First time Investing?

5 Replies

Hi Everyone!! So excited to be here!! I am looking into buying my first property. I am nervous I won't lie since that is all I hear is the first time is the worst!! I guess I am afraid of making a mistake despite overloading my brain. Any advice on your first purchase? I am not really sure what to ask since I figure I have to just go through the learning curve. I have educated my brain as much as I think my educated brain can handle though I still don't feel like I have any clue as to what I am doing.

Start with how much cash to put down, type of property, location, price point.

Based on that you might get more people to respond to specifics.

Keep analysing and learning. You will not be ready to invest until you are comfortable with what you are doing.

You also need to learn your state landlord tenant regulations before you invest. You are starting a business and must know and understand all the regulations first.

I would analyze at least 100 properties to get a feel for what is a good deal in your area. Also driving the streets will give you an idea of which neighborhoods and subsections you want to focus on. Assuming you have the rest of the knowledge, this should give you more confidence in identifying a deal in your area. Are you looking for rentals or flips? 

Thanks everyone for the words of support!! The statement "paralysis of analysis" diagnosed my problem - wow that fast saved me a lot of time and effort! Wish my doctor was like that lol!! And as Joshua put it perfectly you can only fall to the highest level of preparation. Funny how that just clicked!! Thanks for all the support - Just like Nike says "Just do it!"