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Updated over 2 years ago on . Most recent reply
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Taking a year to learn as much as I can, any advice?
Long story short, I get out of the Army in one year. As of about 3 months ago I have become quite literally obsessed with Real estate investing. I have read about 7 books all having to do with finance/real estate investing as well as listening to the bigger pockets podcast daily. I understand however, that as an excited "noob" I can be led to make quick and not thoroughly thought-out decisions on getting into the market. In order to go about this in a patient, methodical way I am going to focus purely on learning as much as I can before I jump in. If at some point in this year I feel I'm ready I will gladly jump in, but I'm in this for the long-run and hoping to one day be able to replace my earned income through a job with passive income from real-estate. My wife and I are expecting our first baby and I'm determined to give my daughter the life I never had. Anyone willing to invest their advice and/or mentorship will have all my gratitude/appreciation. Any advice on books to read, what areas to increase my knowledge in? Mistakes you may have learned from? or maybe just an affirmation or two?
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Hey Justin, sounds like you're on the right track by reading books and listening to podcasts. That's how I started out as well. I'd encourage you to join your local meetups and even start looking at building your team. It can take time to find an investor friendly realtor and contractor. I'd go ahead and talk to a lender or two, maybe even a credit union, depending on what you're looking to buy as well. Get a game plan in place. Know your credit score, get debts paid off and see how much you can afford. Start researching the areas in which you want to buy and start analyzing deals for practice. Hope this helps. Feel free to reach out if you have other questions and best of luck!