What are some of the best tips that you have learned for starters

Question

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 Peavy · Answer

@Aaron Flake

Not yet but I’m hoping to have at least one primary and a rental by the end of the year if I can find financing

Aaron Flake · Answer

@Bradey Peavy

Yes, the BRRRR strategy is a good one. Do you already have a primary residence of your own?

Bradey Peavy · Answer

@Aaron Flake

Awesome thank you so much. So you’re suggesting something close to the brrrr strategy?

Bradey Peavy · Answer

@Mason H.

AWESOME thank you so much. I’m looking at a few single family properties right now! I just need to get creative with the financing.

Aaron Flake · Answer

@Bradey Peavy

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.

Mason Hickman · Answer

@Bradey Peavy

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.