Thread: Real Estate Investing - I need some guidance!

All great advice, but I would never invest more than 500km (300miles) from my house. You know this area the best. Outside of that area you are buying based on someone elses knowledge and not your own.

Research, research and more research! Go to open houses and talk to a bunch of agents; there are bright ones and there are stupid ones, don't let any of them talk you into working with them, just tell them you're getting to know the various areas, agents etc. Find out what is going on a city hall as far as planning, zoning, etc in the areas you might consider. It took me 6 months of research to buy my 1st house here in Memphis, doubled my money in 5 years, and I had a tax deduction while I was living there...

buy low sell hi, i can help you

Biggerpockets.com answered a bunch of my questions. I'm not over there much but I have my own ideas and pace.

Get out there and talk to as many people as you can! I recently bought my first home waaaaaaaaay under value, just by asking people all around me. I have a guy that comes through my work that prior to talking to him I thought was just some average kid. A long story short, he's been buying houses in all types of "situations" for years. He is scooping up PHENOMINAL deals that even I can't believe.

Talk to realtors, talk to your banks(s), talk to friends and family,.....u get the idea. You never know who might have an "in" somewhere to some great deals, or someone that needs to get rid of a home cheap, etc.

Good Luck

Open an IRA for starters

Originally Posted by Palifornia562

I am constantly hearing about how real estate is the way to get wealthy. However, I have absolutely no idea where or how to start. I live in southern California, I only make $51K salary (BEFORE taxes) and I am paying $1050 to rent a 1-bedroom...so that's not really leaving me with much to work with. What is the first step I need to take?