I am ready to invest.
I feel like after months of preparation I reached a point where I can surely say that I am ready to invest. I have been working on improving my situation for the past two years and I can confidently say that I managed to accomplish a few things:
a) Save a considerable amount of cash (about $17,000) which I was planning on using partially for a down-payment or repairs on a BRRRR or rental property,
b) Reach a credit score of 750 which is considered great in my area and makes me eligible for an FHA loan which is what I'm aiming for when it comes to my first investment through a bank entity,
c) Read and study a lot of resources about real estate investing: my brain is full of information that I've gathered through various informational tools just like the BiggerPockets Podcast (a must-see every week!), real estate Audible books (like The Ultimate Begginer's Guide to Real Estate Investing, The Book on Investing In Real Estate with No (and Low) Money Down, Rich Dad Advisors: ABCs of Real Estate Investing (Ken delivers great information on this one), Rich Dad, Poor Dad (more of a mindset book than a real estate plan but it's a must read for anyone thinking of starting in the investing world), multiple YouTube channels like Phil Pustyovsky with FreedomMentor.com and through a local MeetUp group in the Atlanta area, the Atlanta Real Estate Connections, organized by the amazing Peter Pasternack.
The banks:
The banks (loan officers) have told me that I need two years of high, steady income (around $22,000). I will have my second year of taxes around the next tax season (January to April, 2017).
My recent decision was to not wait for the bank. I firmly believe that the perfect time won't come. The banks will come around when they have to or when they think they can. But I cannot stay waiting for them.
My next very short-term goals are to create a funnel and a system where I can:
1) Find the right properties and great deals to work with (either to purchase through an association and/or partnership with another investor or to whole sell that deal to another investor altogether),
2) Have the right financing set: I don't want to wait around forever for the bank to tell me it's a good time to invest. I know when a good time to invest is and it is right now. I also don't want the lack of money stop me. I don't want to go out there shopping for a great deal, finding it and then realizing that I don't have a way to purchase it or get in under contract right away and lose the deal. I believe in setting yourself up for success. I would like to get in touch with people so we can help each other, build a long-lasting relationship and that will help me to buy my first property while creating a win-win association where we both leverage from the partnership.
Thank you for taking the time tor read this, any comments, questions, suggestions, ideas or constructive criticism is greatly appreciated.
Where are you in your investing path? What are you looking for in 2017? How can I help?
