I am a 58 year old retired teacher looking to invest in rentals to supplement my income and pay off current mortgage. I feel like I am making this harder than it has to be. What is a good first step? Thanks for your suggestions in advance.
Lisa, welcome to Bigger Pockets. We are here to help. Bigger Pockets is a great place for education and networking.
Check out the Bigger Pockets Beginners Guide to Real Estate Investing. Learn as much as you can using the free resources (guides, articles, podcasts, etc.) on this site.
Find a mentor to help you. Don't pay for any guru courses.
Use the Bigger Pockets calculators to analyze deals.
Once you feel comfortable, go for it.
Good luck and let me know if I can be of assistance.
Real estate investment is a long-term approach to financial freedom. The first step would be to build up enough cash for a sizable downpayment on your first rental property. You would also want to choose your strategy. BiggerPockets can teach you a lot about the different strategies that you can take. It sounds like you would like the BRRRR strategy. It's a risky but rewarding approach involving finding a distressed property, renovating, renting out, and refinancing at a more acceptable interest rate once the bank appraises your property at an acceptable value. Scaling this approach takes a lot of thought and planning.
I'm in Philadelphia, investing in real estate myself. If I can be of any help, just let me know. I and my partners are pretty dang good at finding the best properties for this strategy.
But yes, the first step is to build up that cash. Cash is king!
Thank you. That's helpful.
Hey @Lisa Jackson , welcome to real estate investment. It may be scary at first but a thousand miles start with the first step, you just have to start somewhere. Firstly, you can ask yourself which areas you're interested in investing. Second, you want to know what's your budget and how much you're comfortable spending. Thirdly, building a team (contractor, wholesaler, property manager...) to help you. There are much more work and details other than three things I've listed but start with those simple questions first. It's good that you know Bigger Pockets and ask for advice from people. Maybe you will learn more along the way. Let me know how I can help!
Hey Lisa, welcome to BP! Understanding Real Estate Investing is easy for all to understand. I recommend reading the book "Buy Rehab Rent Refinance Repeat". I say this because it could be a potential strategy for you to take in the future, especially if your goal is to have cash flow. This forum is always a great source of knowledge as well. Did you have any areas you want to enter? I would also suggest researching that to find the type of property you are interested in. Best of luck feel free to reach out if you have any questions!