All Forum Posts by: Sylvia DeMott

Thanks for putting this online.  I'm a real newbie.  I think the parts that I am still unsure about are the costs.  I haven't looked at any properties but it sounds like you have to know what the costs for insurances, water, etc. in the area are.  Are there any rules of thumb for costs if you are looking online at different markets and are unfamiliar with those markets?  Thanks.

@Melissa Gregg, I would love to join too.  I won't be able to attend until September.  Sylvia

I live in South-Eastern MN (Rochester) and I'm a newbie who is listening to podcasts, reading and trying to learn the language of real estate.  I think I'm probably a few years away from being able to invest (that is, if I need 20% down--I'm not even sure what is reasonable for a multi-family house--duplex to fourplex, better neighborhood, building that doesn't need too many repairs).  I need to simply start to look at listings online to get a sense, because at this point I don't know whether or not I would need to set a goal of a $40-$80k or something different for a downpayment.  It would certainly take me less time if it's $40k down vs. something like $80k. 

Question: I want to understand how much would be a good place to start--is it better to get into the market quicker by buying something less expensive (single family or duplex) or waiting and saving for a bigger downpayment for a more expensive/larger/or better quality property?  It might be the difference of 2 years or more.

Question:  Where do I start to look in terms of geography?  Should I just start looking at listings in my city (Rochester), look at cities within 1.5 hours away (when I mean looking at this point I mean going online to look--I'm still very much a newbie).   If I want to look farther away from where I live, would I just pick a city and start looking at listings and start learning how to run the numbers or would I look at what's trending on the forums to see which markets people are looking to get into?  Is it way too soon to contact a realtor and just look to get some knowledge of the market even if it's a few years away?

What is the best way to spend my time if I'm still in the knowledge acquisition phase and figuring out where to invest stage?

I would appreciate your input.  I'm literally dipping my toes in the water by writing this post. 

I'm looking for something to work on besides listening to podcasts, saving money for a downpayment and reading books.  What's the next thing I need to start to learning while I continue to read/listen?

Thanks!

Sylvia

Thanks for welcoming me.  Sylvia

@Meghan McCallum
I finished listening to the show with Meghan and I really loved how she laid out her relationship with her tenants and also clearly set boundaries and followed up with consequences.  I run my own business in a field unrelated to real estate and rentals but thought that I could transfer what she said to my own work.  I am paid for my time and I have trouble setting boundaries and charging people when they fail to give me 24 hours notice, even though I have stated that this is my policy.  I liked her approach and I loved that she mentioned Brene Brown, who is one of my heros.  Thanks, Sylvia

Hi There!

I joined BiggerPockets several weeks ago after I stumbled along the podcast.  I have been interested in personal finance for a while and have been listening to Paula Pant's Afford Anything, which eventually led me to have a greater interest in real estate investing.  I admit, it's daunting, but I'd like to work on chipping away at my fears and building knowledge, experiences and connections that will help me to get into this field.

I think that I am about 2-4 years from investing in a property, as I need to understand the industry and markets and also build up a downpayment.  I would like to buy and hold rental properties with a focus on building a small portfolio of multi-family homes in a location that offers stable, professional tenants and families.  

My short-term goal (for the next month or two) is to begin to get my feet wet looking at the forums and posting as well as continuing to listen to the podcasts on a regular basis and exploring the amazing free educational tools that are offered on this site.  I would also like to read a book about rental/real estate investing.  I am interested in Scott Trench's book, Set for Life, as well as The Ultimate Guide to Real Estate Investing.  Since I have a tendency to buy and borrow more books than I read I want to take advantage of the library as well as the resources on the web.  I have downloaded and started reading "The Ultimate Beginner's Guide..."

I live in Rochester, MN, home of Mayo Clinic.  It is by far the biggest employer in town (I am self-employed, so they are not my boss) and is planning to expand by 20-30,000 employees over the next twenty years.  I am not sure if Rochester is the best location to invest, as it is already a hot market and my sense is that people tend to buy single family when possible.  So I would like to explore this area, but I would also like to look in surrounding areas (up to 2 hours away) as well as other parts of the country.

I notice that I am intimidated by real estate investing and that there is a strong part of me that sees it as foolish, even though I think that when done thoughtfully it is a very powerful strategy for building wealth and security.  

Ideally, I will invest several hours a week into listening to podcasts, reading and starting to get comfortable in this forum.  I have 2 kids and run a business so I see this as a side hustle that I will eventually be able to streamline.

This is a much longer post than I thought it would be.  Thanks for reading.

Sylvia