I will soon take the plunge into the deep sea of Real Estate Investing, i’m really excited but yet nervous. Will someone in the PG County, Md area take a rookie under their wings & mentor me about bird dogging. I have always wanted to do RE Investing, but my own fears on things in my life prevented me from pursuing my dream.
Thanks :help
Hey,
I am kind of a newbie, too. I have only been in REI for three years, own four units now (two not rented, it is a recent purchase that needs renovated).
I wanted to tell you that I, too, feel the fear. It is very hard to find encouragement from anyone who doesn’t understand REI. I hope you feel better about your decision to do this… I hope I feel better, too.
Here’s to having the courage to pursue financial stability and independence! I wish you the best of luck in your endeavors.
One strong suggestion is the following
Do not take a marginal property. The numbers need to work. Do not force it. If you buy the property at a low enough price, you have a lot of room for error. An example of normal deal in our market that we usually have out is a purchase of $25,000 with $25,000 in repairs and an ARV of $100,000. Yes it is a steep discount and this is where you should be buying. The numbers and exit strategy are based on a typical rental unit in our area that rents for about $750. Dont be afraid to wait for the good deals. There are lots out there.