Top 5 tips for a newbie #EagerNewbieHere!

5 Replies

Hello everyone!

My name is Toa, and I’m super excited to be a part of this real estate community! Please help me out with your top five tips for beginners. I’m thinking multi-family/ house-hacking to start... Please share!

Thank you in advance 🙏🏾

@Toakase Tafuna  

1. Join a local REI association

2.  Consume all the information you can

3.  Know that real estate is a marathon and not a sprint

4.  Good numbers on a spreadsheet don’t constitute a good deal

5.  Don’t fall in love with a deal.  If it doesn’t work, don’t try to force it to work.  

Bonus:

Since you plan on househacking, check out the fha 203k loan. It allows you to purchase properties that a typical fha loan wouldn't finance. It even allows you to finance the rehab costs. The only negative is that you have to use a HUD approved contractor. You can't do the work yourself.

Double Bonus:

When networking at the REI association you join, don't think about what others can do for you, but what you can do for others. That's how relationships are formed.