"Well then, how on Earth am I going to buy my first investment property?" you ask. If you are anything like me, you have already done your homework, and know exactly what to do. You don't need me, or Robert Kiyosaki telling you anything anymore. (If you haven't read Rich Dad, Poor Dad, forget everything I said, and go get that book!)
If you were born in the last century, you have probably already purchased actual books on real estate investment and spent hours highlighting the basics of investing. (Ok, maybe you downloaded them, if you like to save paper.) I'm guessing you have read every blog on the subject. You have watched YouTube videos on multi-family investing vs. single family homes or the BRRRR strategy or fix and flip vs. long term rentals. You have listened to countless experts telling you exactly what to do and why their method is the best. You may have even shelled out your hard earned money for expensive investment seminars promising 30% returns if you just follow the strategy. Save your money for your own investment property.
But here is the only thing you need to do.... Are you ready? This is big, mind-blowing stuff.. Ok, here goes. JUST BUY SOMETHING, ANYTHING. Buy a single family home to fix and flip. But a duplex, fix it up, and rent it out. Buy a small apartment complex to maximize economies of scale. Just do it. Don't ask anyone's opinion. Trust your research, work, intelligence, decision making, and gut.
There are so many experts out there and many are really knowledgable. They can teach you a lot, but they can't buy anything for you or accomplish your goals. You have to take the leap yourself. We go to Georgia every summer right before school starts. One night at bedtime when the kids were asleep, I curled up with my glass of wine and pulled out my phone to watch a new investment video. It dawned on me that I was doing the exact same thing on vacation a year ago and had no investment properties to show for it. I had to ask myself whether I was really serious about investing in real estate. Did I really believe all the stuff I read about the benefits of investing in real estate? The answer was yes.
I have since purchased three duplexes to fix up and rent out for long term cash flow. Maybe that is not Grant Cardone's method to create massive wealth, but it's a great start for me. What is your plan? Whatever it is, it's not wrong. It's only wrong if you don't actually execute on it.
So AFTER you buy a property, pull out your books and get back on those websites, YouTube, and blogs. They can be a great resource to answer specific questions about home repair, tenant issues, marketing strategies, etc. But you don't need those answers if you don't have any properties.
Do you really believe that real estate is a great investment? If like me the answer is yes, then stop reading and start buying. You will be so proud of yourself, and you will quickly gain the confidence to buy another property if that is your strategy.
Cheers to real estate and achieving your goals,
Erika