Episode #3: Five Simple Steps For Beginner Investors

The full episode and show notes below!

Five Simple Steps:

  1. Define Your Strategy:

    1. 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 - begin to consider what strategy is right for you.

  2. Financing:

    1. 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.

    2. Find a lender that is knowledgable that can be a part of your team and answer all of your questions.

  3. Choose Your Neighborhoods:

    1. 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.

  4. Educate Yourself:

    1. 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.

    2. 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

  5. Set Up Alerts:

    1. 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.

Chris and Lindsey’s Tips of the Week:

Chris:

A quick and inexpensive way to update a room is to swap out the old heating registers with new ones. For just $8 at Home Depot, we completed the look of our new floors at the Woody rental by installing fresh new registers.

Lindsey:

If you have a large piece of bead board or even plywood, 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. Not only did this cut down on time using our own table saw, it allowed me to fit the bead board in my smaller SUV since it was cut up into smaller pieces.