New, and nervous.
Hey, all. Somehow, this site has eluded me until this past week. I have had a curiosity about real estate investing for a decade or so (I'm 53, and , but never took any action. After AI displaced my technology role, I began searching for a new career -- and stumbled upon bookkeeping; a profession, it turns out, really fits the way my mind works.
Now that I am confident in my bookkeeping skills, to better market myself, I spent a good deal of time thinking of different niches to specialize in. While I am not 100% set on this decision, real estate (and specifically real estate investors) are currently very high on my list of interests (in competition with specific fields within the healthcare industry).
I am a forever learner, and recently began taking a course specifically built to address the needs of real estate investors, and it has been going well so far.
My nervousness stems from the unknown. And maybe it will be addressed later on in the course I'm taking, but what is making me hesitant is knowing how the accounting formula (assets = liabilities + equity) applies to investors? And, naturally, the list of transaction types will vary based upon the type of investment (BRRRR, STR, LTR, Fix & Flip, builders, wholesalers, etc...).
I will be searching for these answers myself, but for now I'm wondering: are there known, reputable resources that detail the type of financial information an investor will need to be mindful of, by type of investment?
For example: mortgage, property insurance, escrow, utilities, permits, etc...
The above expense types will presumably be different (or of different importance) for someone who's considering renting an existing property they own versus someone scoping a new property to purchase for a fix and flip.
It's just the understanding of the process that is really holding me back, so any advice or suggestions will be most welcomed.