All Forum Posts by: Edwin M. Cotto

Hi Edwin, welcome to BiggerPockets!

I won't be able to "underwhelm" you, but give a call to chat some afternoon Eastern Time ( info in profile). There's never a silly question ... except in this type of a forum a discussion is almost impossible.

Much success !

Bob

Hi Edwin, me too, lol. I have been a slow investor, choosing to "flip houses" by buying a principal residence and doing renovations over a 2 - 3 yr period while living in it and then selling. That is probably waaaay to slow for you but it may be a way to get started without being so overwhelming. Where do you live now? Do you already own a home? If so, you may consider renting it out while you find a new home to live in. There are many investors that buy a new home every 1 - 2 years with this strategy. I know there are about a hundred different strategies and they all work, and I'm guessing that's the overwhelming part. Just keep asking questions. Find a real estate agent that works with investors and reach out to a lender ( or 2 or 3) to find out what options you have. If you're in the Dallas Ft Worth area, I happen to be a Realtor and can help connect you with some lenders that my other investors use. Let me know if I can help. Good Luck!

Quote from @Edwin M. Cotto:

Hi. After 14 years in the medical field I am venturing into real estate investing. I read Rich Dad Poor Dad and How to Invest in Real Estate (still reading this one) from BiggerPockets. Frankly, I am totally overwhelmed with all the information to the point that I don't even know where to begin, except for reading and researching of course (but that's what's overwhelming me lol). So, I was wondering if there are others who also feel this way, and also if those who have experience can share some tips for me that might help settle this feeling. Thanks!

 You are spending (wasting ) to much time reading vs doing. Simple, connect with someone doing deals, learn then apply what you learn and go on your own. It is not rocket science. Or if wanting rentals, connect with those that provide properties with PM in place, allow them to handle, Keep it simple

Good luck

PS I have never read a RE book, or been to any seminar or webcast and have done about 500 deals in my market, own a PM co, and have purchased properties through all sources. Tax lien sales, sheriffs auction, short sale, and more Simply learned as I go. ,  

It'll get easier. Just keep reading, keep listing to podcasts, keep digesting it all. And eventually, start analyzing deals every day so you get really comfortable with that process.

There are a lot of abstract strategies getting thrown around nowadays. But to simplify things in your mind just remember that there are 2 tried and true ways to make money in real estate:

1. Buy a property below market value, add value through renovations, sell for a profit

2. Buy a property below market value, add value through renovations, rent it out and collect cash flow

Regardless of which path you choose, just make sure you're buying properties that are in great locations, and in locations that you believe will stay great locations for the foreseeable future.

@Edwin M. Cotto welcome to BP. Every now and then you will run into someone here that thinks they know it all, LOL

Keep reading watching and listening here and it will gradually become more clear to you.  One thing you can do while you are learning the strategies and techniques is go out into the marketplace and start looking at and evaluating properties.  When you have the confidence of knowing your market; thinks like, rent amounts, rehab costs, what other investors will pay and what homeowners will pay for renovated properties it is not so intimidating. 

Look at all kinds of properties; listed properties, auctions, wholesaler deals, for sale by owner (FSBO) and especially other investors deals. Ask them about why they chose this house, what the numbers are, what they plan to do with it. etc.

You feel overwhelmed because it's all new to you. Day by day you will pick up tools that will expand your knowledge and build confidence. Real estate is ever-changing and there isn't a single person here that knows it all