Mar 20, 2017
9869 Views
181 0

What’s the First Thing a New Real Estate Investor Should Do? [#AskBP 023]

Written by
(Auto-generated Video Transcript)
you're listening to the SBP podcast and today we're talking about after joining bigger pockets what's the first thing a newbie should do stay tuned you're listening to another bigger pockets ask BP podcast where you'll hear short direct answers to your biggest real estate questions submit your questions today on facebook twitter or the bigger pockets forms by using hashtag ask BP and don't forget to pick up your copy of the ultimate beginner's guide to real estate investing and other great content when you sign up for your free account at bigger pockets . com with that let's get to the show hey what's going on everyone my name is Brandon here with the ask BP podcast want to say thank you for listening to another episode super excited about today's episode we're talking about newbies getting started your first thing you should do and today's question comes from nathaniel from brick New Jersey and Nathaniel asked after joining bigger pockets of course what is the first thing a newbie should do to get involved with real estate investing I love this question because i have a heart for newbies have a heart for people who are just starting out because it look I was you one day if you're just starting out we all were you one day it's kind of like we were all babies right we were all babies and real estate as well and i remember at the time when I was learning it was a scary thing I didn't know where I was going when i was going to do next I was excited i was reading all these books and all these blogs and and hearing all these like you know get rich quick gurus talking about how i'm going to be a millionaire and I'm like I don't I i I'm hearing things from everyone I don't know what to do what you know I understand that I get that now and it can get confusing so what should you do what's the first thing a person should do obviously this question is going to depend a lot on who you are but let me give you just a few ideas maybe I just one thing will give you a few things that you should probably be doing of course after joining bigger pockets the real estate investing social network so number one you've got to commit succeeding you've got to commit to making the sacrifice is necessary to achieve success in real estate investing I mean so many people say they want to invest in real estate but don't actually get off their chair and take action to do it you have used this analogy before about repeated here I want a six-pack I would love to have a six-pack i would write everyone's a six pack it seems like and I've never had one but am I really taking action to do it I mean I really you know doing the situps every day that I should be to get a six pack am i doing my p90x and i don't know i'm not doing anything like that because i haven't fully committed to it i want it i wish i had it but I'm not gonna actually do it reminds me of a quote from Michael Jordan who said some people wanted to happen some people wish it to happen and others make it happen so the first thing you should do when you want to get involved real estate is you have to commit you to say okay look I'm going to invest in real estate I'm going to because I i need to that's my life that's where i'm headed i'm tired of my current life or I'm afraid of where I'm heading I want to achieve more wealth or want to be spent more time with my family I hate my boss I want a firearm whatever it is you know you gotta look at that and you say i'm going to do this I commit to to success I commit to sacrificing my time my energy my mental you know who whatever is going on up there I sacrificing my money if needed my weekends and evenings if I have to I'm committed to doing what it need what I need to do to change my life so if you have not yet and taking that step take that step first don't spend money don't go to seminars and whatever else like just are you committed are you committed to doing this second thing you have to do is read really i mean i don't care if you think you're not a reader or not there's audible.com you can listen so don't give me the excuse of all I'm not a reader do you know how to read so read it's not it's not i'm not a reader its i'm too lazy to read so if you're too lazy to read then listen if you have no time to listen or to read then I don't know child lesson sometime in your life find some more time there's a lot of hours a week read there's a ton of really good real estate books out there a ton of them to find a lot of bad ones too but most real estate books I learned something from that's why I continue to read them all the time and not just real estate books but I like business books as well as i read a lot of stuff so I definitely read the kind of the most popular books that people recommend that you know I'd like to my own life things like Rich Dad Poor Dad by robert kiyosaki the ABCs of real estate investing bike and McIlroy uh the millionaire real estate investor by gary keller and Jay Papas and as one of the books are there the book and invest in real estate with no and no money down by this guy a book on flipping houses by jay scott and there's a whole other lists are you can go to bigger pockets , such best books and you can see my list of my 21 favor real estate books i'm also in the process of writing a rental property one or right now so you're the first to find out about that but I should be out this summer sometimes if you're watching this in the future listening to the future you can pick it up then hopefully also read read some books read lots of books I'm not just books read blog post bigger pockets without dozens and dozens of blog posts every week read them I mean they're they're like hopefully your liking us on Facebook bigger pockets calm / facebook or facebook.com slash bigger pockets you should get you there hopefully you're following us on Facebook because we post all of our new blog post there and you can just read the ones that you that stand out to you also we send out a newsletter every sunday tuesday and thursday that has the best blog post of of the week so check that the ones that appeal to you okay i'm interested in rental properties and this article is called how to invest in rental properties huh I should probably read that yes you should i also read books on the forums read on the forums as well ask questions on the forums interact very very important next thing you should do maybe a little self-serving here but I like hanging out with people I like hanging out with you if you if you like this format of me talking to you and I teaching how to do stuff sign up for a webinar bigger pockets , / webinar every week pretty much every week I gave a 3 webinar usually about an hour to an hour and a half long I just talk like this and i teach you one topic every week so we've talked about how to quit your job to the power of real estate investing the five mr. roadblocks that most that stop most new real estate investors about how to invest in real estate while working a full-time job about how to analyze properties how to find properties how to finance properties we talk about all that stuff I've done a lot of these webinars you should probably ten you can ask questions we can hang out live very very powerful stuff so do that bigger pockets , – webinar let's see start building your plan that's another thing you should do is start building your plan where do you want to go have you decided yet if you haven't read the ultimate beginner's guide to real estate investing that's kind of a good beginner book to figure out where do you even want to go in and you know in the real estate niche where do you want to settle so you can get a bigger pockets , – you BG hundred percent free online book bigger pockets , / – you be G so make sure you read that it was just trying to help you like oh yeah flipping sounds kind of fun or hey I think I'll do rentals but I'm gonna do small multifamily rental older i'm going to do a single family house rentals and it helps you organize that so read that and then based on that build a plan based on what you want to do so if you figure out that you really like the idea of rental properties and you want to get into single family rental properties great start building your plan was that look like what what kind of I price range you're going to buy how much I can afford it how you can finance it how are you doing partner you do on your own are you gonna raise money you're gonna do it out of your own checking account are you gonna use you know like what i was gonna buy properties that need work making buy property that already fixed up and finished how much cash flow do you want what kind of return on investment you want all this stuff is very very important to figure out so I start building your plan our next meet with some real life real estate investors somewhere in your town you know if you don't know any you can go bigger pockets , such meat and you can find some or you can just I don't know ask people hey who's your landlord ask your friends on facebook with your landlord I want to get together with them taken out the coffee find people in your town they're doing good work talk to your real estate agent say hey for the big players in our town who are the investors that are just doing a lot of cool stuff I want to talk to them and then do it take them out for coffee ask them if you can beat them on the job site whatever you got to do just go and connect build a relationship with them especially if you're just getting started people who are experienced like to take people under their wing or just getting started and not only can you learn from them but maybe i'll share resources with them in the future maybe they'll show their contractor with you maybe the fund your deal someday you'll do deals together I just powerful stuff to make sure you do that start meeting with some people in your life and then last thing I'll say is start living on a budget and start saving your money really start living on a budget so saving your money very very powerful I guess beginning to your investment career is understanding good money habits if you don't know how to control your money you can have a really good hard time trying to ever achieve anything in life people tend to live to their means whatever they make they spend don't do that if you want to be a millionaire someday just live on less than you make and it's almost guaranteed I mean that sounds like super simplified but it's really not much more complicated than that live on much less than what you make and invest the rest and you'll do well so learn get into that habit today I don't care if you make a thousand dollars a month live on 700 you make 10,000 a month live on seven thousand five thousand you know like learn to live well below your means and start that today very very very important so with that I think that's probably enough beginner tips so let's get out of here are today's that success quote of the day comes from good ol Henry Ford who said whether you think you can or you think you can't you're right to chew on that let's get out of here remember in pursuing your dreams do not just learn but take action i give you a bunch of action steps today so go take some action for the SB podcast this is brandon signing off you've just heard another episode of the bigger pockets ask BP podcast submit your questions today on facebook twitter or the bigger pockets form by using hashtag ask BP and for more incredible real estate investing tools and education including a free download of our book the ultimate beginner's guide to real estate investing head over to bigger pockets . com and sign up for your free account today we'll see you on the next show how this t-shirt ok and I look unprofessional deposit and open another shirt on

 

Read the video

After joining BiggerPockets, of course, what is the first thing a newbie should do? That’s the question Brandon unpacks today on the #AskBP Podcast! You’ll learn not just one but several different tips for getting started, including some cool online resources to help you dig in, learn faster, and find successes sooner than you ever thought possible. Let’s do this!

biggerpockets.com/askbp24

Article Categories:
Real Estate · Investing · Videos

Comments to What’s the First Thing a New Real Estate Investor Should Do? [#AskBP 023]

  • Good advice

    Ozzstar May 20, 2015 11:21 am Reply
  • First thing a newbie should do is learn as much as possible from books cds real esate clubs and other investors

    Robin Gilles June 30, 2015 11:27 am Reply
  • great info! My brother made me read rich dad poor dad and just finished it. 🙂

    TatsuyaDragon August 16, 2015 1:41 am Reply
    • now get "increase your financial IQ" by Kyosaki Then "the art of the deal" by Donald Trump, then "the millionaire real estate agent" By Gary Keller and J. Papassan

      Josef Faisal April 25, 2016 4:53 pm Reply
  • The problem I have with most of these types of videos is that they are all geared towards telling you what they're going to tell you, as well as all these other resources they have instead of actually telling you anything of substance. They are geared towards getting you to watch their videos, and watch more of their other videos, books, and so forth rather than actually telling you anything you don't already know.

    islanderarp June 20, 2016 1:30 am Reply
    • Kinda like you have been watching their videos? That attitude will not increase your income.

      biologistjim August 15, 2016 11:56 am Reply
  • Cool vid but for a guy who loves to read and supposedly reads his ass off, he seems to be stumped coming up with stand out titles.

    John Veca September 23, 2016 1:01 pm Reply
    • John Veca Rude. Have you even read any of the books he mentioned? Also, the website he mentions has a phenomenal list of books..or did you not catch that?

      Lindsay Ashton November 4, 2016 10:39 pm Reply
    • why does the title need to be more than a description of what the video is about?

      D I Y O D December 5, 2016 1:52 pm Reply
  • P90x and Greg O`Gallagher`s warrior shredding program for fat loss and Body beast and Greg O`Gallagher`s  Greek God muscle building program for building muscle !

    Jacob Cherian October 29, 2016 10:04 pm Reply
  • the hunger of a man stranded is the only education a man needs. the promiseis you tell your salf,the commitments made, they dont teach that in school.

    jd tmn January 15, 2017 6:26 am Reply
  • some beat their chest and take on an anaconda with a rock,its a right of passage, from that point a man becomes a man,a warrior at heart,what are you willing to do to get home.

    jd tmn January 15, 2017 6:28 am Reply
  • pablo Escobar dug up graves and took the teeth with gold.he was 8.

    jd tmn January 15, 2017 6:31 am Reply
  • he became the richest man in the world, but could not quit. that hunger…

    jd tmn January 15, 2017 6:33 am Reply
  • the boy never forgot.

    jd tmn January 15, 2017 6:33 am Reply
  • if you dont know hunger, is it a blessing or a curse.

    jd tmn January 15, 2017 6:37 am Reply
  • food stamps think about this.

    jd tmn January 15, 2017 6:40 am Reply
  • if you deprive a person of there right to hunger, have you crippled that person.

    jd tmn January 15, 2017 6:41 am Reply
  • its primitive, with out that who r u.

    jd tmn January 15, 2017 6:42 am Reply
  • This is some excellent getting-started advice that you can't seem to find anywhere else!

    Note Buyer January 31, 2017 7:34 am Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

Investor.blog
Join our feeds to automatically receive the latest headlines, news, and information formatted for your club's website or news reader.

Social connect: