On episode 3 of From the Nest Podcast, we are reviewing 5 simple steps for beginner investors to take. Are you thinking about buying an investment property? Then this episode is for you!
DEFINE YOUR STRATEGY:
- Are you interested in fix and flips? Live in flips? Rental properties? Single family or multi-unit? There are so many different strategies when it comes to real estate investing. What strategy is right for you?
- If you are serious about getting into real estate investing and aren’t planning on making all cash offers, you will need to contact a bank to get pre-approved.
- Find a lender that is knowledgable that can be a part of your team and answer all of your questions.
CHOOSE YOUR NEIGHBORHOODS:
- It is all about location! This will vary depending on the type of strategy you have chosen, but it is important to begin narrowing down the areas where you want to search for properties.
- Start listening to podcasts – like mine! 🙂 Bigger Pockets is a great podcast for real estate investors and their website is a great resource for articles and to connect with other investors.
- Create a Pinterest page and begin saving all of the useful information you find online. It will be an extremely useful place to visit when you want to find all of your helpful articles in one place
SET UP ALERTS:
- Once you have narrowed down your neighborhoods it is time to set up alerts to review properties in the area. You can set them up on your own through the Zillow or Realtor.com app or work with a local real estate agent to set up email alerts straight from the MLS.
Once you have taken these 5 steps, learn how to analyze a deal!
Tips of the Week…
Chris: A quick and inexpensive way to update a room is to swap out the old heating registers. For just $8 at Home Depot, we completed the look of our new floors at our rental by installing new registers.
Lindsey: If you have a large piece of wood, remember that Home Depot provides straight cuts free of charge. Before we installed our bead board backsplash at Woody, I took the measurements and had Home Depot cut the large board for me. This cut down the time on our table saw and it fit into my car!