New investor, looking for advice!
Hello all!
I’m a registered nurse in New York City, new to real estate investing currently in the process of learning and building my knowledge base to make my first real estate purchase.
My 6 month goal is to create a strategic real estate investment plan, build my foundation of knowledge via BiggerPockets podcast/ webinars, and continue to save (I will have 60k cash to invest)
My one year goal is to make my first real estate investment purchase.
This is very vague, although I am currently reading Brandon Turners book “Rental Property Investing” and creating my plan to be much more detailed and intentional!
Any thoughts on if this book is outdated? Has the market changed much to the point where the contents of the book aren’t efficient? I’ve read an article from fortune.com stating that renting is now cheaper than owning in Americas 50 largest metro areas. Is the market to saturated? (Red ocean) Should I change the way I am looking at this and view it from an abundant and creative POV where there is always opportunity and a chance to build?
#3 Starting Out Contributor
- Real Estate Agent
- Nevada
The market has changed in the last 2 years because of the raise in interest rates. There are also many more buyers in the market. Appreciation has slowed in the last couple of years. The cost of raw materials and contractors has also gone up. There is still money to be made and you have to be more careful and strategic. What is your goal with investing? Decide where you want to end up at the end or your investment journey. That will be your decision guide. There are markets that are better for cash flow and ones better for appreciation. Use caution when people say they get both. Check out David Meyers book Start with Strategy as a more updated text. Listen to the last 6 months of BP podcasts and find local people you can trust.
Quote from @Bradley Buxton:Thank you very much, Bradley! My long term goal at the end of my investment journey is to enjoy the journey, play the long game, and have enough income from my investments that keeps my family well and financially independent. I appreciate the advice and your time!
The market has changed in the last 2 years because of the raise in interest rates. There are also many more buyers in the market. Appreciation has slowed in the last couple of years. The cost of raw materials and contractors has also gone up. There is still money to be made and you have to be more careful and strategic. What is your goal with investing? Decide where you want to end up at the end or your investment journey. That will be your decision guide. There are markets that are better for cash flow and ones better for appreciation. Use caution when people say they get both. Check out David Meyers book Start with Strategy as a more updated text. Listen to the last 6 months of BP podcasts and find local people you can trust.
Great goals. Continue to invest and build momentum and good things will happen.
Quote from @George Suarez:
The numbers Brandon uses in his examples won't match today's reality, but the math is still the same. Learn his four-square method and you'll know enough to be dangerous. Practice it enough and you'll learn how to analyze property on a napkin or in your head.
Remember: the math never changes. The market changes, and you have to adjust your strategy to match the market. Rates were low in 2018, sales prices were reasonable, and rents were high, so the numbers worked in our favor. Now rates are high, sales prices are high, and rents are high but they don't match the sales prices, so the numbers do not work in our favor.
