<aside> 👇🏻 If you’re not sure about how to even buy real estate, keep on reading
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Cashflow positive
As long as you’re breaking even or making even a little bit of income you’re doing good. Learn to calculate cashflow.
Buy low, sell high
Make sure you are getting below market price for your market and not overbidding or overpaying. Here’s some tips for Finding Deals
How much work do I have to do
Renovations are a lot of work, and so are AirBnB/Short Term/Furnished Rentals
For first time investors, it's best to stick to simpler renovations like new paint, updating appliances, or changing floorboards.
Avoid projects involving electrical or plumbing work unless you have general contractor connections or experience. This is more common in homes built before the 80s as they may have aluminum electrical wiring or galvanized iron plumbing, which has a life expectancy of 50 years (guess what year is coming up) and may need to be replaced soon. If you do consider an older house, make sure the owner has updated the utilities.
<aside> 📺 Too lazy to read? Find the guide on Youtube
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[ ] Get pre-approved for a loan so you know how much you can borrow through ‣
[ ] Where should one look to buy for their first investment property? (Should I look for judgmental maps and choose where? Where should I look for appreciation, where should I look for cashflow?)
[ ] Research and learn ‣ . That means practice calculating cashflow. Thirty properties is a good number to get a feel of the city
[ ] Contact agent showing that you've been pre-approved and know what you're looking for (need an agent?)