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Updated about 6 years ago,
Get your SH*T together...a 12 step plan!
As more people reach out to me seeking advice about dipping their toes into the rental real estate investment waters, it occurs to me that most people don't have their SH*T together enough to get started. They don't have a plan, they don't have their financial affairs organized, they don't have their team assembled, they don't know what kinds of properties they want--that's right, they don't have their poop in a group. And, while I am happy to help out, no amount of my advice is going to do you any good if you don't get your crap figured out first.
By crap I mean your finances, your goals, your team and your strategy for real estate investing. Here's a 12 step plan that will definitely help you get your SH*T together and get you moving in the right direction:
- Educate yourself. READ...read blogs (Biggerpockets.com is awesome BTW...I personally happen to love episode #195!), read books (one of my next articles will be all about the books I have read that have helped me get my own SH*T together and get started investing in real estate), talk to other investors, ask questions of others who are doing it today. Get SMART and figure out what kind of real estate investing gets you excited and can get you on the path to Financial Independence.
- Work on your network. Networking should be a process not a one-time event. Real estate investing is not a solo sport, so you will need a team that you can count on and you should begin building connections in the industry now. Reach out to others with the purpose of learning and helping. Find and attend a local Biggerpockets meet up, find real estate investor clubs, talk to realtors who specialize in investment real estate, etc.
- Clean up your personal finances. Do you have a budget? Do you know what your credit score is? Do you know how to fix your credit score if it needs it? Do you know where to start? Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.
- Line up your professional partners. Do you have an attorney, a banker, an accountant and a realtor who understands investors? Get them lined up now before you start making offers on properties. The attorney and accountant are important as they can help you set up your cozy.co (notice that isn't .com...that goes to something different) as it's simple to use, handles the background checks for us, makes it simple to collect rent and is easily linked to other social media sites so we can get the word out that we have a rental available. It's great for the properties that aren't in our backyard.
There you go! A 12 step plan to help you get your SH*T together and begin building YOUR rental real estate empire, whether it's 1 or 1000 properties!