How do I prepare to get started in the real estate business?

1 Reply

I’m 24 years old I have a steady job make around $2,000 a month I want to get into buying and renting out properties so I can see a million dollars in my bank account one day. Basically what I need to know is how much do I need to save? Which type of property should I start with(house, condo, trailer home, etc.)? How much do I need to make a month to maintain the property and possibly save up for another one? Those are my main questions if you guys have any additional advice please post it. FYI I’m in the Southern California area. Average prices are $300k to $500 for houses $110k to $250k for a condo and $50k to $140k for a trailer home.

Hey Shelby, I’m currently in a similar situation where I’m looking to get started. I highly recommend reading Scott Trench’s book “Set for life.” It breaks down the process into three different phases and offers a step by step guide to do exactly what you are asking about.

This book really changed the way I looked at the preparation process and really made me take a step back and analyze my plan for moving forward. All in all I think I will be significantly more prepared because of that book.

Hope that’s helpful, and I wish you luck!

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