To all the “yes and yes” folks - How did you get started? Where did you do your research? Are the properties in same city as you live or an other one? Any pitfalls that we need to be cautious of? Thanks.
I started small 20 years ago. The research wasn’t as readily available online as it is today. I primarily buy in the city I live in and the city I grew up in (have family there).
Certainly there are pitfalls. Tons of it. Have cash on hand. Build relationships with bankers. Do your research. Then do it again. Then do it a 3rd time. Beware of AXP they’re shit people (this may just be my personal beef). trusno1 (not entirely kidding but don’t take peoples research at face value). You are the champion of your own interests. If you don’t advocate strongly for your positions the world will take that as license to crap all over you.
Create a 2, 5 & 10 year plan with measureable milestones (so you can judge your progress). Patience is a virtue (don’t grow faster than your liquidity can absorb). Find an insurer. Be their friends. You will make them a lot of money (they will be there for you on the shittiest days). Same thing with a realtor.
Learn to do shit yourself. It will help you to negotiate when you understand the work being done. It will also save on small maintenance costs.
Love the Baz Luhrmann reference. Also, all of this is good advice. I'd add find an agent who is also an investor. They know what to look for more than most agents. If you don't know any ask around, I found mine thru Biggerpockets.com. Also, a *lot* of people are going to try to sell you things. Courses, "systems", mentorship, etc. If those people were that good investors they wouldn't need your money. Avoid them.
I don't pretend to be able to time the market; I'm bullish on seattle long term and buy whenever I find a good off market cash positive deal. I've bought at peaks and I've gotten lucky and bought at valleys.