Hi everyone! I'm looking into buying my 1st Real Estate property this year as a rental investment. What would be your best advice? (Also, any thoughts on which market?)
@Johann Maiga Excited to hear you are ready to jump in this year!
Before you start, know your why in investing in real estate? What goals do you need to accomplish your why? Do you want to invest for cash flow or appreciation? Do you need cash flow now? What is your appetite for rehab?
Start practice analyzing properties today. This is an invaluable skill every investor needs to have. It is great if a real estate agent or wholesaler brings a deal to you in a nice package but you need to also run the numbers for your self. Trust but verify.
Through consistent practice analyzing deals, you will be able to start identifying your own investment criteria and what you want to look for and returns you need in a deal. Eventually, you will be able to recognize the bad, good, and great deals.
Consider taking on a mentor or partner who can guide you through the process of investing in a deal. This may help you avoid some of the early pitfalls of newer investors. Just realize mistakes will always happen and things frequently do not go as planned. However, don't allow this to stop you from jumping in. The great thing about real estate is, over time, many mistakes are be mitigated with appreciation, inflation, value adds, etc.
Hi AJ, Thanks a lot for the tips and advices. Much appreciated.
I will definitely create a goals list and keep track of these metrics. Looking forward to learn more from you :)