@Kneegel Benjamin I just saw your post. I see that you did not have a reply but hope that you still have the motivation to fight for a better future. In the past, I replied to similar questions that have been posted. These are a collection of things that I have addressed:
Before you acquire any property, spend some time reading a lot of articles and forum posts to get a grasp on the different ways you can make money in real estate. Learn these different ways, familiarize yourself with the different financing options, learn about the different structures of a home/apartment building (no need to be a pro for this - Just know what they are and the way they work). I cannot stress enough that reading a lot is going to give you the knowledge you need and more confidence when it is time to execute. Every day, I would google a specific area of real estate and learn more about it.
While you read a lot, attend as many open houses of properties for sale in your area as possible. Just walk in and exchange with the realtors. You may come across one realtor you can connect with and that person can assist you in your acquisition(s). He/she can also take you to visit any property that is currently on the market. That is how I met my realtor with whom I am about to close on my first property. Visiting the properties will also give you a sense of what to expect on properties coming in the market. Visiting a lot of properties also helped me get "desensitized" to the beauty of some of the properties I have seen so that I could focus mainly on the numbers and the property features.
Analyze some potential rental properties even though you do not intent to purchase them. This will help you understand how the different costs, mortgage and rent can affect the return on investment. You could use the BP calculator (5 times for free membership) or find some available online for free.
The most important thing that is going to get you ahead: commit to do 1 thing at least every day that is going to get you closer to your goal of acquiring and creating wealth through real estate: read, analyze, go to open house....
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you