Updated over 2 years ago on . Most recent reply
Where to start as a first time property investor
I am a first time investor in property, and I am very keen in investing in property but I don't know where to start. What is the best way to get my foot in the door? I want to invest in a property for rentals by the end of this year. Any thoughts on how and where to start?
Most Popular Reply
The books that Bigger Pockets offers are a great start. So is their Rookies Podcast. Great place to start.
Check online and see where your closet Real Estate Investors Group is. Attend one of their meetings, get a membership, and start to meet new people. Build relationships.
Your network is your net worth.
At the same time, start to learn the real estate world. Stop scrolling social media and start checking houses that just sold on Zillow (MLS, propstream, and others if you can) and get familiar with the pricing; quality of properties/units; time spent on market; etc. Check out the data on NAR and FreddieMac. Get familiar with looking at the market in general.
Your next thing is to decide what you want to buy first. Then talk to a mortgage lender to find out what products you can use and what you need to get a pre-approval. Get a pre-approval. Or get someone who has private money and partner with them for capital.
Start hunting for what you want to buy. Run the numbers on all your considerations. Then pull the trigger when ever it makes sense.