What's the best way to start investing?

Question

Good afternoon! I haven't started my real estate investing journey just yet, but I do want to get some advice or opinions about what's best when it comes to getting your first rental property as a beginner. I've heard that starting off by doing BRRRR might not be the best way to start since it comes with a lot of problems and with buying and renting it out once you're done with renovation. I've heard some people say the best way to get into real estate is to buy a turnkey property since everything is done.

I don't have any debt at all, I have a 778 credit score, and I have about $35,000 in liquid. I don't have 2 years of work history, but I do plan to work a W2 job until I start seeing progress in my rental estate journey.

I love to hear all your responses!

I don't have any debt at all, I have a 778 credit score, and I have about $35,000 in liquid. I don't have 2 years of work history, but I do plan to work a W2 job until I start seeing progress in my rental estate journey.

I love to hear all your responses!

Nicholas L. · Answer

@Sara Habtom

the best way to get started is with a house hack.  period.  full stop.

Ruchit Patel · Answer

Yes, turnkey is a good way to start. That's how I did it and also some of my friends.

Of course, you won't have the same return as BRRRR but for BRRRR you will need 1000 ducks in a row, whereas for turnkey, maybe 1 or two.

Ammabelle Canoy · Answer

thanks for posting and sharing. i guess i am not sure i agree as BRRRR might be the best for new and experienced people. its really the best way to recycle your money as most people are not working with an endless amount of it.

Wale Lawal · Answer

@Sara Habtom

It's fantastic that you're considering real estate investing and have already taken steps to ensure your financial health by having no debt and a good credit score. Here's some advice to consider as you begin your journey:Educate Yourself: Take the time to learn about different real estate investment strategies, including BRRRR (Buy, Rehab, Rent, Refinance, Repeat) and turnkey properties. Understand the pros and cons of each approach, and consider which aligns best with your goals, risk tolerance, and resources.Evaluate Your Resources: With a healthy credit score and $35,000 in liquid funds, you have a solid foundation for real estate investing. However, it's essential to assess your risk tolerance and determine how much of your capital you're willing to invest in your first property.Consider Your Timeline: Since you mentioned not having a 2-year work history, it's important to understand how this might impact your ability to qualify for financing. Some lenders may require a stable work history to approve a mortgage, so be sure to discuss your options with a mortgage broker or lender.Network and Seek Guidance: Connect with experienced real estate investors, join local real estate meetups or forums, and seek guidance from professionals in the industry. Learning from others' experiences and perspectives can provide valuable insights and help you make informed decisions.Have a Plan: Define your investment goals, whether it's building passive income, achieving financial independence, or growing your wealth over time. Develop a clear investment plan that outlines your criteria, target market, and desired outcomes.Start Slow and Scale Up: Real estate investing is a journey, not a sprint. Start with one property and focus on mastering the fundamentals before scaling up your portfolio. As you gain experience and confidence, you can explore more advanced strategies like BRRRR or expanding into different markets.Ultimately, the best approach for getting your first rental property will depend on your individual circumstances, goals, and preferences. Take your time to research and evaluate your options carefully, and don't hesitate to seek guidance from experienced investors and professionals along the way.

Good luck on your real estate investing journey!

Nicholas L. · Answer

@Sole Angel

you might have to expand your search area.  and it might take many months.

What's the best way to start investing?

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