Updated over 3 years ago on . Most recent reply
Personal Finances In Order
In no way is this post intended to come down on people, but I'm just trying to bring attention to this issue I am seeing.
With that being said, a lot of new investors want to jump into real estate investing before they have their personal finances in order. These people want to find "creative financing" deals. They want to get into real estate because they are seeing how much money people are making from it on social media and want those same financial rewards. However, as most of us know, the real estate game is a get wealthy slow play compared to a get rich quick scheme.
In my opinion, if these people were to put effort into getting their financial foundation in order, they would be much better off. Before investing hundreds of hours in real estate investing education, I would recommend first spending time to educate yourself on personal finance. Not only would deals be easier to find and secure, but you would also be taking less risk as you can weather different issues financially as they arise.
I would recommend learning about personal finance from the BP money podcast or Graham Stephan on Youtube.
- Logan McKay Zylstra
Most Popular Reply
#3 Investor Mindset Contributor
- Handyman
- Pittsburgh, PA
I've been trying to tell people this for years: especially when you're starting out with very little money, work to get your own financial house in order first.
To be clear, I meet at least a person every week who learns what I do, says, "I've really got to look into buying some investment properties..." AND DOES NOTHING.
But out of the people who are willing to actually do something, at least 90% of them would rather start looking at duplexes than figure out how much they owe the credit card companies and write down what they spend on fast food for 30 days.