Hello so I have a million questions lol I have not yet invested into my first property, but before starting out any pointers I should do? I have been reading and doing things before starting any investment. goal was to reach 4-6 months worth of savings for my own personal finances. I also started an account with a local credit union which I intend on using for investments. Should there be other accounts or "financial planning" I should do before starting out. I have a 401k with day job and just want to be as prepared before I start. As well I am 26 but the way I think I feel 46 lol any help would be APPRECIATED!
You need to determine what "role" you want to play in a real estate deal.
- Bird Dog: Low to no costs, but requires time and energy. Low revenue ($100 - $1,000 based on market).
- Wholesaler: Low costs and requires time, energy and ability to negotiate deals. Modest revenue ($5,000 - $10,000 based on deal).
- Investor: Cost of money, but little time and energy required. Good revenue (high ROI of at least 15% cash-on-cash basis on deals ranging from 3-12 months).
There are other roles in the real estate deals, but they generally don't have skin in the game and are paid as part of processing the transaction (real estate agent, loan agent, appraiser, home inspection, property management, etc.).
If you want to get into real estate, decided on your role based on your strengths and weaknesses.
God Bless You!
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