Author Topic: Educational Path to First Purchase  (Read 566 times)

RePatriot

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Educational Path to First Purchase
« on: March 14, 2018, 05:27:21 PM »
My wife and I are looking to enter real estate investing for a number of reasons.  We've decided that we want to spend 3-6 months educating ourselves on the topic before we begin looking for a property to purchase.  We are looking to purchase in our home city, not where we are living now.  We plan on moving back to our home city in the next 4-7 years.  In order to prepare for purchasing our first rental property, we are:

-Running numbers to estimate costs and returns of a given property
-Researching our team for purchasing in a different location than we are living (home inspector, contractor, property manager, real estate agent)
-Learning the legal ramifications of rentals (contracts, LLCs, etc.)
-Learning the basics of landlording

My question is, to those who have purchased and managed remotely, what resources did you find most helpful?  What do you wish you knew before you began?  In short, how do I best prepare myself for entering the rental market?

calimom

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Re: Educational Path to First Purchase
« Reply #1 on: March 14, 2018, 08:05:50 PM »
Have you checked out www.biggerpockets.com? Lots of helpful information there.


Cwadda

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Re: Educational Path to First Purchase
« Reply #2 on: March 14, 2018, 10:11:52 PM »
I wouldn't recommend doing your first deal far away and managing remotely. There is much to be learned being hands on with the property.

It's doable, but I wouldn't recommend it for your first one.

Instead, I'd recommend buying a 2-4 unit property using an FHA loan and living in one of the units. It's the best option offered to investors.