All Forum Posts by: Rolayne Taylor

The #1 way to build a pile of money? Keep what you already have. This means building a budget that includes setting aside funds for your next investment. It also includes managing your existing investment well to ensure you aren't bleeding money due to bad tenants, excess maintenance, etc. 

After that's under control, focus on increasing income through additional work at your current job, taking on a side hustle, or finding ways to increase income on your existing rental.

At the same time, educate yourself. Learn what people are doing right now in this difficult market and find a way to replicate their success.

A lot of people say they are actively investing. That's typically because they have a lot of money and experience. It is a tough market and there's nothing wrong with taking a breather and waiting for things to stabilize while focusing on savings and education.

@Rolayne Taylor We are just alike I started in 2019 with my first house hack. I would suggest keep learning and dig deep on the one real estate strategy you selected to pursue. 

Also I would like to recommend these 2 different books to read on top of all the BP podcasts you are already listening to: 

1. ABC’s of real estate investing : Ken McElroy 

2. The book on rental property investing : Brandon Turner

It's important to stay informed about developments in the areas you're considering, as well as any potential changes in regulations or economic conditions. Diversifying your portfolio can also be beneficial, as it helps mitigate risks associated with market fluctuations. Seek guidance from financial advisors or real estate experts if needed, and don't hesitate to continuously educate yourself about the evolving landscape of real estate investments.

I'd say house-hacking is one of the best ways to get into real estate investing. You’re able to learn the basics of a real estate investment with lower risk and build equity at the same time.

Being able to purchase a property with only 5% down means you can leverage your money way more effectively. When you’re investing with leverage, I think it makes more sense to do it in a market that’s showing plenty of signs for growth.

Welcome to BiggerPockets, Rolayne! 

@Rolayne Taylor

It’s great that you’ve already invested in a buy-and-hold property and are learning through resources like BiggerPockets. To build momentum in real estate, focus on defining your strategy, leveraging your current property, and prioritizing cash flow, especially in the early stages. Start small with manageable deals, educate yourself continuously, and build a strong network and team to support your growth. Success comes from consistent action and patience, so keep refining your approach and scaling gradually.

Good luck!

Hey Rolayne! I recommend starting with a turnkey cash-flow rental property. This is one of the easiest ways to dip your toes into real estate investing and get a feel for what it’s like to be a landlord. It is already renovated, tenant-occupied (or ready for tenants), and generating income from day one. It allows you to skip the stress and time-consuming process of managing rehab projects and focus on the cash flow aspect. Once you’ve got some experience under your belt and have built a trusted team, that’s when you can start looking at value-add deals to really scale up your portfolio