BiggerPockets Real Estate Podcast
Business:Investing
If you want to start investing in real estate and buy your first rental property, there are six beginner steps you’ll need to take. Following these steps to a tee could mean the difference between having a home-run first investment property and a horrible experience that leaves you worse off than before. So stick around as we lead you to your first property (and financial independence) faster, even if you’re an investing beginner.
We’ve brought on Certified Financial Planner (CFP) and personal finance master Kyle Mast to walk through the six steps you must take before buying a rental property. We’re not talking about the usual “find an agent, find a market, find a property” type of advice. This time, it’s all about setting you up for FINANCIAL success and, more importantly, stopping you from financial failure by making the wrong moves in the beginning. If you don’t get these steps down, you can kiss your dreams of financial freedom goodbye.
We’ll touch on how to define your investing goals to get what you REALLY want out of life, how to evaluate whether or not you’re even in a financial position to invest, how to fix your bad finances if they’re not up to shape, building a solid emergency reserve for when things go wrong, and what the experts say you NEED to know before you invest in 2024.
In This Episode We Cover:
The six beginner steps EVERY investor must take before buying an investment property
Investing with the end in mind and deciding what you really want: money or time?
Budgeting, getting rid of bad debt, and how to make and save more money to invest
Building emergency reserves and why skipping on this is a costly mistake that could set you back years
EXACTLY what you need to know before investing (if you can’t answer these questions, you should NOT invest)
Tips to get you to your first rental property even faster
And So Much More!
Links from the Show
Find an Agent
Find a Lender
BiggerPockets Youtube Channel
BiggerPockets Forums
BiggerPockets Pro Membership
BiggerPockets Bookstore
BiggerPockets Bootcamps
BiggerPockets Podcast
BiggerPockets Merch
Join BiggerPockets for FREE
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Expand Your Investing Knowledge With the BiggerPockets Books
Be a Guest on the BiggerPockets Podcast
David's BiggerPockets Profile
David's Instagram
Rob's BiggerPockets Profile
Rob' Instagram
Rob's TikTok
Rob's X/Twitter
Rob's YouTube
BiggerPockets' Instagram
A Personal Finance Masterclass with Kyle Mast
Check Out SoFi’s High-Yield Savings Account
Books Mentioned in the Show
Pillars of Wealth by David Greene
Rich Dad Poor Dad by Robert Kiyosaki
The Richest Man in Babylon (BiggerPockets Edition) by George S. Clason
Set for Life by Scott Trench
Connect with Kyle:
Kyle's BiggerPockets Profile
Kyle's Twitter
Kyle's Website
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-901
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783.2: Home Buying Hacks: Inspections, Disclosures, and What to Look For w/Chris Hutchins
783.1: Home Buying Hacks: Finding The Perfect House (and Agent!) w/Chris Hutchins
782: Unbelievable Returns from Flipping This New Type of Real Estate w/Jessie Rodriguez
781.5: What to Buy During the Newest Real Estate Crash w/Willy Walker
781: The Beginner’s Guide to Finding Undervalued, Off-Market Deals in ANY Market
780: The Step-by-Step Guide to Building a Medium-Term Rental Empire w/Jesse Vasquez
779: How Delivering Pizzas Helped Me Build a 27-Unit Rental Portfolio w/Pamela Bardhi
778: How to Build a Million Dollar Rental Portfolio with Little Time OR Money w/Niti Jamdar & Palak Shah
777: Seeing Greene: Investing Later in Life? You’re Still in Luck!
776: $42K/Month in Cash Flow By Buying a…High School? w/Jesse Wig
775: BiggerNews: Rent Unaffordability Crosses Dangerous New Threshold w/Lu Chen and Thomas LaSalvia
774: Seeing Greene: Bleeding Rentals, Bad Flips, and The Safe Haven For Your Cash
773: Replacing His Income with $70K/Year Cash Flow After a Close Call with Death w/Pasha Maleknia
772: Stop Looking for Perfect Properties, Search for These Instead
771: Seeing Greene: Getting Into Your First Property is Cheaper Than You Think w/Kristina Smallhorn
770: Retirement Accounts Collecting Dust? Use Them to Buy Real Estate! w/Kaaren Hall
769: The Beginner’s Guide to “Infinite Investing” with the BRRRR Method
768: Seeing Greene: Do This BEFORE You Leave Your 9-5 Behind
767: Multifamily Market Update + What a 20 Year Veteran Knows That You Don’t w/Angie Smith
766: Explosive Growth Could Be in Store for These Two Real Estate Markets w/Kim Meredith-Hampton and Victor Steffen
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