A comprehensive list to follow to minimize mistakes

[Anthony Porembski]

Hello people! This forum has inspired me a lot to say the least and by reading your stories and generously given advice has proven to me that all it takes is hard work, patience, tenacity and guidance.

I’m just getting started in the game and have been immersing myself in literature, blogs, forums and chatting with people who got a lot of skin in the game.

I want to put together a comprehensive list of most important first steps to take when getting started. It’s easy to get overwhelmed when thinking about all the moving parts, from rehab management, loan approvals, inspections, tenant screening etc etc the list goes on. But I want to focus on the beginning and most important first steps to focus on. Any advice would be much appreciated 🙏🏻🙏🏻🏡🏡.

My strategy is buy and hold. I’ll house hack my first property with a duplex and target multi-family there after. My fiancé and I have been living out of the country for 3 years and will be coming back beginning of next year. My credit is going to be sub par at best but will look to improve it ASAP. I will start with just over 100k cash. Targeting Greater Cleveland Area.

[Joe Villeneuve]

Here's the list:
1 - Learn how to analyze Markets...not properties.
2 - Learn How Money Works.  This describes the strategies you can/will use
3 - Learn how to develop, and keep, a REI Plan based on financial goals
4 - Move forward using all three simultaneously...asin, all three must work together as one.

The Market Analysis tells you "where" to invest, How Money Works tells you "how", and the Plan tells you "when".

Don't think of "Buy and Hold" as a strategy.  "How" you go about Buying and Holding is.

Why are you targeting Cleveland?  The question isn't meant as a criticism of your choice, it's just a question of why you chose Cleveland.

$100k is plenty of money to start.