to become a real estate investor. I have reached out to some of the investors that I've worked for over the years and none of them showed any interest in working with me or mentoring me. I live in Binghamton, NY, it's a small city and everybody seems to be buying everything up and turning it into student housing, maybe that's why no one is interested. Does anyone have any ideas or am I going about this wrong? I'm looking for advice on my approach. My plan is to do some fix and flips while trying to pick up some buy and holds along the way. I trying to find a way to start working with investors instead of working for them! Thanks, everyone

[Kyle J. Cooper]

@David Colson

Don't worry you won't find that here, there are plenty of people on BP more than willing to help! Keep learning as much as you can and see if there are any people on BP in your area. 

I'd first connect with a local Realtor, preferably one who works with investors or invests themselves, and have them set you up with automatic MLS listings. Determine your criteria for the fix and flips you want to do based off bed/bath, sq/ft, etc. Brandon Turner calls this the LAPS funnel, get some Leads coming in, Analyze those leads, Pursue those leads, and you'll reach Success.

I'd consider the BRRRR strategy as well, this would accomplish your desires to fix and rehab rental properties, obtain long term rentals, and recycle the same cash/lender on deals moving forward. I'd sign up for the free webinars and continue to learn and network here on BP and you'll find what you're looking for! You have skills that most investors are looking for especially when it comes to good reliable contractors or handymen. Use those to maybe work on some ongoing projects while you're learning about expanding your own rental portfolio, then you'll be ready to branch out when the time is right. Hope this gives a little clarity. Cheers!

[Stephanie Jacobson]

Hey David! Welcome!

I work with a whole bunch of investors here in Bing, many from BP. Taking on a mentee is a big thing, and not for everyone. I'd say you're just asking people who have little interest. The best way to learn is by doing, and I'd say you're going right along as you should! Keep reading and listening to the podcasts, but assess your finances also. Are you able to purchase something? What would your budget be? Is a lender willing to back you up, whether it be a conventional bank, hard money, or something else? What kind of investment do you see yourself owning?

Most of my folks in Bing do student housing because that's what gets the highest EGI. There's a huge gap here for young professional housing, though; as the university grows, more graduates want to stay to work or continue on to grad school, and they don't want to live in undergrad-party-central. That may be a great place to start. Affordable housing is another healthy market here, though it's been tough recently with the rent moratorium. Usually, DSS and Section 8 tenants are a great market, and you can find some really lovely tenants if you have a nice place.

Please feel free to reach out and let me know how I can help. I work with a partner, Coty, who is also a young investor and agent. He may be able to guide you along as you start your search!

[Gary Kline]

@David Colson feel free to reach out if I can assist in any way.

[Eric Feldman]

@Kyle J. Cooper, let me know if i can assist you in any way in the DFW area when it comes to real estate investing.  

[Dave Poeppelmeier]

@David Colson that is fantastic that you're doing the mental prep to get started in Real Estate! I would suggest joining one of your local Real Estate groups: REIA (Real Estate Investors Association) or another organized group. That will let you meet more people in the local RE space and they might be able to help you. But, keep in mind that finding a Mentor is a 2-way street. How can you help them and make it worth their time to give you their time? If you were just straight-up asking people to be your Mentor, that's probably why you heard crickets. If you're an HVAC guy, who of your current clients are investors? See if you can cut them a break on your service fees (or do it on the side for them) in exchange for a lunch or cup of coffee with them occasionally and ask them questions. Don't expect them to just teach you. I hope this helps!

[Mark Liscia]

@David Colson Hey David! I am a full time investor in Binghamton and would be happy to chat.  

[David Colson]

@Mark Liscia I am very interested in having a conversation.

[David Drew]

Hey David.  I'm a buy & hold guy locally.  Lots of market rate, students, flips, wholesales and other passive RE investments too.  Love to chat, call anytime.  Definitely talk to @Mark Liscia, @Stephanie Jacobson and @Gary Kline.  

[Amos Mainville]

The Southern Tier holds many gems to invest in. From Bing, to Elmira/Corning, to Alfred, Olean, and Jamestown we are truly lucky. As a beginning investor you can find something that fits in most any budget among those cities. Different area will use a different strategy but all hold potential.

As a Licensed home inspector I evaluated over 35 properties in seeking out our first investments. We had strict guidelines on what we wanted and how much work we were willing to put in before being rentable. We build high quality apartments with strong preventative maintenance programs that generate returns with minimal input after initial repairs.

Keep in touch and good luck! Let me know if we can help.