It’s been a little over one month since I completed my first property! To make the story short, I’ve been wanting to purchase a rental property located in the central NJ market since I discovered BP. However, I purchased a foreclosure with the goal of making an investment with a live-in flip following having a few conversations with my former girlfriend.
After closing on the property, my relationship with the seller ended… And I now had an extremely storm Sandy damaged property to manage. Luckily, I’d done my homework and was confident about what I’d gotten myself into. While there were plenty of errors and frustrations throughout the process I ended up making more than twice the estimated revenue (my estimate was of 30K). I would not have been able to achieve this without a plan of action as well as a great deal of education, or without assistance and insightful advice from the individuals I met on the website.
If you’re new to the site or haven’t yet signed up to make something, I’d like to give you three easy suggestions to start the first step:
1) Commit to one
Be prepared to make the first thing you invest in. I am a novice investor and regularly encounter the first (almost) investors who want to start working on their first investment. But, others spend longer going through their five, ten or 20 year Investment Plans. This is wonderful and vital for your long-term goals However, it all starts with a single point!
If you are yet to purchase a home you should be focused on your first purchase and not the apartment complex you’d like to buy in the future.
2.) Learn All You Can About It! But Don’t Doubt Yourself.
I was learning every day for a whole year, but hesitated to take the one-step decision (analysis dizziness). Once I found an opportunity and was convinced that it was “the one,” I took the plunge! In my turn, I carried J. Scott’s publication, “ The Book on Estimating Rehab Costs’ ‘ to the property I was looking at and then used it to help me determine how much work to be done and estimate the cost after having written down everything that was needed to be done. While it was long-winded however, it was a crucial action that I strongly recommend to anyone who is looking to get to their very first. Without the assurance of seeing the property in person and making the calculations myself, I would not have pushed the button. I also used other sources to evaluate the cost of the rehab and was within 5 percent of the amount I calculated for the project upon its completion.
Find out all possible about the route you’d like to take. However, once you’re certain and have had other people examine your deal then make your move!
3) Make Use of the Expertise
If not for some of those I’ve come in contact with through BP I’m still convinced I’d be on the edge. If you’re serious about it, make use of whatever potential value you can provide to investors (which could mean carrying tiles, filing paperwork or other paperwork.) Learn everything you can from someone who has worked working in the industry. Find out the things that the person you wish to study with and assist them in achieving the goals they have set for themselves. For me, it is the Darren Sager who has been instrumental in helping me become an investor and realtor. While I am of the opinion that everything you’d like to be aware of about real estate can be located on BP but the presence of a local expert will greatly assist you. Visit the local BP meeting or listen to the Podcasts and go to your local REI Association meeting. They can provide you with insights and help you answer questions that you didn’t realize you have.
Vairt is a Crowdfunding Platform for Investing, tokenizing and liquidating real estate assets through Blockchain. Once you are ready to make an investment, you can make an investment in less than 2 minutes. Sit back and relax as your property gets funded. Vairt analyzes Property Investment Opportunities using a 100-point proprietary screening tool and independent third-party market data to assess the investment attractiveness of each property. We give you the opportunity to invest in real estate for as little as $5000. All properties on our platform are listed for 30 days to give investors ample time to raise funds.