How to get started???

Question

Hello Everyone, Sooo me and a buddy of mine have recently started learning about REI and were told to come to BP to learn more and since then we have been hooked and want to get started! We’ve been listening to podcasts, taking notes and trying to take in as much information as we can. We are very motivated to get this started and want to see if anyone could help us.. we don’t have money to put down but both work full time jobs and make decent money. If you guys could maybe lead us in the right direction or network us with someone who is willing to teach us how to get started. Thank you in advance.

Rick Pozos · Answer

Here is the quick and easy. Find someone who NEEDS to get out of their house and would be willing to sell it for less than market price. Buy that house, clean it up, fix it if it needs fixing and sell it.Buy below market price because the sellers have issues in their life, add value to the property, sell at market price.I would definitely go to Alamo REIA. Pay the $200 for the yearly membership. Well worth it. Meet some people, take them to lunch and learn a little bit about what they are doing. Get little bits from a bunch of people and it will all start to fall into place.

Rachel H. · Answer

@Gilbert Ramos You may want to visit your local real estate investment club. Find someone doing what you want to do. When starting out, here are a few questions you should ask yourself: Are my personal finances in order?Before you start investing, you need to see how much money is going in and out every month. Do you have enough money to buy and hold? Or do you need to build up cash? If you need to build up cash, there are a few things you can do including: finding deals for other real estate investors (i.e. wholesaling, bird-dogging, etc), saving money every month from your job and/or having a side business to build up capital. Am you ready to buy and hold? Or do you need to build up cash? Decide what your goals are before you start out. Depending on whether you're ready to buy and hold or if you need to build up cash, your path may be different. Figure out what you need to do first. Before you start. Then seek out people who are doing what you want to do in your market. Network The next thing you want to do is network. Find other real estate investors who are doing what you want to do. Visit your local real estate investment club. Talk with people who are actually doing deals. Then see what you can do to help them out in exchange for learning what they know. When seeking out a mentor, find someone whose personality works with yours. Make a plan to do your first dealOnce you figure out exactly what you want to do and have a support group of other real estate investors willing to help, the next thing you'll need to do is make a plan to do your first deal. What types of neighborhoods do you want to do business in? Have you visited a few communities to get a feel for the areas you feel comfortable working in? If not, you'll have to do some driving around. Check them out. Decide what neighborhoods you want to work. Then, make a plan to find opportunities in those areas. Learn your marketWhen you're driving around the neighborhoods you've picked, take the time to learn the market. Find out what properties are selling for (depending on the property type you're interested in) and what they're renting for as well. Call on "For Sale By Owner" and "For Rent" signs. Talk to sellers. Ask questions. See if they're motivated to sell and/or rent and why. Make a few appointments to view properties. Check them out. By taking the time to view properties in the areas you want to do business in, you'll quickly learn your market and get the experience of talking and meeting with sellers. Build your networkDepending on your goals, you'll need a network of professionals who can help your business. Figure out what team members you need to do your first deal. Then, get a few referrals from other real estate investors from your local real estate investment club. Start interviewing people. Choose those who work well with your personality. Do your first dealOnce you get out there and know what you're looking for, you'll be able to start talking and meeting with sellers. Focus on finding people who are motivated to sell. Those who need to sell, not want to sell. Start making offers. And see if you get any bites. Sure, it may take some time to do your first deal. But with enough persistence, you'll eventually find something that works for you. Figure out if the niche is right for youAfter you do your first deal, you'll have a better idea of whether the niche you've chosen is right for you. Did everything go as planned? Or were there bumps in the road? Is this something you can see yourself doing for the long term? Why or why not? If not, what other areas of real estate investing interest you? Rinse and repeat or choose something elseIf this niche worked out and you're willing to do it again, rinse and repeat. With enough experience, doing all over again will give you the confidence to do more deals. Just remember, each deal may be different. And comes with it's own set of challenges and problems. If you decide not to continue in this niche, then figure out if there are any other areas of real estate investing that interest you. Then repeat the same process again. These are just a few things you can do to get start in real estate investing. The hardest part for a lot of real estate investors is to find their niche. Most who are successful specialize. But it's taken a long time to get to where they're at. Hope that helps. Good luck!!

Andrew K. · Answer

I'm new to the San Antonio market and will definitely check out the Alamo REIA. Thanks for the tip @Rick Pozos. Anyone know of any BP meetups in town?

Jason Hirko · Answer

Great advice Rick!

Kenneth Williams · Answer

@Rachel H Great advice!

Caleb Heimsoth · Answer

See my post on your other thread