Episode #540
Episode Show Notes:
https://lnk.to/realestaterookieYT
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So, you want to invest in real estate…but where should you start? What’s the best type of rental property for a beginner? It’s easy to become overwhelmed by all the options, but in this episode, we’ll provide the four-step framework you need to make the right choice!
Welcome back to the “Real Estate Rookie” podcast! First, we’ll share four steps that will help you pin down the right investing strategy for your budget, lifestyle, and long-term goals. Then, we’ll introduce you to a few of the most beginner-friendly types of rental properties. Are you light on cash? House hacking could help you take down your first investment property with relatively little money out of pocket.
Are you looking to scale your real estate portfolio as quickly as possible? The BRRRR method (buy, rehab, rent, refinance, repeat) is one of the fastest ways to build wealth in real estate. Would you prefer your real estate investments to be mostly hands-off? Perhaps a long-term rental is more your speed.
Stick around till the end to learn about the three most common mistakes we see new investors make and what YOU must do to avoid them!
00:00 Intro
01:05 Step 1. Define Your Goals
03:44 Step 2. Determine Your Involvement
07:32 Step 3. Assess Your Finances
13:04 Step 4. Know Your Market
15:49 House Hacking
17:24 The BRRRR Strategy
22:12 Short-Term Rentals
25:20 Long-Term Rentals
29:51 Analysis Paralysis
32:25 Shiny Object Syndrome
35:22 Taking Bad Advice