Show162: 4 Things to Kick off Your Investing Journey

getting started

The 12th Day of Christmas!

We’ve made it to the end of our 12 days of Christmas and I hope I’ve inspired and motivated you to kick some butt in 2020.

So to end our 12 day long focus of learning about investing in real estate I’m giving you 4 things to do right now to jumpstart your journey toward buying that first property.

!. Do a financial audit of your finances

Take a look at everything.

  • Calculate you total monthly income (include work income, side job incomes, child support, etc.
  • Add up your fixed expenses (the expenses that you HAVE to pay each month)  
  • What you are currently saving each month
    What does your current investment portfolio look like

2. Get knowledgable

Get some new books and podcasts to add to your list for the new year.

  • The Millionaire Real Estate Investor by Gary Kellar
  • The Book on Rental Property Investing by Brandon Turner
  • Rich Dad, Poor Dad by Robert Kiyosaki
  • How to Rent Vacation Properties by Owner by Christine Karpinski
  • Building Wealth One House at a Time by John Schaub
  • Real Estate Tax Loopholes & Secrets by Stephen Nelson
  • The Book on Managing Rental Property by Brandon & Heather Turner

3. Determine your why

Think about the following things and spend some time reflecting.

  • Do you want the property to provide you with monthly income or gain appreciation for future resale?
  • What type of demographic do you wish to rent to? (families, low income, high end, etc)
  • What types of properties do you want to invest in? (condos, duplexes, mobile homes, etc)
  • Where do you want to invest?
  • What is the financial goal you are working toward with the investment in rental properties?

4. Join an investor’s group

RentalRookie Private Facebook Group

National REIA Groups

BiggerPockets

Rental Property Accelerator Challenge