Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Patrick Gerety

Patrick Gerety has started 1 posts and replied 11 times.

Quote from @Manny Vasquez:

Patrick -  Welcome to the BP community! This is the best place for all things real estate related. This is what I recommend for you to get started in your real estate journey:

1. Keep saving as much as you can. Depending how much you earn you can step up those savings by getting a side-hustle. It could be any side-hustle you want just as long as you like it and your able to save some extra $$$.

2. Read as many RE books as you can get your hands on. Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner. This will give you a good starting point.

3. Buy a property as soon as you can. The earlier you start in your RE journey, the better off you will be in the future. Almost everyone here on BP will tell you that they wish they had started earlier, myself included.

4. House-hack, house-hack, house-hack. This will give you several benefits. The most obvious is that you will be able to offset your mortgage with renting out a few rooms. You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property. House hacking will also give you some personal "property management" experience. This will come in handy as you begin to scale.

5. Decide which game you want to play. Do you want to be a house flipper? BRRRR? General Contractor? Buy and Hold? Do you want to LTR, MTR, or STR? Or maybe you want to do a combination of the above?

6. Attend meetups and meet as many people in RE as you can. You will meet people from different walks of life that will give you different perspectives on real estate investing. You might also meet someone that could be a potential business partner. Or you could buy a property from another person at the meetup. Keep an open mind and try to meet everyone at these meetings. I've developed some great relationships and also a business partner from these meetings. As they say, your network will be your net-worth.

7. Timing the market does not work. However, time in the market makes all the difference in the world!

8. Take Action! None of the above works unless you take action and put it into practice. Don't wait for the perfect deal to come up, the most important thing is to get started. Just like everything else in life, get started, keep honing those skills (i.e. keep reading, keep learning, keep attending the meetups) and watch yourself get better and better witch each property you buy.

I hope this helps and good luck on your real estate journey!


 Thanks Manny.  Just finished the book by Scott Trench.  Just opened Rich/poor last night.  Thank you again for your guidance.  

Quote from @Ke Nan Wang:

We would probably need more information from you to give any specific advise. 

What's your current employment situation? Are you in your field of expertise? Do you like your job? 

Why real estate? Is it because you makes lots of money and want to invest the money into a relatively secure asset that will appreciate, pays you dividend and provide tax benefit? Or are you at ground zero with no experience no cash and want to use real estate as a tool to build wealth? (based on the tone of your question, I'm gonna assume you are the ladder case). 

Then what kind of personality do you have? Do you like to meet new people and befriends with everyone you meet? Or are you an introvert like to lock yourself in an office and review documents all day? If you have certain skill set but lack the other, are you confident enough in yourself in terms of motivation, learning capability to learn the new skills you need to become successful in the field you want to be? 

Everyone who's successful in the real estate, or any kind of business, has a drive of doing what it takes to be successful or die trying. It's not even close to as easy as what you hear on the podcast or the courses they try to sell you. To some people, it might be easy to them because they have the natural skill set already so when they jump into real estate, they feel it's not that difficult. But to those people who lack those skills, they will think it's harder than climbing Mt. Everest. Everyone has strength and weaknesses, some has more strengths than weaknesses than others. But everyone who's successful has one common character trait, they play on their strength, they know their weaknesses, and they either improve on their weaknesses to bring the weakness up to standard or hire someone else who's great at their weakness to make it their strength. The ladder move requires capital. If you are starting out with no capital, then at least learn to bring every skill set you need up to the industry standard. Here are the skills you need in business:

1. marketing - people need to know what you do. If I give you a dollar, how effectively are you at converting that dollar into maximum exposure? 

2. sales - convert people who know what you do to something that you can make money doing what you do. Now I brought you 1000 people's attention, how many people can you convert them into paid customers? 

3. delivery - deliver the service/product you promised you'd do in the sales transaction. You made a promise to deliver the goods/service, can you actually fulfill your promise with speed, quality and least amount of pain? 

4. customer relationship - keep your old customers. Does your customer think you are amazing and willing to tell their family/friends? Does your customer think you barely meet their expectation? Does your customer think you didn't meet their expectation and will never buy from you again? Does your customer think you suck so bad that they will tell other people to not buy from you? 

5. account for what you do - accounting, legal, compliance. Did you actually make money legally from doing 1-4? If yes, is it enough to keep going?  

This is applicable in business and real estate. If you look at this list and think man I don't know any of these, I'd recommend the best course of action is to look for the most successful people in the industry in your area and try your best to go work for them. This is if you have no money. 

If you have a rich parent/rich spouse who's willing to sponsor your mistakes, a very high paying job that can sponsor your mistakes, or won the lottery and can afford mistakes, then you don't have to do the last step and keep doing what you think it's the right thing to do. 

 Hi Ke Nan Wang.  Really appreciate your input.  To answer:

I'm currently employed. The job is not in RE.  I'm in the middle of an acquisition of the business that I work for.  Closing 12/24.  Looking to get into RE afterwards with my increased earnings.  I was looking towards multifamily as I feel it can be more powerful.  I want to build legacy wealth.  

I've got an excellent extrovert type personality for meeting and befriending people.  

Your #1 and #2: I'm not sure I've been exactly in these situations but perhaps somewhat similar.  I am confident that I would make some kind of worthwhile impact in these situations, at the least, the first time around.  More so the second.  

Your #3: I am currently in the service market and am quite good at it. 

Your #4: 97% of my customers are return customers and are happy with and trust my service and abilities.

I do not have rich friends or family. 

Quote from @Travis Main:
Quote from @Patrick Gerety:
Quote from @Travis Main:

Hey Patrick, 

Starting off can surely be overwhelming but your in a good community here with plenty of resources available to you. I would say, as a new investor join one of your local REIA events.

https://www.facebook.com/TheCharlestonREIA/

Charlotte is a 3 hour drive from Charleston but the NCREIA is a pretty good one to join as well. 

https://www.facebook.com/NCREIA

Both the Charlotte and Raleigh meetings have a good turnout of vendors and attendees. This will allow you the opportunity to network with local investors that can help guide you through your next steps in this real estate investment journey. 

If you ever want to connect, feel free to reach out. I'll be more than happy to assist with guidance. 

Hey Thanks Travis. Looks like the Charleston REIA has had 4 posts on it in the last 3 years.  Seems like it not a very thriving page.  That was why I was considering the charlotte area. 

I see that as well. I think you would really appreciate the Charlotte REIA. Charlotte is a strong market for investing. If you need any help getting connected, let me know. I'm a member and vendor there and would be happy to assist. I believe there is also one in Greenville, SC as well that from what I heard, has a pretty good turnout.

Travis, lets connect.  pm sent
Quote from @V.G Jason:
Quote from @Patrick Gerety:

Hi all. I’m completely new to bigger pockets and real estate investing.  I’m feeling overwhelmed with beginning and not sure where to even start. The internet is information overload.  I need some direction. 
I regularly listen to the bigger pockets rookie podcast. The information is great but broad I feel like.  
I’d like to connect with other local investors in order to learn but I don’t know where to find them. Meetup.com only shows webinars in my area. Beginning to wonder if Charleston isn’t the place to learn.  I’m close to Charlotte. Maybe that’s better?
Overall I just don’t know where to begin and would like some advice from others who have done it. 

Thanks in advance 


You are at the right spot if you want to meet some folks, if you have no idea how to start or where to get in. Let's just start with the basics.

What are you looking to achieve and what have you got to work with? From there we can start.

To be specific, what are you looking to get out of this and what resources do you have today to make to start making those happen. And what about REI gets you going-- is it as a store of value, speculative investments, cash flow, or just an innate interest in REI.

Hi Jason.  I'm in the middle of a business acquisition rn.  Afterwards I'm hoping to get in to multifamily and some short term and long term style rentals.  My cash is tied up atm but I'm looking to make some connections and start learning and planning now.  I'll be ready to make a purchase after the first of the new year. My goal is financial security, legacy, and arguably most importantly do something I enjoy that makes $
Quote from @Patrick Roberts:

Hi Patrick,

CHS has a very, very active investor community. REI Central and the Charleston Real Estate Investor Group both have solid meetups every month (both are next week). There are also very active FB communities for both. Additionally, there are a ton of smaller one-off meetups, events, and the like. This is an excellent place to start networking. I typically attend 5-6 REI events in CHS every month.

As someone else mentioned, househacking is probably one of the best paths into the game when youre getting started.

Message me if I can help. Dont mind pointing you in the right direction.

Hi Patrick.  I like your name.  This is the kind of info I wanted to get ahold of.  Really looking forward to connecting.  
Quote from @Jacob D Adamczak:

@Patrick Gerety As Patrick Roberts mentioned, the REI Central is the place to go! its 6-8 the first Thursday of every month at Palmetto Brewery in Charleston. Its a great real estate community who have an abundance mindset and truly do give back. They have a main monthly networking event and then smaller subgroups for flipping, landlords, and commercial and multifamily real estate. I work with Dan Rivers who is a great agent in town and I started house hacking, got a few single family rentals, and am working on a multifamily project at the moment. I would love to hop on a call and connect, send me a message!

Hi Jacob.  This sounds like some of what I was looking for.  Lets connect.

Quote from @Wale Lawal:

@Patrick Gerety

Breaking down estate investing into manageable steps involves understanding your goals, networking with local communities, researching local markets, and researching financing options. Start small with a financially sound property and scale up as experience grows. Connect with local real estate professionals and consider upgrading to a BiggerPockets Pro Membership for more insights.

Good luck!


 Good advice.  Thank you Wale Lawal

Quote from @Bruce Woodruff:

Ask more specific questions on here. There is a wealth of knowledge here for you to tap into.

How much do you have to invest? What are your specific goals? What type of RE investing excites you the most? Where do you think investing is smart right now?

You have to know where you're going before you can figure out how to get there.......


Hi Bruce. Thanks for responding. I’m not sure what you mean about being more specific.  With respect, I said that I don’t know where to begin so I’m not quite sure of the things I should be asking. I haven’t ever done any deals so I’m not sure what area of RE to gravitate towards. Seems to me that multi family is profitable and therefore interesting to me but again that is all based on no experience. I was really hoping for comments that could point me in a direction that would allow me to figure out some of the things you pointed out that I should know. I think I have to figure out what I’m doing before I can know where I’m going.  

Quote from @Travis Main:

Hey Patrick, 

Starting off can surely be overwhelming but your in a good community here with plenty of resources available to you. I would say, as a new investor join one of your local REIA events.

https://www.facebook.com/TheCharlestonREIA/

Charlotte is a 3 hour drive from Charleston but the NCREIA is a pretty good one to join as well. 

https://www.facebook.com/NCREIA

Both the Charlotte and Raleigh meetings have a good turnout of vendors and attendees. This will allow you the opportunity to network with local investors that can help guide you through your next steps in this real estate investment journey. 

If you ever want to connect, feel free to reach out. I'll be more than happy to assist with guidance. 

Hey Thanks Travis. Looks like the Charleston REIA has had 4 posts on it in the last 3 years.  Seems like it not a very thriving page.  That was why I was considering the charlotte area. 
Quote from @Nicholas L.:

@Patrick Gerety

start with a house hack

Hi Nicholas. Could you forward me some information on what that is exactly?  Ty