5 Achievable Steps to Get Started in Real Estate Investing [Video!]

5 Achievable Steps to Get Started in Real Estate Investing [Video!]

1 min read
Philip Michael

Philip Michael is the founder of NYEG, a real estate and VC company with $80MM in the development pipeline.

Experience
Philip is the bestselling author of Real Estate Wealth Hacking: How to 10x Your Net Worth in 18 Months. He’s also an expert columnist who’s been featured on Forbes, Black Enterprise, Entrepreneur, and other media outlets.

Formerly, he was a TV/radio host on SiriusXM and Fuse. Philip’s also the founder WealthLAB and DealFLW, a free real estate investment analyzer—both of which have been recognized by Forbes.

Philip and his team are currently developing a series of historic projects, including the first black-owned high rise in Jersey City, the first smart home development in Jersey City’s McGinley Square, and the first voice-controlled student housing building in Philadelphia.

A native of Denmark, Philip came to New York in 2014 with $79 in his PayPal account. In 2015, he joined Bisnow Media (the largest commercial real estate news source in North America) and helped lead them to a $50MM sale as national editor and director of content strategy.

In 2019, NYEG launched a Venture Capital arm, which invests in minority and/or women-owned, early-stage startups.

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Not sure how to get started with real estate investing?

Here are 5 simple, easy-to-follow steps to getting started in real estate investing—even if your pockets are a little light.

How to Get Started With Real Estate Investing in 5 Steps

  1. Obtain a pre-approval letter. Learn how much you can get approved for in terms of a mortgage. If you’re a first-time buyer, you may be able to make use of an FHA loan with very little money down.
  2. Find your deals. This could refer to either off-market or on-market properties. A good broker can help you find deals to fit your criteria.
  3. Run your numbers. If you want your money to be an asset, you may want to look for a property with multiple units where you can live in it and rent it out. You’ll want to understand how much your gross income, expenses, and profit will be.
  4. Make the bids! Say your broker provides you with three to five deals that you like. You’ll want to vet these properties further to see which you choose to offer on. If this is your first deal, you may want to pursue a property that’s already renovated (a turnkey investment).
  5. Closing. Make sure before you go to closing that you perform your due diligence. Once you complete the closing process, the property is yours!

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Any questions about these steps? Where are you in the process?

Leave your comments below!