Now, as background information, up until Washington’s land purchases, almost all land was obtained either through land granted by the crown to a Lord, or through inheritance being the first born son.

Thanks Ned, Short answer to explain it, I did not know they were around back then, just found out now when we are coming back, a little background, when I started in 2005, I was a child :) 28 years old and thought I knew it all, all, all :), did not know about hard money lending, only new about bank loans, and Home equity lines of credit, did not know where to find more money, since I did not have much, I would rely on what I could get from banks, loans, credit cards and was not always that great, it was a learning experience.....and Wholesalers, I did not know that even existed, everything I would find back then was already on the market and through a "friend" agent, MLS, FMLS and all those, nothing like what we have today.

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

As mentioned above it’s nice knowing at least 70-80% of your money will be there every month.DO A GOOD BACKGROUND CHECK.

Things like income documentation, background checks, credit reports, etc mean a lot more to me.

OK background.

I’m new to real estate but have a background in project management. 

You can choose to background check each of the occupants if that makes you feel more comfortable.

But that is for easier projects to finance.The thing I would do is give him the 3% and he will get it at closing when the loan closesAs a side note do a background check on this guy.

I did self manage and self lease, so I screened all tenants looking for no evictions, no criminal background, good landlord references, long term tenancy, etc.