Have you ever thought about buying a piece of real estate? Maybe you’re thinking of buying a house to live in or maybe you are thinking of buying a property to rent out. If you have thought about buying real estate before and you are interested in taking that leap, you are in the right place.
Real estate can be scary to dive head first into. There are a lot of what ifs that would be nice to be answered. You might not know how to get financing, you may not know how to manage a tenant, you may be afraid of something breaking and having to go fix it, you may be afraid to fix the leaking toilet at 2am, which everyone mentions but I have never had happen or know anyone who has had that happen. You may think this is such a hot market and there are no good deals out there. You may not have the amount needed for a down payment. You may be afraid of buying a property and values receding. Let me tell you, these are all valid concerns, but they do not have to stop you from moving forward.
Through education and action, these concerns above which may seem overweighing right now, will soon become trivial. Once you start learning about real estate investing and getting repetitions in analyzing properties, you start to get comfortable with the idea of investing. This is a good point to start building your team, to prepare for your first investment or if you are already investing but do not have a strong foundation, now is the time to set on up.
Steps to become comfortable
- Bigger Pockets website and their rookie real estate podcast,
- Tutors of Life, podcast and website
- Rich Dad Poor Dad
- The book on Rental Property Investing
- Join a local REIA (Real Estate Investing Association)
- Ask yourself, why am I doing this and why do I want to invest in real estate?
- Analyzing properties
- Use a tool or make a tool to analyze properties
- Bigger Pockets has these tools if you are interested – you get a couple free trials before having to pay the yearly membership, which I believe is around $397 right now
- Look at local MLS deals to get used to running and calculating numbers
- Build your team and network
- FHA, VA, First time Home buyer
- Down payment
- Property Management
- Buy your first deal
I may need to tweak this list over time, but these are the main things I can think of at this moment for investing in your first real estate property. It is more than reasonable to go through this process and hit step 4 in 3-6 months. It all depends on how fast you want to move.
You do NOT need a coach or a class at this point in your journey to buy your first investment property. There is more than enough free material out there to buy your first property. If you have researched these things and are timid to moving forward, then you can look for coaching and help. Just remember, you do not need a guru on Instagram or Facebook to teach you how to get into your first real estate deals.
Please comment if you think I am missing any crucial steps or if you have any questions.
Your life Tutor