Discount Rates and IRR important for beginners?
Hi everyone, I am a beginning investor, studying hard each day and planning to purchase my first single family rental income property by the end of the year hopefully. I am currently studying books and videos to up my preparedness for when I take some action in the next couple months.
In my study of investment analysis, I'm being introduced to investing concepts like IRR and discount rate, which I am finding very confusing as a beginning investor just trying to get one property going.
My question is, is it really necessary for me to fully understand and implement concepts like IRR and discount rates right now? I have been reading and watching videos, but I must say it's not sinking in so much. Is this depth of analysis typical or necessary for a first single family rental property? If yes I will double down. But I'm not sure if it's worth my headache in terms of prioritizing my research. Thanks for any guidance!