Dallas-Fort Worth Real Estate Investor Club

Another newbie

  • 11 Mar 2016 3:57 PM
    Message # 3876068

    Hello All,

    I just joined the group with the free membership and I am a complete beginner.  I am 35 and currently employed in the IT field.  I am in the process of rapidly paying down my remaining consumer debt and student loans (Dave Ramsey - debt snowball approach) in order to free up much disposable income for real estate investments in the coming years.  I am particularly interested in buying and holding single family homes for the long term for positive monthly cash flows and all the other advantages of holding real estate as an investment.  I would appreciate any advice on beginner strategies and also on books and resources I should read. Thanks for any help and comments in advance.  I hope to come to some of the Saturday meetings soon.

    Regards,

    Alex Gordon

  • 12 Mar 2016 10:28 AM
    Reply # 3877104 on 3876068

    Hello Alex,

    I've been doing REI since 2008, mostly rentals and rehabs, and here are my recommendations:  go to lots of meetings, network as much as you can (establish relationships, don't just meet people), and don't buy anything (properties, trainings, anything) unless you're really sure it's what you want and that you will benefit.  If you want books to read, just talk to experienced people who do what you want to do.  They will be able to give you specific actionable info and advice better than a non-interactive book, and you will accelerate relationship building.  I'm not saying books are bad, they're just a bit time-intensive.

    It's also interesting that you're in IT since that is a sector that will be in a secular uptrend for some years.  You will be able to apply your REI knowledge to developing/investing in businesses that you understand.

    Let me know if you have specific questions.  I would be glad to help you.

    979-450-1994
    comanche3000@live.com

  • 12 Mar 2016 11:12 AM
    Reply # 3877165 on 3876068
    Cindy Carriger (Administrator)

    Alex, Jesus has good advice there. 

    I'll be a little specific, and tell you one of the best starter books that i used when starting up, Bill Bronchick's book "Flipping Properties".  There is an original, which I used before the revised one came out.  it is a quick read, plus set up for easy reference you can use as a go-to source for info on a specific part of the process.  However, as Jesus stated, relationships are super valuable so do not neglect building relationships with others in the business, or in related businesses, such as realtors, title companies, contractors or subcontractors etc. 

    Also, realize there are many strategies, as well as many ways to perform the various strategies so don't get locked into that there is only ONE 'right' way.  However, there can be some 'wrong' ways that will get you into trouble.  So do your research, then when it is time to act, make sure that you have trusted relationships that you can utilize to make sure you aren't 'living dangerously' or 'inviting trouble'!

    Hope you can make the meetings soon!

    Cindy

  • 13 Mar 2016 11:47 PM
    Reply # 3879021 on 3876068
    Robin Carriger (Administrator)

    Hey Alex,

    Welcome to DFW REI Club!  If you'd like to chat, please feel free to give me a call at 817-300-1132.

    Thanks,

    Robin 

  • 14 Mar 2016 10:28 PM
    Reply # 3881087 on 3876068

    Thank you all again for taking the time to respond to my thread. 

    Jesus/Robin, I agree the next step for me is to take action and network with people in my local area and begin to make it hands on and personal.  I plan on attending a meeting in the coming weeks.

    Cindy, I have read some of the rich dad poor dad books, the millionaire nextdoor, the millionaire maker, bigger pockets podcasts, etc.  I find these to be invaluable resources to mentor, guide, and encourage me into the general arena of building wealth and getting out of the rat race.  I will look into that book you mentioned. 

    Regards,

    Alex 

  • 25 Mar 2016 1:44 PM
    Reply # 3905482 on 3876068
    Deleted user

    Building Wealth, One House at a Time by John Schaub

    If Apartments are of interest to you, I recommend Small Apartment Investing by Lance Edwards

    both of these are avail. on Amazon.com

    If you have any questions about buying your 1st rental, I am a Landlord.

    Feel free to call me or text me at 214-704-8617

    P.S.  I think tomorrow's meeting from this club is about Rentals so you should attend.

Powered by Wild Apricot Membership Software