Where does one start?

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I have recently started to learn what it is to be wealthy, which I never wanted or cared for... silly me, I dIdn‘t know it meant freedom. I now find myself in a position that requires me to have money coming in from a non-employment source, and I have none. First of all: I need to express my gratitude at learning this lesson early while I’m debt free and young enough to impact my children’s futures. Second: Can someone point me in the right direction as to where to start? I currently only have $30,000 available to start my portfolio. I am located in Nova Scotia, housing can be quite affordable, however, I am on leave from work and unfortunately I cannot return to work as I am caring for my spouse who requires constant care for the forseeable future. I know this makes things so hard. What can I do? How can I buy my first rental? Where do I start? I‘ve been watching Youtube and reading all the books recommended, I am unsure about the strategy I should take. Thank you for any and all advIce.

Hi Melody,

I'm sorry to hear about what you're going through, but things will get better! They always do!

In terms of getting started, my best suggestion would be to seek out a mentor that has done what you are interested in doing so that you can bounce ideas and get your questions answered. Are you interested in using hard money for your deals? If so, it might be a good idea to speak with a hard money lender and find out how much you might qualify for and how it might affect your finances before you really start looking at properties to invest in.

Also look for local real estate groups in your area (if available) where you can connect with all types of investors that can provide a wealth of knowledge. Hope that helps! Good luck!

My steps for getting started:

1. Get your financial life in order. This means debt-free and you've got money saved up for your purchases. Don't buy into the hype of no-money-down peddled by get-rich-quick gurus.

2. Start your education with books that provide a solid overview of real estate investing, finding deals, funding deals, and managing rentals. 

3. Once you have the basic foundation, build a game plan. This could be as simple as purchasing one single-family home a year. Get a taste for it, gain some experience, and then build a more robust plan later when you have a clue.

4. Get started! You can fill in the blanks as you go. Don't get "paralysis by analysis" waiting until you have complete knowledge of all things real-estate related. Most mom-and-pop investors bought their first property without really knowing what they were doing and they muddled through it and survived. You can do it. Just do it.

@Christina Peterson thank you very much for your kind wishes and suggetions. I have joined a local real estate investors meet up, next meeting is Wednesday! I’m not sure if hard money is something I’m interested in, but I know very little about the option’s implications. I’m so excited to learn though.
@Nathan G. Thank you very much! You hit the nail on the head with getting caught up in the details. I am a very detail oriented person, and when it comes to real estate, I am completely ignorant which causes anxiety. I appreciate you taking the time to write such a detailed response too.