Realistic Early Actionable Steps

[Erica Davis]

Is it ever too early to start taking actionable steps?

I know I won't be purchasing a property for at least another year (due to where I currently live and to increase my savings). I plan to move to the market I choose to invest in and house hack a multi-family home. 

I'm not sure if I'm at the stage of speaking to lenders to see what I qualify for because I won't be buying anything in the near future. Is this thought process holding me back? Should I reach out to local banks even if I don't have the exact savings amount I want currently, and know I won't be purchasing right away?

Any other advice on realistic actionable steps to start taking early is greatly appreciated!

[Ricardo R.]

Hey Erica,

It’s never too early to start — honestly, the fact that you’re thinking a year ahead already puts you ahead of 90% of people who “plan to invest someday.”

You don’t need to talk to lenders right now if you know you won’t buy for 12+ months, but doing a soft prequalification chat with one or two local banks isn’t a bad idea. It’s not about getting approved — it’s about learning what they’ll look for when you are ready. Ask them:

• What credit score, debt-to-income, and reserves they like to see for house hacks or multi-family loans.

• What first-time buyer or local programs exist in your target area.

• How they treat projected rental income when calculating eligibility.

That info gives you a clear goalpost — you’ll know exactly what to fix or build before next year.

In the meantime, here is my advice and some actionable steps you can start on now:

• Pick a target market and study rents, prices, and zoning. Pretend you’re analyzing deals weekly so it becomes second nature.

• Work on savings and credit, even small improvements matter — an extra few thousand or a slightly better credit tier can shift your interest rate a lot.

• Network early. Start reaching out to local property managers, agents who work with investors, and even contractors. When you do move, you’ll already have boots on the ground.

• If you want to house hack, start learning landlord basics — leases, fair housing, screening, etc. That’ll make your first deal way smoother.

So yeah — reach out to lenders for info, not preapproval. Everything else you can start right now, and by the time you’re ready to buy, you’ll move fast and confident instead of scrambling to learn it all at once; Erica I really hope this helps you get started a bit, I sent you a DM on BP... it's one of the reasons I do this, I hope you can assist. Thank you in advance.