What to do during the waiting game...

[Brett Wagner]

So I’ve been a sponge soaking up REI strategies. I’ve thought it thru, I know what I want to do, I know my end game, I know my target for a DP........ And here I sit. Waiting for my bank account to fill up. Don’t get me wrong, I’m working as much as I can and saving as much as I can. What else can I be doing with the few hrs here and there (like after the 4 kids go down at night)? Any advice to a newbie starting out saving for their first rental?

[Hattie Dizmond]

My advice...keep soaking! I would advise you to use this time to get your own deal evaluation workbook together. Just because you're not ready to pull the trigger on deals doesn't mean you can't look at deals. Analyze, analyze, analyze. Practice deal analysis, until you get to the point you can do the analysis in your head, in under 5-min. Look at listings on the MLS, in the area your interested in. Do your own competitive analysis. Assign a market value, then watch that property, until it sells. Did you get it right? This is the time to build skills that will keep you from wasting that money you're saving.

Also, you don't mention what your strategy is, but whether it's flipping or buy and hold, you're likely going to have to deal with renovations/repairs with any property you acquire.  So, network.  Get to know some recommended, local contractors.  Go to Home Depot and check out the prices of the most common materials you would be using.  You're going to have to be able to do high-level estimates on rehab costs.  It's going to help a lot, if you know what the cost of common materials are.

Basically, just keep preparing.  Read the forums.  Respond to posts and get involved in the conversations.  You'll be surprised at who you'll meet and what you'll learn.