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!

[Dave Campos]

Jean Carlo Vilalta Thanks for the advice! that really helps

[Carl Fischer]

Hi @Dave Campos and @Jean Carlo Vilalta. I love Bucks County. It is a great place to visit, live, and invest. I'm not sure if you're aware, but there is a real estate investment group called Diversified Investor Group, or DIG, that meets in Montgomery County and has a Bucks County subgroup. It is a great way to meet seasoned real estate investors as well as other newbies, in addition to the resources you've been checking out here online on BiggerPockets. They also provide vendors and suppliers and professionals, so you can build your network relatively quickly and in-person. 

Real estate investing is great. My father was a real estate investor, and the one thing I improved upon that my father taught me was to buy properties in my Roth account and have tax-free income for life. I think that's a great strategy for anyone to develop; I've passed it onto my children, and I believe it will be a legacy for my family as investors. If either of you have any additional questions, I would be happy to connect.

[Seth Bryan]

@Dave Campos- I am hosting a Bucks County Investor Meet-up next Thursday, July 23rd at Historic Stonebrook Farm, 475 Deep Run Rd Perkasie, PA. We are also having a pizza food truck! I'll message you to give you some more info. 

[Dave Campos]

@Seth Bryan I would love to Attend the meet up! @Carl Fischer Thanks for the heads up on the group, I'm also interested about buying properties with Roth account