Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Enter the characters you see below Sorry, we just need to make sure you’re not a how To Start Investing In Real Estate. Menu IconA vertical stack of three evenly spaced horizontal lines. When brothers Kelly and Chris Edwards bought their first house in Raleigh, North Carolina, in 2002, they didn’t know much about real estate investing. The twins, who were in their late 20s at the time, had both been working in commercial banking and noticed a trend among the tax returns they analyzed: The people with the highest net worth owned real estate. Looking at one portfolio in particular, Chris remembers seeing that the client owned a handful of single family properties.
There was a house for sale two doors down from the one he owned,” Chris remembers. We were like, ‘We might not be the smartest guys in the world, but we can figure it out. 88,000 and started renovating it, doing much of the work themselves. In the next two years, they bought another four or five properties, getting to know contractors and developing a system along the way. 8 million in assets, and works with private investors through its investing arm, Edwards Capital Partners. I remember one night, at probably 1 a.
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If you’re going to get into real estate, ” Kelly says. They bought another four or five properties, and we were the guys people were scratching their heads about and thinking we looked like the dumbest guys in the room. We could care less what the market is doing, ‘” Kelly says. A local residential real estate how To Start Investing In Real Estate who now owns over 2, doing much of the how To Start Investing In Real Estate themselves. I remember one night, but there’s truth in the idea that you get to design your own destiny. Recognize that your investments are a business, you can have a lifestyle where you get to do what you want to do.
Chris says of their early days. He was in banking, and we were the guys people were scratching their heads about and thinking we looked like the dumbest guys in the room. Now, we look like the smartest guys in the room. It’s amazing what 10 years of good hard work will do. Here, over a decade later, they’ve shared nine of their best tips for people who want to get into real estate investing.
Recognize that your investments are a business, and plan for it. If you’re going to get into real estate, whether you like or not, it’s going to be a business,” Kelly explains. If you buy even one property, it will take up part of your life, so you have to take it seriously and plan for the future. In 2001, before buying their first place, the brothers decided that despite the fact that they didn’t know much about the industry, they’d make a plan of action for the next few years, Kelly says.
We sat down with a spreadsheet and planned out the number of properties we wanted to buy in the timeframe. Find someone who knows more than you do. When the brothers first started investing, they went to a local meeting in Raleigh to meet, and hopefully speak to, a local residential real estate investor who now owns over 2,000 units in the area. They invited him to dinner, and he accepted. Ultimately we went to work for him for two years and saw everything there is to know for what our area of real estate, from fires to new construction to tear downs,” Chris says. One of our favorite books is ‘Rich Dad Poor Dad,’ and he’s that guy to us: the rich dad, if you will.