Quote from @Jonathan J.:
Hi BP Community,
I'm starting out my learning path and I've read the Ultimate Beginners Guide and have been listening to the BP Podcast starting from the old episodes. I've just finished reading for the second time in my life Rich Dad, Poor Dad (first time was as a younger adult, and now as a more seasoned adult :) ). I've just started reading "The Book on Rental Property Investing" by Brandon Turner, so I'm excited to get learning on that.
Question for the community, how did you all start your education journey that lead to your first investments (books, youtube, bigger pockets, etc)? I'm also curious how you chose your niche and strategy, like Single Family Homes, Multi-Family etc. Also, how did you choose your target market, was it your own geographic area or something else that lead you to another area?
Did you have mentors and how did you find them? I'm located in the SF Bay Area in San Jose, so if there's anyone I can buy a coffee in exchange for some of your time, I'd be more than happy to connect.
Lastly, I don't think I'll be ready to start seriously looking for a first investment for a few months, so the question is, when is the right time to start talking to people like real estate agents, brokers, lenders etc.? Is it when you're ready to buy, or when you already have a potential deal or is it before, just to introduce yourself? How did you all build your network/team?
For myself, I think my ultimate goal is to have an alternate cash flow to offset my dependence on a day job, which would allow me to choose a job I enjoy rather than have to find a job based on salary and ultimately allow me to travel with family more and enjoy life rather than stress about money.
Thanks in advance and hope to connect and gain wisdom!
Hey Jonathan. Congrats on starting your REI journey. I was born and raised in San Francisco and ultimately chose to start my investing out of state starting in 2021.
Best thing you can do is what you're doing. Ask lots of questions and absorb all the material possible. I would also recommend attending some local meet ups and talking to seasoned investors / agents (investment friendly/focused specifically) since they're the crowd you'd like to learn from. Take lots of notes too. I've never met an investor that didn't want to help, share stores and experiences about the mistakes they've made. Most will want you to avoid the same mistakes and make your REI journey a lot easier.
I agree with what Zach said, learn by doing. I've found that is the best way to gain experience. When it comes to a mentor, again, Zach is right. Add value to them and they'll teach you a lot that will translate for years to come.
Keep analyzing deals and get good at running your numbers. "If it doesn't make money, it doesn't make sense" is a phrase I've learned and have stuck to. Analyze as many deals as as you can and get good at running your numbers.
Also think about investing out of state. If the numbers locally don't really work that well for you, it's a pretty good way to get your feet wet and use each property as a learning experience.
Happy to answer any questions you might have.
