When a veteran investor is speaking at a real estate meetup one of the most asked questions is: What was the hardest thing about starting up your real estate portfolio?” The almost unanimous answer is pulling the trigger on the first deal.
Most new real estate investors spend months if not years reading books about investing and going on popular websites, watching YouTube videos, Tik Toks you name it. Really it is just mash up of a million different strategies and new investors become even more confused than when they started. Most of the needed content is hidden by a pay wall. Sign up for my classes, I mentor, I am a guru. Blah blah blah
I hear many new investors talk about how hard it is to picture the whole process from start to finish. Here’s a brief look at that process:
IF you build your team correctly, all of this info comes. Building relationships, just like in life, is just as important in real estate investing.
YOUR NETWORK IS YOUR NET WORTH.
REI One step at a time. What type of investor do you want to be? You can be all, a few or none…..
Buy turnkey and hold. (short, mid or long-term rentals)
BRRRR (Buy, rehab, rent, refinance and repeat)
Fix and Flip (purchase, rehab and sell to an end buyer)
Once you have made that decision here are some suggestions on how to overcome the paralysis analysis on your first deal. After you choose your strategy, research the market where you want to buy your investment properties. Factors like population density, employment opportunities, and vacancy rates on rentals are some things you should consider. We recommend you buy your first investment property within 30 minutes of where you live. Proximity provides you with familiarity. It also cuts down on your travel time and costs. As you are looking for properties, learn the area’s average market price per square foot. This is where a good team, including an agent, contractor, mortgage pro, title agent and property insurance agent helps.
Build Your Team
At G2Loans we are investors and lenders. Our clients receive the benefit of our dual experience. We provide deal analysis and real financing advice as part of our service. We want you to succeed and build a powerhouse portfolio. We work for you, not for some faceless mortgage company! We will be the first to tell you to walk from a deal if we see something that causes us concern.
Call us if you want to learn more about the process or need help taking the leap on your first deal.