All Forum Posts by: William Goss

@George Bozikis 

When I was first trying to get my foot in the door of the real estate industry, I found using LinkedIn as one of the best tools out there to network with real estate professionals that opened many doors for me. Specifically, I used LinkedIn Sales Navigator (month trial) to connect with many local agents, wholesalers, investors, and various other REI professionals. The Sales Navigator feature allows for very specific (and unlimited) searches so you can better pinpoint the best people to network within your area.

Once they accepted my connection I then reached out to them just asking if they were open to meeting and offer up any advice they may have. You'd be surprised by the number of people willing to just sit down and chat. By meeting as many people as you can in the industry, you are given the opportunity to learn super valuable insight into starting out in real estate, as well as opportunities to collaborate. This is a great way to learn about the industry as well as learn how to be professional in general to gain credibility in the future.  

Good luck!

@DeAnthony Whitney 

When I was first trying to get my foot in the door of the real estate industry, I found using LinkedIn as one of the best tools out there to network with real estate professionals that opened many doors for me. Specifically, I used LinkedIn Sales Navigator (month trial) to connect with many local agents, wholesalers, investors, and various other REI professionals. The Sales Navigator feature allows for very specific (and unlimited) searches so you can better pinpoint the best people to network within your area.

Once they accepted my connection I then reached out to them just asking if they were open to meeting and offer up any advice they may have. You'd be surprised by the number of people willing to just sit down and chat. By meeting as many people as you can in the industry, you are given the opportunity to learn super valuable insight into starting out in real estate, as well as opportunities to collaborate. If you can network with real estate attorneys, agents, lenders, etc., they will be able to offer you great advice on contracting a deal. 

Good luck!

Great question! There is a lot that needs to go into this decision. We always focus on cash flow, so if your local area does not allow for proper cash flow, then we recommend out of state. However, we do realize that out of state investing has a lot of its own challenges. With this being said, I would explore out of state markets (look around the Midwest) and network as much as you can with teams that can be your boots on the ground, and spend the money to meet them in person so you can fully determine if you can trust them (make sure you take your time with this and get to know them). This can be difficult and not being there will always result in its own problems, but if you can truly find the right team you trust, it can be done. Another option is finding a turnkey provider that focuses on providing quality rehabbed, tenanted, and cash-flowing properties in Midwest markets. These providers can offer you an out of state option without a lot of the headaches that come with doing it yourself. Even with that said, working with turnkey providers requires just as much due diligence on your end so if you can put in the time vetting providers, that is a great option.

If you can’t find a turnkey provider or don’t yet feel comfortable with either option for out of state investing, you can always get started with a local option. With this option, I would ensure that you can still conservatively drive positive cash flow but if you can at least drive positive cash flow, and want to use this option as a way to get started in real estate investing, it’s better than not getting started at all. Above all else, make sure that you properly educate yourself and network as much as you can with the right professionals that can help you achieve success in your first real estate investment. 

@Nate Haskins – Congrats on your first property! Everyone’s criteria are different depending on goals, stage of life, location, etc. For us, we primarily focus on cash flow cap rates. We begin our analysis for all of our deals with finding comps for rentals in the area, and try and get down to the neighborhood level. All of our properties need to be in an area where the average rents align with the cost of the property, rehab costs, annual expenses, as well as long term capex (bigger ticket items such as HVAC). We are very realistic with our numbers and ensure there is plenty of room for unexpected expenses, even though we have dedicated expenses for those unexpected events. After calculating all of our costs, we won’t even pursue a property that we don’t believe can drive a minimum 10% annual cap rate. We are overly conservative in calculating this to ensure that we are only acquiring properties that can conservatively meet our cash flow goals, and there are no unexpected long term issues that can derail an average of 10% cap rates. 

@Cory Stidha 

When I was first trying to get my foot in the door of the real estate industry, I found using LinkedIn as one of the best tools out there to network with real estate professionals that opened many doors for me. Specifically, I used LinkedIn Sales Navigator (month trial) to connect with many local agents, wholesalers, investors, and various other REI professionals. The Sales Navigator feature allows for very specific (and unlimited) searches so you can better pinpoint the best people to network within your area.

Once they accepted my connection I then reached out to them just asking if they were open to meeting and offer up any advice they may have. You'd be surprised by the number of people willing to just sit down and chat. By meeting as many people as you can in the industry, you are given the opportunity to learn super valuable insight into starting out in real estate, as well as opportunities to collaborate.

We work throughout Indiana so if you want more in-depth info on how to maximize LinkedIn, let me know and I can chat further and go more in-depth. But that's the high-level overview and what I have found to be successful. I would also check out Facebook groups and look for “Real Estate in Indiana” groups.

Good luck!

Thanks, that makes sense. Do you have any advice on gaining an initial reputation so that when I am first selling to investors there is less of an "experience" hurdle? 

Hey Everyone - I am new to BiggerPockets and since I have found these forums to be very valuable and a great source for information. I wanted to get everyone's opinion on getting credibility when first going off on your own.

A little background on myself, and I am 26 yrs old and initially worked in the venture capital/ hedge fund space for 3 years before doing consulting work for a reputable turnkey company. I have been learning the ins and outs of the business, and after working on a variety of projects for them over the last year and a half, I am starting my own real estate venture.

I’m curious as to what the best ways to gain credibility in the community as I am equipped with best practices of the business, but I am looking to gain credibility and a positive reputation in the community so that I can get past the hurdle of your first deal or two. Any advice would be greatly appreciated!