How much preparation and learning before buying my first property?

[Peter Martinson]

First, thank you for taking the time to read this.  The Bigger Pockets community is very impressive.

I read Kiyosaki's "Rich Dad Poor Dad" book over the past two weeks, and very much identified with his poor dad.  People may see Kiyosaki as a scammer or grifter, but he really put a fire under my butt.  So now I'm looking for ways to build up my currently empty asset column, and started reading Dorkin and Turner's "How to Invest in Real Estate", since I know nothing about the topic.  I'm open to other ways of making money, but Real Estate seems like a pretty good place to start.

My situation: I'm in my mid-40s, married with two kids.  We're barely break even with my and my wife's jobs, and some help from the family.  No retirement or savings to speak of, though I have started socking away some money at each paycheck before paying bills.  We have mortgage and student loan debt, as well as some consumer debt.  But, I am working to have the consumer debt paid off early next year.  I also don't think I know anyone currently involved with RE investing, except the agent who helped me find my current house.

The big question is, how much prep work/studying should I do before jumping in and trying to buy a house?  I don't want to keep preparing until I'm dead, but also don't want to suddenly find myself with an investment property that I don't know how to handle.  But a lot of advice I'm hearing is "Just buy something RIGHT NOW with creative financing!"

Thanks for your time!

[Ron Brady]

My wife and I live in Burlington County, NJ. We started at age 51, in 2019.

We researched 1-2 months and started searching for properties. We made lots of rejected offers based on our single family home rental investment criteria. It took us 6 months of searching and offers to get an offer accepted.  

We recommend that you set your criteria and begin actively looking after a few months of research. The process of actively looking amounts to real learning time, we found. 

Best wishes to you.