All Forum Posts by: Waylon Smith

Don't pay for something that is free - or nearly free. Read some books, listen to some podcasts, then ask specific questions in te forums to refine your understanding. Then act. Here's my basic beginner advice:

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. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

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. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use 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, it will be much easier to recognize a good deal 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.

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

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just 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 a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

Happy to do.  Lets get started.

Start a post In Starting Out.  Call it Deal 1.  

Put @henryclark in the text and I will respond.

No PM/DM messages.  All contact through that post.

Cost to you- $0

Conditions- you complete or respond to anything I have you do within one week.  Or I stop.  All tools I have you develop, you share on that post or anyone that asks you.  You will FAIL to some degree.  Own the data, own the situation, learn/improve.  Can you trust me.  No.  You don't know me.  Validate anything I say. Also, all of the people on BP will cry foul or tell you I'm full of bull if I steer you wrong.

Note- I'm not a SFH or MFH person, but can still guide you.

Actions:

1. Don't do your BRRR in Florida, while living in Seattle.

2. Join a local REI group this week.

3.  Start your "Deal 1" post. I will ask you some personal questions on the other post.  You need to be prepared to answer them.

Start small and Make Your Big Mistakes Early.

Bali Ga

Hi @Katlynn Teague, I will take a different approach. You asked what I learned and I have to say the power to live the life you want... in time. Time is the component that many forget. My first rental is about to turn 5 years old and the rent is twice the cost. Having cash-flowing properties is like having an annuity where you only pay for a small % of it. As equity grows, so does your investment and in my case, we put in less than $5k ( VA Loan house hack). Good luck on your journey and please keep us updated! Also, I see that you are an agent. Take a look at @Beth Traverso's playlist on One Rental at a Time for her story. She is a top agent and investor and she is very open as to how she did it. I think it would be a benefit to learn from her if you can.