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

by | BiggerPockets.com

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!

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

Leave your comments below!

About Author

Philip Michael

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 $50M sale as National Editor and Director of Content Strategy. Founder of NYEG, a real estate & VC company with $80M in the development pipeline, 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. Philip is the best-selling author of Real Estate Wealth Hacking: How To 10x Your Net Worth In 18 Months and an expert columnist for Forbes, Black Enterprise, Entrepreneur and others.

2 Comments

  1. Ryan McGlasson

    I have always wondered can you retract an offer on a house? Say you were given 5 leads from your broker and 3 were good, is it wise to make an offer on all 3? What if more than one is accepted? Can you back out without a fine or..not sure how that works. Great video nonetheless 🙂

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