Mom looking for answers.

[Stephani Arredondo]

Hello!

My name is Stephani Arredondo, I am 30 years old, I am a mom and wife who works full time as Project Manager in Undergound Construction.

I am interested in learning more about real estate. I came across a book “How to invest in real estate” and well, here I am. I would like to own a rental property before the end of this year, let’s say this is part of my New Year resolution list. I turned 30 last year and it was eye opening, I have accomplished a lot but I am definitely not where I though, financially. I had no idea where to start but reading the book and joining this platform is my first step.

Looking forward to learn from everyone! 

[Michael Henry]

I like to think of the real estate decision process in terms of “go/no go”.

You will set the criteria for whether or not you move forward and is tailored to your needs and the asset class you want to be in. Each “go” moves you closer to your goal and every “no go” means something needs to be fixed (like one's credit, net worth, or capital availability) or learned (like how to purchase real estate with no money down or how to manage the property). What you need to remember is when you hit a “no go” you are not stopping or abandoning your goal but you are halting it temporarily. You will pick up where you left off once you resolved whatever needed to be answered.

For example.

Step 1. Get pre-approved; Go

Step 2. I need to fix my credit; No Go

Step 3. Get credit repair: Go

Step 4. Got pre-approved for $325,000.00; Go

Step 5. Etc….

I would start by trying to get pre-approved for a loan. Through this process, you will understand your financial capabilities.

Once you know what you can afford based on creditworthiness and down payment ability you can pick a market (city) and then a neighborhood to make your first purchase. Prices are going to vary depending on the city and neighborhood you pick. This is where your pre-approval will come into play. You will be limited to what your options are based on this pre-approval.

After you have identified what you can afford, what you want to purchase, and where; then you need to start building a team. Your team members are all the people you can call on for paid or unpaid services. People like handymen, property managers, attorneys, etc.

As you get stuck come on here and ask some more questions.