4 New year Steps for Aspiring Real Estate Investors

4 New Year Steps for Aspiring Real Estate Investors 

Are you looking to get started in real estate investing but don't know where to start?
Check out these 4 actionable tips that will help get you started this year!

1. Educate yourself

What’s your investing goal? Do you want to house hack? Buy and hold? Flip or wholesale?

Review your long-term goals and research what real estate investing strategy will help you meet them.

There are thousands of free and low-cost real estate investing resources such as books, YouTube videos, blogs, courses, and other content on the internet.  Make a realistic and attainable goal to learn as much as possible about your investment strategy.

Here is the book I recommend for new real estate investors. This is the exact book I read to get started!

For more in-depth training as a new investor, you can also attend seminars/workshops on real estate investing. These events offer an opportunity for investors who are interested in learning directly from well-established investors, or simply want some guidance with their decision-making process - both before they buy as well afterward if necessary- and you can network with other real estate investors!

REI platform has a 5-day real estate investing course coming up soon! This course is for new and aspiring real estate investors and will provide all the tools needed to get started as well as continue to build their real estate portfolios. I’ve taken everything I’ve learned and packed it into this course that will give you the EXACT steps you need to take to purchase your first investment property in as little as 30 days.

You can sign up to be notified as soon as it drops here.

2. Check your credit

What’s your credit score?

What is on your credit report? Do you have a good credit history? If so, then when applying for mortgages in the future it will be easier to get approval. Check your credit report with all 3 of the credit bureaus. Transunion, Equifax, and Experian. You can check all three of your credit reports for free on annualcreditreport.com

Double-check your credit reports for errors

You have the right to dispute inaccurate records that appear on your credit report. If you see something wrong with what’s listed, contact the credit bureau so they can review and correct any mistakes made.

If you have no credit history, a good way place to start is to open a new line of credit or a secured debit card. Using either of these options can build your credit up over time, but only when used responsibly! Remember when your future self is in the mortgage process the bank will have their nose all in your financial business!

3. Set a goal and create a savings plan

Have you heard the phrase “It takes money to make money”?

Do you know how much money you need to have to purchase an investment property?

It is a common misconception that you can get into real estate investing with no money. Yes, there are low down-payment mortgages, down payment assistance programs and creative financing strategies, however each of these requires you to have some cash reserves.

It's important that your finances are in order. Doing this proactively will save you future stress AND set you up for success! To help make sure everything goes as planned on the financial front-and back-, create a savings plan set aside some REI money. DO NOT touch this money. That money belongs to your future and is the starting block to financial freedom! Remember, your savings plan will help you reach the goal to purchase your first or next investment property.

4. Interview lenders

There are many different mortgages. and you may have to do some digging to find a lender that fits your needs. You will want to work with a lender who can listen and understand your goals, budget & needs so they find the best option for you! Before making any commitments, contact at least 3 different lenders so you can see what your options are. Ask the lenders about their down payment options, closing costs, and fees. This way you will be well informed and in a better position to choose the right mortgage.

Taking some dedicated time to get educated, check your credit, create a savings plan, and speak to lenders will get you on the fast track for your first investment property.

Email or DM me any questions you have about these. I am happy to help!

-Shay 

Owner | Own It Real Estate Solutions

[email protected]