Where to really get started...accountant, lawyer...

[Lisa Hodges]

I really, really want to get into real estate investing. I am tired of the 9 to 5. I feel like I have this "which came first, the chicken or the egg" problem. Every podcast I listen to always encourages to "just do the first deal and it will get easier after that". My problem...where really do you start? I have a business license in my state of residence. Should I now go talk to a real estate lawyer, accountant, find a property. What if that property is not in my state? Do I then have to acquire a business license in that state? Do you do all that before acquiring funds? Any suggestions would be greatly appreciated!!

[Nathan Platter]

Hey @Lisa Hodges

Forgive me if this post sounds too simple, my intention is to answer your question.

Assumptions: Assuming your goal is to attain financial freedom, meaning not obligated to work a day job, you'll need passive income to afford that lifestyle. You'll need dividends, rental income, or some other way of getting money without clocking your time to get it.

Most investors wanting the above things choose to own rental properties. If you don't have the funds to buy rentals, you to get money (active income, day job income) to afford to buy those properties.

Many investors choose to make real estate their active income (being a real estate agent, flipping houses, wholesaling properties,...) because those jobs create profits or commissions, meaning the more successful they work the more money they make. Most jobs (e.g. Business Analyst, Pharmacy Technician, Bricklayer) get paid by the hour/year, and get no bonuses for their extra success at their role.

My suggestion at this point is to find money that can buy rentals. That money can be found by borrowing or partnering with family/friends/coworkers who want to buy rentals and add yourself as an owner of that rental property. You found it, they bought it, you both can co-own it.

If you're more of the "lone wolf" type, boost your income so you can buy your own rentals and start building that passive income so you can afford to not work your day job so hard.