All real estate investors dream of finding that home run deal that cash flows tremendously day one or a fix and flip that has no problems in the process, sells in a week, and nets you $200k. Yes, these deals do happen but they are a rare sight and more often than not it is a pro finding this dealing and won't stop telling you about it for as long as they live.
As a beginning and intermediate investor, aiming for those base hits is what truly creates wins. I believe starting with a house hack is the best way to go. You will learn the transaction process of finding and buying real estate, taste a bit of property management when getting roommates, and a little bit of why it is so great to invest in real estate by collecting rent and ideally living with a lower housing expense if done correctly.
This strategy will then open you up to the other avenues of real estate investing. Plus maybe after a few months you will realize that real estate investing is not for you... And that is okay! It is better to find that out on a house hack than trying to hit a home run with a fix n flip and losing $20k doing so.
Wholesaling is another good place to get a base hit. This will teach you how to find a good deal for when you make it to your first flip.
Also, educate yourself before diving straight in. It's easy to get burned if you have no idea what you're doing. Read a few books, listen to a podcast and you'll start to understand it very well.
After several base hits of long term buy and hold investments you will have a good chance of hitting level one financial freedom. This is when it really starts to get fun and you can focus in on your niche and possibly find one of those home run deals!
Comments