Getting Ready To Invest In Real Estate
In my opinion, one of the most important things you can do when it comes to real estate investing is to look at the big picture! And while every real estate investor’s answer is going to involve wealth there are other pieces to this that must be thought about. For example:
If you’re looking to acquire properties that you plan to sell when you retire buying based in a high appreciating market rather than focusing on cash flow is going to be more important to you
If you’re looking to keep your properties when you retire then the volume of units and cash flow are going to be more important than appreciation
If you’re looking to build up cash to eventually purchase large multi-unit properties, flipping might be the answer for you.
If you’re looking for cash flow and love traveling to certain places, Air BnB’s might be for you!
If you’re looking for consistent cash and to have your rentals be your main source of income when you retire then the BRRR method might be the right one for you.
Regardless, what I am saying is step number one needs to be determining your END GOAL is key because without that as you can see there are many different avenues and it is easy to lose focus if you don’t know where you’re going.
Secondly, it’s time to determine what you are going to need in order to obtain that goal and then work backwards on all the math that is involved (yes, there is a lot of math)
Third, break your long-term goal into smaller 5-year plans making it much more attainable and easier to stay on track to hit your goals. You can go so far as breaking it down to yearly or even monthly goals, it just takes time and planning.
Lastly, surround yourself with like-minded individuals. If you are wanting to get into real estate investing you should be connecting with other investors, especially ones that are doing what you want to do!
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