Episode 36: How to Get Your First Investment Property in 5 Simple Steps
“My advice is to get into real action for your real estate goals. Learn the information that you need to know about your specific financial situation and the ways you want to invest so you can start to get real estate properties under your belt.”
Did you know that 90% of millionaires build wealth through real estate? It's an incredibly powerful tool for building financial security, and I'm thrilled to share with you five simple, actionable steps to kickstart your real estate investing journey.
In this episode, I’ll guide you through getting financially prepared for an investment property, show you how to analyze potential properties effectively, discuss the importance of assembling a reliable team, and finally, reveal how to start making offers confidently.
If you've been considering real estate investing for a while, now is the time to turn those thoughts into reality. I’m here to help you step onto the court of your life and bring your real estate investment dreams to fruition. So, without further ado, let's dive in and equip you with the knowledge and tools to make your mark in real estate investing. Let's get started!
Key highlights
[00:00:00] Holistic Money Podcast intro
[00:00:57] Introduction to today’s topic: Buying your own real estate investment
[00:02:15] How to get ready for your real estate journey:
[00:02:25] Step #1: Establish a strong financial foundation for yourself and why it is important
[00:02:29] Money Mapping training as a budgeting tool
[00:06:15] Step #2: Explore real estate investing methods that suit your finances
[00:08:27] Step #3: Learn how to start analyzing deals
[00:10:11] Websites to check nearby real estate property
[00:14:10] Step #4: Assemble your real estate team
[00:15:01] Looking for an Austin realtor for investment properties? Contact Craig& I
[00:17:02] Step #5: Stop thinking about it and start doing it
[00:19:13] Holistic Money Podcast outro
Notable Quotes
Before you go and take more risks and start investing your money to make money through real estate investing, you want to ensure that you have a stronghold and handle your personal finances. You want to make sure that you've already developed some great habits with money, like you have a great financial management system that you like to use.
Ultimately, it comes down to looking at your specific financial situation, where you are, the amount of cash you have, the amount of money you can borrow, and then the amount of work you want to put into the property. That's a big consideration as well.
For those that are new to real estate investing, consider getting a home that's in pretty good shape, one that isn't going to need a new roof or water heater or isn't in bad condition so that you don't have to plan for a lot of maintenance and repairs for the future. But you must start to think about when you need to replace the roof next, or how old the water heater is, or what condition the floors are in because these are going to be expenses that you have to put into the property later on, to make sure that you keep it up-to-date and functional for people to live in.
When it comes to real estate investing, analysing the numbers is one of the most important things you can learn. The numbers truly do not lie; they can help you decide on buying your first real estate investment property.
After you’ve established a strong financial foundation, researched how to get into the market, and started to analyse deals, you want to start assembling a team of professionals to help you bring your real estate goals to life. You’ll need a great realtor with experience in investment properties so they can help you understand what you want to look for in a home to make it a great cash-flowing property for you.
Start to take real action towards your real estate investing goals by following this step-by-step process, making sure to build your credit, saving that down payment, understanding the different ways you can get into the market, analysing deals, and talking to a lender. You can start all these things as soon as today to understand what you must do to get into your first real estate investment property.
Stop thinking about it; start doing it. Real estate investing is not rocket science; as long as you're willing to put in a little bit of work, and get a little creative on how these properties can make money and how you can market and sell them, then you can start to be successful as a real estate investor, start to build your portfolio and experience real financial freedom in your life.Resources
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