Total newbie here. Recently, I've been waiting to make the jump to owning my first rental. I stumbled upon biggerpockets (kudos Brandon on those youtube videos!!) and realize there are aspects of REI that never occurred to me. So now I'm soaking up all the information within this site educating myself. My question is how did you know you were ready to make that first purchase?
@Nikki Beall There is an infinite amount of stuff to read or watch regarding REI. You probably already see that and that is why you are asking the question. You will know when the fear of NOT taking action is greater then the fear of making a mistake...
@Arlen Chou Thank you. That makes sense.
I feel like most people never really feel ready until they finally make the plunge into investing. For me personally, I have a few personal finance goals that I have set for my self to achieve and once I get those I will start looking for what I consider a deal, then I'm going to make the jump (if I am able to get the deal of course, otherwise keep looking!) In my opinion, the most important thing is to establish some sort of system and rules for yourself that will make the process less scary to you.
Hi @Nikki Beall ,
For us, it was a matter of getting to the point where we understood the basic fundamentals of investing (from books, podcasts, etc) and had realistic expectations of what we were getting into (the good, the bad, the ugly). Once we had our first property is when the practical learning really began (and continues...the learning never ends). Good luck on your journey!