5 Achievable Steps to Get Started in Real Estate Investing [Video!]

by | BiggerPockets.com

Not sure how to get started with real estate investing?

Here are 5 simple, easy-to-follow steps to getting started in real estate investing—even if your pockets are a little light.

How to Purchase Real Estate With No (or Low) Money!

One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.

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How to Get Started With Real Estate Investing in 5 Steps

  1. Obtain a pre-approval letter. Learn how much you can get approved for in terms of a mortgage. If you’re a first-time buyer, you may be able to make use of an FHA loan with very little money down.
  2. Find your deals. This could refer to either off-market or on-market properties. A good broker can help you find deals to fit your criteria.
  3. Run your numbers. If you want your money to be an asset, you may want to look for a property with multiple units where you can live in it and rent it out. You’ll want to understand how much your gross income, expenses, and profit will be.
  4. Make the bids! Say your broker provides you with three to five deals that you like. You’ll want to vet these properties further to see which you choose to offer on. If this is your first deal, you may want to pursue a property that’s already renovated (a turnkey investment).
  5. Closing. Make sure before you go to closing that you perform your due diligence. Once you complete the closing process, the property is yours!

Any questions about these steps? Where are you in the process?

Leave your comments below!

About Author

Philip Michael

Philip Michael is a real estate developer, bestselling author, and washed-up soccer player. Before getting into real estate, he used to talk boxing on SiriusXM and Fuse. He’s also the former national editor/content strategy director at Bisnow leading up to the company’s $50M sale. Check out his blog WealthLAB here.

2 Comments

  1. Ryan McGlasson

    I have always wondered can you retract an offer on a house? Say you were given 5 leads from your broker and 3 were good, is it wise to make an offer on all 3? What if more than one is accepted? Can you back out without a fine or..not sure how that works. Great video nonetheless 🙂

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