All Forum Posts by: Account Closed

Thanks for the feedback, guys. Very helpful.

I agree with @Filipe Pereira about focusing on saving. Making money is taxable; saving money is not.

I highly recommend reading Set For Life (a BiggerPockets book) by @Scott Trench. It's not a "cut out your daily coffee to save a few extra bucks" kind of book. It focuses on the highest expenses in most people's lives (like housing and transportation) and suggests alternatives to make significant impacts on your finances.

But the book does talk about making additional income, too. Scott recommends careers or side gigs in things where you get judged based on results, not time (like sales), so that the only limit on how much you can make is on your ability to produce.

Of course, these are all lifestyle changes, not quick ways to gather up a down payment.

I've read several times about the idea of a real estate funnel: generate hundreds of leads, analyze a subset of those, make offers on a subset of those, and have a subset of those accepted. That makes total sense to me. I do have two questions about it, though:

1. What if multiple offers are accepted, but I can only afford one? What contingencies can I put in the offers to avoid getting stuck in this case? I suppose an easy alternative is to only make one offer at a time, but let's assume I didn't do that.

2. At what stage do I approach people (banks, individuals, whomever), for financing? Before I make an offer? After an offer is accepted? If I'm working with a bank, I can get pre-approved well in advance, but what if I intend to work with a private lender?