Getting Started in Real Estate Investing

[Dave Campos]

Hey everyone! I'm new to REI, Interested in getting started but don't know how to get started. I've read/listened to plenty of real estate books and of course the BP podcast. I live in the Bucks County area of Pennsylvania any advice is appreciated

[Jean Carlo Vilalta]

Hey Dave,

I'm getting started as well and have been actively looking for multi-family properties in the area. As you might've already learned, house-hacking is a solid option to start off, so that's what I've had my focus on. That said, there's a few other options as well. I'd say one of your first steps would be to speak with a lender (or a few) and get an understanding of what you can afford based on your current cash reserves, credit score, etc., and understand the extent of the closing costs in our area (spoiler alert: they are on the high end relative to the numbers you might be used to from the BP podcasts). 

Once you know your price limits and the types of properties you'd be looking for, you can start reaching out to real estate agents and speaking with them until you find one who you see might be a good fit for you. I recommend asking them if they own any investment properties of their own, and try to understand how well they might know the market or may be willing to help, and see who'd be best for you. 

There's not much of a supply in Bucks County when it comes to duplexes, triplexes, and fourplexes, but you can also start with single family homes depending on your specific situation. It may also make sense to flip depending on your time availability and skillset. I'll say if you occupy the property for at least a year, you'll find more options when it comes to financing.

Ultimately, there's a lot of options to start with, so I'd determine what your parameters are and then reach out to realtors to begin taking some steps towards that first purchase.

As a newbie myself, I definitely don't know as much as some of the others who will be giving you advice on here, but I'm happy to help with what I do know thus far. 

Best of luck as you start your journey!