Hello REI community. I’m an “educated” newbie, having gone through the Carlton Sheets course, and several other courses, including Deals on Wheels. At this point, I am overwhelmed! I want to start RE investing but cannot for the life of me decide what to pursue first. Do I get into doing Lonnie deals? Wholesale properties? REO’s? Short sales? Just flip land? Have any of you ever reached this point of not knowing where to get started? How did you solve it? Help!
go buy a house
I have never went to any courses, but I did read a book called “Buy It, FIx it, Sell it”. That is the answer to your question. Go buy a house, fix it up, and either sell it or rent it. Then you will be an investor. In 2003, I bought a cheap distressed house, fixed it up and found a renter. I became a RE investor even though I never planned to . I now own 2 comercial properties, 40 SF rentals and one 4 plex. (Plus a reasonable amount of debt)
Get in the game an go buy something.
My only comment at this point is this…I recently listened to all the Carlton sheets discs from a set about 5 years old. A lot of the stuff he is talking about is no longer applicable in today’s lending environment. Not to mention that expecting appreciation in many markets today is somewhat of a pipe dream.
So just keep it in mind that when you are going over any material or reading any book pay attention to when it was written or published and compare the market then to what today’s market is. Then decide whether that idea, concept or technique would still be applicable in todays market.
I would say the very first thing you want to do is pick a market and get to know that market inside and out. Learn how to spot a good deal in that market and when you see one jump on it.
At the same time, if you’re looking to flip the property get to know who the investors and wholesalers are in that market. Start networking with them to find out what they are looking for and when you find a property like that buy it and flip it to them.
That’s what I would do first.
I hope this helps. Good luck