This is my first time here and I’m currently working on paying off all my debt (plan to be finished April of 2020) after that is done I’d like to purchase our first rental property.
I’m wanting to use this time to learn as much as I can so when we do make the leap I have a solid foundation.
My question is, does anyone have a To do list/ Checklist of things a person new to real estate should do before making that first purchase.
There is such an amazing wealth of information here that I just feel overwhelmed into how to go from no knowledge to first purchase.
Any help would be greatly appreciated!
Since you have so much lead time between now and when you want to purchase you next deal, I would spend it doing two things: Building your network, and learning your area.
I would join your local REIA and go to all of the meet-ups you can to meet the players in your area and see if there is a niche that is under-served or if there are investors that you can start working with/partnering with now that doesn't cost you money out of pocket. Maybe driving for dollars and finding some deals for some investors for a finders fee would work. This would get you "in" with the established investors and also get you knowledgeable on the current area while maybe getting you out of debt a little bit earlier?
Hope that helps, and good luck! Bigger pockets is a treasure trove of knowledge and you would do well to read up as much as possible!
Debt first (assuming this is high interest or credit card debt) is the best first step as it is a high yield return on your money that is basically guaranteed after that you should decide how you would like to invest and learn to analyze properties, you also want to make sure you have financing in place before you start looking seriously just in case you want to put in an offer on something.
Thanks so much Patrick! I haven’t even thought of doing that. Just been focused so much on the “business startup” rather than putting myself out there to learn from others in my area. Awesome advice!
Yes my debt is a mix of CC and 2 car payments which id like to payoff as it would clear up $700 a month for me.
I absolutely would like to be pre approved before I start seriously looking at a house and the property analystist is a big concern for me because I’m so new I’m affriad of messing up my first deal so I will absolutely be diving in deeper on the subject