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!
In This Episode We Cover:
The four BEST types of rental properties for new investors
The four-step formula for choosing the right investing strategy
Creative ways to get into real estate investing when you’re light on cash
The secret to scaling your real estate portfolio quickly (without a ton of money)
Three common rookie investing mistakes (and how to avoid them!)
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Tony's BiggerPockets Profile
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RealBricks
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Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Which Real Estate Investing Strategy Is Best for Your Goals?
(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
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-540
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Real Estate Rookie