- Posts 15
- Votes 4
Xổ số vuông hôm nayI've been on BP for a few months now and ever since Brandon did the Order of Man podcast, I've been consuming new and old BP as well as BP Business. I've been around real estate, mostly in commercial lending and now commercial title sales and wished I had started when I was younger, but in the past 6 months, I've gotten really into learning about this so I can protect my family from future financial devastations; much like when I got let go after 17 years of service to my previous employer.
Xổ số vuông hôm nayI feel like I'm drinking from a firehose and would appreciate any direction for a newbie getting stuck in a little bit of analysis paralysis with a fair amount a fear to fail.
- Posts 13
- Votes 60
Hello. Just wanted to let you know you are not crazy. YOU ARE DRINKING FROM A FIREHOSE! Over time like anything, it will get easier. For me, I had to break it down one step at a time. The big 3 that you will need is money, properties and construction crew. How will you purchase your homes? Will you do it the traditional way or the BRRRRXổ số vuông hôm nay method? How will you find your deals? Who will do the rehab? As you are answering these questions you will start to learn about other small things. Take it one day at a time. I promise it's worth it!
- Posts 1.2K
- Votes 960
Xổ số vuông hôm nayFirst thing I would do as others in here have stated is figure out "WHY" you are doing this. Once you know that and you know your end goal then you work backwards. The goal has to have a finite destination and time limit on it.
For example you may say your goal is 20 houses in 20 years (paid off) earning $20,000 per month.. (20,20,20 goal).
Xổ số vuông hôm nayNow you know where you're going and the timeframe for this to happen. From here you can build out your strategy, for example here you would want to have the 20 properties purchased the first 10 years so that they can use the final 10 years to pay themselves off. This means that you have to buy 2 properties per year which means you have to close on a property every 6 months which means that you have to find a property in 3 months to have it on the market and rented the following 3 months.
And the properties need to have a final cashflow of $1,000 per month after all expenses are paid. This will dictate where you purchase and look for properties based on that number alone.
My point is that you always start with the end in mind and work it backwards, this creates the strategy (Buy and hold, flip, Wholesale, Notes) which will be driven by the tactic (SFR, MFR, Mobile homes, Short term rental etc)
Xổ số vuông hôm nayI always coach people and explain that the property is actually the last piece of the puzzle not the first.
Hope this helps
- Posts 1.4K
- Votes 938
Xổ số vuông hôm nay1) Clarify your goals
2) Decide on the best strategy to meet those goals
Xổ số vuông hôm nay3) Decide on a market to pursue your strategy
4) Find the right team to work with.
Remember Rockstars know other Rockstars so often one key contact (ie realtor) can allow you to leverage their entire team. Always be learning. Attend local REIAXổ số vuông hôm nay groups and be on the lookout for a mentor, whether formally or informally, this person will be happy to teach you and bring you along. Reach out if you ever want to hop on a call. Good luck!
- Posts 15
- Votes 4
thanks. I need to really just engage with the tools here more so it doesn't feel so overwhelming. One bite a day of the elephant right?