Rental Property Investor · AL (alabama) · Member since 2019 · 22 posts · 3 votes
My name is Bradey and I was wondering what some of the best tips people have learned that they wish they would’ve known starting out. I’m hoping to buy my first rental property this year and eventually start a business out of renting real estate.
Bradey, welcome and congratulations on getting your investing started! I would say one of the best tips is to not sweat the small stuff and get discouraged by some of the speed bumps that you'll hit. In the grand scheme of things, the things that seem really big in the moment aren't very big at all. Take a step back and know that it'll work out.
Additionally, you should definitely consider getting your real estate investing started with a small multi-family. It's a great way to get into a property for a low down payment and have someone else help pay your living expenses.
You make money when you buy, not when you sell. For your first property at least, I recommend buying a fixer upper in order to gain the most equity. Equity is powerful. Numbers > emotion so make sure it's a good deal before you settle. Network and build relationships with those that you want help from. Listen to podcasts and read lots of books to educate yourself.