Buying first investment property

[Robert Dennehey]

I recently won a small sum of 20k in the lottery. I have roughly 75k of equity in my current home. I’d like to get into real estate but have zero experience and if it’s the right investment for me. I am looking for advice. Any support or direction is appreciated!

[CJ M.]

@Robert Dennehey

1. Read “Rich Dad Poor Dad” (The audio book is available for free on YouTube)

2. Read “The Millionaire Real Estate Investor” (The audio book is available for free on YouTube)

3. Understand the BRRRR method

4. Listen to as many BP podcasts as humanly possible.

5. Talk to any REI's you know. Buy them lunch/coffee and pick their brain! Understand what it means to add-value to someone. People are generous with knowledge, but most aren't out there looking to spend their valuable time being a mentor.

6. Visit the BP and mrlandlord.com forums every day for at least a few minutes

7. Join your local REIA group and network

8. Download Zillow, Trulia, Realtor, Redfin, etc. and watch the listings and what they sell for in your "target area." I tend to focus on B/C neighborhoods. Set up alerts for when a property lists that meets your criteria.

9. Find a couple properties and practice running the numbers on them. Know how to calculate Cash-on-Cash Return as well as Cash Flow (seems many folks on BP still get that calc. wrong).

10. Talk to a lender(s). Have a discussion about your goals and visions. Build a relationship with them. Trust me, finding deals is only part of the battle. Funding them is a completely different story.

11.Figure out what type of REI you want to be (e.g. Buy and Hold, Wholeser, etc.)