finding deals or getting my finances ready?

Question

hi everyone!

my name is Jeremy. i am confused.. do i need to find a great deal first then get my finances ready or vis versa?

i am just starting out and i am currently reading "the book on rental property". i currently live on guam and educating my self to invest into rental properties.

Casandra M. · Answer

Are you looking to invest in the US? Definitely get your finances ready and in order before you pull the trigger on an offer. This would include understanding how much a bank will lend out, and researching local rental rates and neighborhoods.

Jeremy Cura · Answer

thank you for the advice! As of right now i am getting my finances together. by the end of 2019 i will be ready to invest. so as of right now i will practice analyzing properties and also educating my self to better understand the world of real estate investing.

Zachary LaJoye · Answer

@Jeremy Cura if you find a deal and your finances aren’t ready be prepared to bring in a partner or possibly wholesale it to somebody who is ready to buy. Nothing wrong with either scenario,

but you will definitely be limited.

If you’re goal is to own doors and more specifically own them without investors you need to be ready to pull the trigger. Depending on your situation, “getting your finances in order” might take 2 days or 2 years. Whichever case the best time to start is the present. In the meantime, looking for and evaluating deals never hurt anyone. Just don’t get caught fantasizing about deals at the expense of doing the tangible and sometimes hard work of saving and getting your financial house in order. Good luck!

Jeremy Cura · Answer

thank you everyone for your input! it is very much appreciate it!

Tom ONeil · Answer

Education while getting your finances in order, once those are buttoned up work on finding deals. Spending time to find deals now will be a waste if you find a good one but do not have the financial back up to make it happen. Its always tough looking back at those deals that "could have been" that you just weren't in a good position to pull the trigger on.

Good Luck!

Jeremy Cura · Answer

Thank you for your input! I am very new to real estate, but I'm very tired of renting and working very hard to make a living. would you happened to have some advice on starting out for a newbie like me?

Brent Coombs · Answer

@Jeremy Cura, Hmmm. Not sure how good that book is if it didn't make it clear that you should get your finances ready (ie. establish a savings pattern and develop a relationship with your preferred Lender) first! Good luck...

finding deals or getting my finances ready?

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