All Forum Posts by: Caleb Mesquita

Hi, Rennell here. I'm a newbie. I'm wanting to connect with people from my area that have wholesaling expertise that are willing to teach me from the ground up. I'm reading books and listening to podcasts and such but having someone I can shadow is a more valuable educational experience. I could use some advice either way.

Hi all! My name is Ben and I am about a month into diving deep on real estate investing education. It's a whole new world to me and throughout the dozen books and hundred podcasts I've listened to so far I've waffled back and forth from feeling encouraged and excited to feeling like getting into the game in my area would be unattainable... and then back to being encouraged. I am a highly motivated individual, however, and I'm dedicated to getting into real estate investing.  If you read all of this I'd really appreciate some candid feedback.

I live in Snohomish County, I'm a Navy Veteran, have a stable W-2 making about 80K/yr after taxes, and have a modest amount in savings. We all know how expensive the market is in the area and this presents a particular struggle for me as I can't just move to a cheaper area. My wife and I are tied to this area due to being in proximity to family and we currently enjoy a farming/hobby farm lifestyle that is a big part of our family culture. Our dream is to have a homestead with 1-2 acres.  Leaving the area for the sake of real estate investing isn't in the cards for us. So, what to do?

I'm feeling most drawn to a buy and hold rental investing strategy and like the idea of the BRRRR strategy in tandem with VA loans, basically refinancing VA loan backed mortgages to conventional loans once there is 20% equity in the home. I also like the strategies outlined in Brandon Turner's "Rental Property Investing" book. The challenge again, is the prices around here. If I were investing in eastern WA, or where my extended family lives in Pennsylvania, those 100k houses in good condition are a real thing there. I have the "Bidding to Buy" book next on my reading list, following by David Greene's "Long Distance Real Estate Investing" book.

I know it's a balance of reality, values, and what makes one happy that guide our decisions. So, we need to make our dreams work here in western WA.  Do we try to just buy a modest house through foreclosure or some other screamin' deal, house hack, then build up our portfolio from there? Apartments are the least ideal living situation for us, so what if we got stuck in a multifamily property we intended to just be in for a short time. How long do we put off our dream of having a homestead?

I hope this wasn't too much of a rant for a first post!

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.

Hi Caleb,

Welcome to the Bigger Pockets Forum and if you ever have any quetions feel free to reach out.  There are a lot of things you can learn here to help avoid pitfalls, lost and lost money.  If you ever want to explore loopholes, tips or tricks on the finance side let me know or send me an email.  I enjoy teaching BP members how to use the system to save more money by using programs and taking advantage of loopholes.