Actionable steps while saving up and fixing credit.

6 Replies

Hello all, 

I am green when it comes down to real estate investing. What I mean is that I am just in the education phase and so I am reading books, watching videos, I joined Bigger Pockets, all in all, trying to learn as much as possible before being able to jump in. While learning, some things have been made clear as needed steps, such as, correcting my credit so that I can get a loan and saving up so that I have enough for a deposit as well as initial repairs. So I guess what I am asking is that while I am all excited to be learning and taking steps to be in a position to act on a deal when I'm there, is there anything I can do to maybe speed up the process or get into this now. Any actionable steps while I am waiting?

Thank you guys for your time!

You can be working on a detailed business plan, forming it as you research.  By the time we bought our first home, we knew specific streets in specific neighborhoods so well that when a good value appeared, we were the first to jump without hesitation.  We had a very detailed plan that allowed us to feel secure moving forward, and although we didn't follow it exactly, it did provide an excellent road map along the way.  

Hi @Allah-Rule Clark ,

Congratulations and welcome. While saving and fixing your credit I recommend going to every Open House you can find. Sure you can look online but really walking through properties you will begin to notice bedroom sizes and updated appliances and solid surface counters have a value. Knowing the value of houses where you want to be is key in my eyes. How can you plan a repair budget if you don't know where the end point is. You always want to know what top of the market in your place is, so you can shoot for that with the exact amount of repair needed to get there.

Good Luck! 

Originally posted by @Mike Cumbie :

Hi @Allah-Rule Clark ,

Congratulations and welcome. While saving and fixing your credit I recommend going to every Open House you can find. Sure you can look online but really walking through properties you will begin to notice bedroom sizes and updated appliances and solid surface counters have a value. Knowing the value of houses where you want to be is key in my eyes. How can you plan a repair budget if you don't know where the end point is. You always want to know what top of the market in your place is, so you can shoot for that with the exact amount of repair needed to get there.

Good Luck! 

I'm probably thinking about this the wrong way, but I feel if I attend an open house with no intentions of buying, but rather in hopes of just absorbing all the information I can get, the agent would feel that I'm wasting their time. Am I mistaken?

Any advice on getting the most out of an open house? Do you advise asking the agent or individual selling outright about what was repaired, how much they put into appliances, etc.?

Not at all. Most of the time nobody is there and I'm on my phone researching properties etc. Stop in and chat. Helps kill the bordom of an Open House. If someone else is there make sure you give the agent the break in conversations to tend to them properly. I always say this is a relationship business more than anything else. 

Stop in, let them know you arent financially ready for a year but want to start figuring out what a dollar is buying now a days. Plus your feedback to the seller is always valuable. Sucks having an Open House then telling them "Nope, no feedback"