Today I’ll be going over the three steps you need to take when beginning your real estate investment journey:
1. Manage your finances. Pay off credit card and consumer debt, and start managing your money on a weekly and monthly basis. When your income comes in, set some money aside for investment. This way, the money is allocated for investing instead of being used for vacations or other things that drain your funds.
2. Choose a strategy. There are two basic strategies: flip and hold. You’ve already seen house flipping on HGTV, and while there are financial upsides, big risks are involved. I recommend starting with the hold model—buy a single-family home or multi-family home (duplex, triplex, or fourplex) and rent it out. It’s a secure investment that brings you long-term income, and there isn’t a lot of financial risk or volatility.
3. Get professional guidance. This is the best way to determine which investments are good and which are bad. They’ll guide you through the process and help you figure out what to do. However, you want to make sure they themselves are actively investing in your real estate market.
If you have any questions about buying, selling, or investing, feel free to reach out to me. I look forward to hearing from you soon.