Have you ever wanted to buy a rental property and invest in real estate but didn’t know where to start?!

Here are 7 questions you should ask yourself!

—Thread time—

These are some questions you can ask yourself to get your brain flowing and thinking!

- The best way to prepare is asking yourself the right questions!

Let’s go!

What’s your experience?

If none then:

— The first step you need is a business plan to have some sense of direction where you are going! Go to @BiggerPockets and connect with other like minded real estate investors! You can find people in your area and network with them!

What’s the strategy that you are looking to implement?

- This is why a business plan is important because it helps you show you what are looking to do.

For ex.

-Buy and hold - for cash flow
-Fix and flip - for quick money
-BRRRR - Buy Rehab Rent Refinance Repeat
Etc..

- Each of these strategies have there own benefits and perks.

- Find what you are looking to do, and what your goals are... this leads us to our next point!

What’s your 1 - 5 - 10 year plan?

- This will help you see what direction you are going for. This will also give you some sense of urgency to get out there and do it! If you do not have a deadline you will not have that extra drive to keep going and get started.

- Identify what you are going for short, medium and long term, this will help you see what your goals are, to help you see what type of system you should try and be setting up!

What type of investment properties are you looking for?

- Single family
- Multifamily
- Commercial

Each of these have pros and cons to it!

Make sure you know what you’re looking to buy!

(Us personally we are going for a single family home first)

How much do you want to spend?
What’s your range?

- Most investors have a specific price range that they are looking to purchase between.

- Have an idea of how much money you are looking to put into a property to help you narrow down your search

Which leads to our next point!

Where are you purchasing the property?

For many investors their home market is to expensive. So you might need to travel to find a cheaper house that fits your range.

- We personally are looking to travel 2-3 hours to find a market.

—> Find what works for you

Who’s on your team?

You will need to have -

- Agent
- Property manager
- Contractors
- Accountants
- Lawyers
- Lenders if you need, etc...

These are a few resources you might need to find to help you achieve your mission of being a real estate investor!

Quick Recap of the 7 questions:

1) Experience

2) Strategy

3) 1-5-10 year plan

4) Type of property

5) Price range

6) Where to buy

7) Whos on your team

These are 7 questions to ask yourself when looking to get into real estate!

Andrew Carnegie once said “Ninety percent of all millionaires become so through owning real estate”

Wouldn’t you want to join that stat?

Who’s looking to get into real estate?

Thank you for reading!

Wishing you all a great day and BEYOND