I’m a new investor in the Northeast Ohio area. I’ve been getting my business set up over the last few months, with the goal of building a nice sized portfolio of properties. So far I have not purchased any properties yet, or flipped any for that matter.
I’d like to start out in the business doing some wholesale flips to build up capitol, and ultimately get into a more passive style of investing, including single families, 4+ units, storage / warehouse, office, etc…
Let me know if anyone has any advice! I am a positive upbeat guy. Super motivated and ready to get things done.
Understand that no matter how much you study you will make mistakes (which usually costs $) as you’re learning- as long as you understand that it’s part of the game you’ll be fine. Start small (whatever that means to you) and grow from there. Good luck!
You listed a few different types of investments. Most of the investors you will run into, specialize in 1 or 2 types of investing. Find what you enjoy and are good at, and make it your specialty. Learn, and be good at it. Go to your local REI Club meetings and see what people are doing in your area. Find your niche, multi-family, mobile homes, storage, furnished, renovations, etc.
Find a partner or investor for your first few so you can learn the game and dont have to learn it on your own and make all the mistakes that an experienced guy has already made.
One poster said to specialize in 1 or 2 types of investing, and I would
agree when you are first starting out.
However, once you have completed a few deals, starting doing other
types of deals.
The only thing you need to specialize in is marketing, bringing in the
leads!
Once you have that going, and you know how to do all types of deals,
you will be able to take advantage of tremendous opportunities.
You want to strive to become the rainmaker, or dealmaker for your
area.
Also, the only other advice I will give you right now is to START!
Take action NOW!
In your post you say you have spent the last few months setting up
your business. What does that mean? It’s time to stop “setting up
your business”, and start getting IN the game!
I totally agree to with starting now. I was reading and learning for a whole year before I got in the game. That year wasnt a waste but I also wasnt cash flowing, building business or getting any experience. Once you have your first deal under your belt you will be much more confident and you will see opportunities where you didnt before.