I am looking to buy my first property as a multi family where I can live in and rent out the other space. I am 23 and in the military but plan to be around this area for a while. I have over $40,000 saved to buy, but no experience or real knowledge of purchasing a home or rental property. Where or who should I begin taking too? Are there specific books, types of people, apps, or other little things to gain knowledge from? I hear people say dive in head first which I’m all for, but still cautious. Thank you.
You already completed one crucial step, which is to create a Bigger Pockets account. My advice on where to start is to develop a routine and stay consistent. For example, I am also in the military and found it imperative to protect my most important asset (TIME). I read the book Miracle Morning and started his SAVERS program. It completely changed my level of commitment and balance between my passion (REI) and ensuring I am performing at my top with my military job. Create your routine and keep carving away each day. You are young and already have a significant amount of savings to start, and make sure you have a strategic reserve in place. You can achieve this by getting a VA or FHA loan for your first property and still have room in your budget for repairs if needed. Below are my recommendation for podcasts and books!
-The Military Millionaire Podcast @David Pere
-BPs Money Podcast
-BPs RE Podcast
-Rich Dad Poor Dad
-The Book on Rental Property Investing
There are several more I would recommend, but if you're just starting, you need to learn the basics and align your goals.
@Joshua McMillion appreciate all of the information and details. I will start today looking into each of those references. I completely agree that time management is a big concern and being able to control that is vital. Thanks again and look forward to a new beginning!
@Mitchell Tyburczy @joshua McMillion summed it up better than I could have! He's absolutely right. First of all, congratulations on deciding to start investing in real estate. You have made a decision that will likely make you a very wealthy person someday. That being said, you need to start building your knowledge base first by consuming as many podcasts, articles, and books as you can. Also, I recommend reaching out to as many people as you can who are doing what you want to do. There are many active duty real estate investors (like Josh and myself) on this forum that will help you out with every step along the way.
I also HIGHLY recommend joining a mastermind group like the War Room. It's important to surround yourself with people who are also interested in real estate. I joined the War Room last Spring and it was a game-changer. There are many folks in that group that have done and are currently doing what you want to do.
Please don't hesitate to reach out with more questions. One of my passions is helping fellow military members learn more about personal finance, real estate, and investing! Best of luck and keep us updated on your progress.
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