Thread by @JumpInRE, How I went from ZERO real estate knowledgeto my first DEAL…And how [...]

How I went from ZERO real estate knowledge
to my first DEAL…

And how YOU can do it too.

A THREAD

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

In my late 20s, I was selfish.
I didn’t want to be trapped in a 9-5 job. And work there another 40 years.

Hell, I just wanted to live #vanlife and have complete control over my time.

I was ambitious.

But I knew it would take lots of work and not come immediately.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

My initial goal was to cover my living expenses every month, consistently, without going into an office. That would give me time freedom.

How would I do it?

RENTAL REAL ESTATE

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Why real estate?

-monthly cash flow
-ability to use leverage
-tax advantages
-control
-appreciation
-loan pay down by tenants (not ME!)

Read more here:
https://www.jumpinrealestate.com/latest-posts/why-real-estate-the-value

https://www.jumpinrealestate.com/latest-po... class="Emoji" style="height:16px;" src=" https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

I started off in EDUCATION mode. Soaking up:

-podcasts: @Biggerpockets and @johnleedumas (business)
-blogs: also @Biggerpockets

This is a VERY important stage, but too many people get stuck here. They never move past the education phase.

Don’t get stuck on the sidelines.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Next: Define your strategy.

AND STICK WITH IT.
Plenty of time to diversify after you get your 1st deal under the belt.

Too many people get paralyzed by the shiny object syndrome.

“Flipping looks so cool”
“I want to wholesale”
“BRRRR all day baby”
"Turnkey buy and hold"

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Next: Learn to Analyze Property

Gotta know the numbers.

Gotta understand income and estimating rents.

Gotta understand expenses:
-mortgage
-prop taxes
-insurance
-pm fees
-vacancy
-repairs
-HOA dues (if applicable)

MORE HERE: https://www.jumpinrealestate.com/latest-posts/how-to-quickly-analyze-rental-property
https://www.jumpinrealestate.com/latest-po... class="Emoji" style="height:16px;" src=" https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

You’ll need to have an analysis tool that runs the numbers for you and factors in:

Acquisition price
Repairs
Loan terms
Income
Expenses

Here’s a free property analysis calculator: https://www.jumpinrealestate.com/calculator.html

https://www.jumpinrealestate.com/calculato... class="Emoji" style="height:16px;" src=" https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Time to pick a market
And I’ll start by saying this…

THERE IS NO PERFECT MARKET

Plenty of great markets out there.
Depending on your strategy, some markets make more sense.

Cash flow is great in the Midwest and the South
Appreciation is great on the coasts

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

When evaluating a cash flow market, look at:

* Population growth
* Job growth w higher wages
* Business environment
* Diverse economy
* Strong occupancy rates
* Acquisition price-to-rent ratio
* Landlord friendly
* Infrastructure development
* Lifestyle amenities
* Education

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Now that you’ve picked a market, get to work on building connections on the ground. Connect with people on Facebook, Twitter, Blogs.

Message and call them. Have conversations. BUILD relationships w investors that are crushing it, agents, contractors, inspectors, lenders...

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

You will need:

-property manager
-deal finder (wholesaler or agent)
-lender
-insurance agent
-inspector
-contractor/handyman

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Usually, a great property manager can refer you to the key components of the team you need on the ground.

So, I’d start by finding the best property manager.

Here’s how you vet property managers and make the right decision: https://www.jumpinrealestate.com/latest-posts/how-to-choose-your-next-property-manager

https://www.jumpinrealestate.com/latest-po... class="Emoji" style="height:16px;" src=" https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Now that you’ve:

-educated yourself
-defined your strategy
-learned to analyze
-picked a market
-built relationships and your team

What’s the last step?
TAKE ACTION
JUMP INu2028

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

That means…
Make offers.

Dozens a week if needed.

You will finally get something under contract eventually if you put the effort and work in.

If you really want something, you& #39;ll find a way.
If you don& #39;t, you& #39;ll find an excuse.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Most important: learn on the fly! You WILL make mistakes. But, it’s a matter of learning from those challenges.

“There’s no such thing as losing. You either WIN or you LEARN.”

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

There’s plenty more that I could touch on.
And you may have millions of questions.
I can’t cover it all in a Tweet thread.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

So I’m currently writing a book, which focuses on helping you BUY YOUR FIRST RENTAL PROPERTY.

Launching in 3 weeks.

To be the first to know about it and access a huge DISCOUNT...

sign up for my newsletter at the bottom of this page: https://www.jumpinrealestate.com/about.html

https://www.jumpinrealestate.com/about.htm... class="Emoji" style="height:16px;" src=" https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

THINK ABOUT THIS…
What does your ideal life look like?
.
.
.
I& #39;ll wait, REALLY think about it.
.
.
.
Can real estate help you get there?
.
.
.
Then you’re in the right corner of Twitter.

Best of luck.

Comment with any questions.
#JumpIn #TheWeekendJump

Latest Threads Unrolled: