Hey everyone, I am new to real estate investing. I am coming across a dilemma at the moment, I am having a difficult time figuring out were to start. When I say where to start I mean - what is my first step! I have read the bigger pockets free book and love it however I tried to analyze some properties but got stuck.
I am a systematic type learner, I need structure and action steps. If some one would be so kind as to structure a bullet point outline on the first action steps to take that would mean a lot. Thank you.
Sure, happy to help! I have been a real estate investor for many years - over 10. We manage and own over 100 units, so happy to help provide some direction to you:
1. Get really clear on your goals - why do you want to invest in real estate? I believe that saying "to make money" is not good enough and not deep enough. What is the DEEP "why" statement for yourself? There are LOTS of ways to make money. So get clear on why real estate as the investment vehicle.
2. Become clear on your investment goals. In other words, what are your current goals - making chunks of cash, making passive income, or building wealth long term? Each of these investment goals will lead to a different real estate investing path.
3. Then take a personal inventory. There is a lot to learn in real estate, but you must take an inventory FIRST to see what YOU are bringing to the table. Your assets, your time, your skills, your personality, etc. Everyone has strengths to bring to the table. Figure your strengths before you begin educating yourself.
4. Once you are clear on your investment goals and can begin to see what your "personal inventory" is telling you - you can begin to focus on a real estate investing path that aligns with your goals and with who you are!
5. I am all about taking action in small steps. Make a list of 5 actions you can take this quarter (one more month to go) to move closer to investing in the path you have chosen.
I help beginners all the time. I would be happy to talk off-line if you would like. Please feel free to message me!
Hope this helps!
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Great, Thanks for the help everyone.
@Elizabeth Faircloth I will be reaching out to you soon thanks so much.
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