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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978: How to Build Your Real Estate Investing Team (Agents, Contractors, Lenders)
977: Seeing Greene: Exiting Bad Deals, Going Over Budget, & the BEST First Rental
976: How to Start Mobile Home Investing (The Right Way) for Just $15,000
975: BiggerNews: Rent Price Updates and Why Landlords Are Optimistic About 2024 w/Zumper’s Anthemos Georgiades
974: Maximalism: The New Renter-Friendly Trend Landlords Can’t Overlook w/Tay “BeepBoop” Nakamoto
973: Seeing Greene: Retiring Early, ARMs vs. Fixed-Rate Mortgages, & When to Sell
972: 3 Beginner Steps to Find Undervalued Real Estate in ANY Market
971: BiggerNews: Mid-Year Housing Market Update + Mortgage Rate Forecast w/Redfin Chief Economist Daryl Fairweather
970: 5 Mistakes to Avoid When You Start Investing in Real Estate
969: Seeing Greene: I Can’t Find Tenants! Should I Sell or Lower My Rent?
968: Making $10,000/Month PER Rental with These Guaranteed Cash Flow “Contracts” w/Noble Crawford
967: BiggerNews: Apartment Investing Took a Huge Hit, Is a Comeback On the Way? w/Brian Burke
966: Top Investors Reveal Their Worst Real Estate Deals (DON'T Repeat Them!)
965: Seeing Greene: Insurance and Taxes Killed My Cash Flow, Should I Sell?
964: Retiring His Parents by Buying Unwanted, Overlooked Real Estate Deals w/Logan Koch
963: BiggerNews: 6 Rules for Real Estate Investing in 2024 w/J Scott
How to Use the BRRRR Method to “Invest on Repeat”
962: How to Buy a Home (or Entire Neighborhood) With Your Friends and Family w/Phil Levin
961: Seeing Greene: How to Avoid High Down Payments and When to BRRRR vs. Buy New
960: No Cash Flow in Your Market? How to Invest Out-of-State Like a Pro w/Jessica and Shyd Coloma and Michael Gallagher
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