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The first step that must happen is identify your WHY!
Real estate is still one of the best assets to have when building wealth. Taking the first step is always the hardest....action! Because of the risk involved I would suggest identifying your WHY first before taking action to purchase real estate. I say this because if you don't know why you are doing it, you won't make the decisions necessary to build towards a strategy. Talking to others, reading books and watching videos are all great ways to build information but you must then take action on the information you have received based on your strategy. Not someone elses strategy.....yours!
I suggest, strategy, check your credit, have about $3-$5k ready to close a deal then take action. Building wealth should be done in steps. You don't have to win overnight, start your investing depending on how quickly you can build up $3-$5k to close a deal. Some deals require less but some may require a little more. Stay focused on your strategy and don't get caught up on the non important things. A great suggestion, start investing 1 house or 1 unit at a time either every 6 months or once a year. Buying 1 investment home annually for the next 5 years could create a monthly passive income of $2500 a month. Broken down each house would clear $500 a month (give or take the market) and in 5 years you could generate a pretty good monthly income. 5 is just an example and you could always do as much as you want but having your own strategy is the key! My strategy started out with the power of 5, 5 homes, 5 streams of incomes, 5 business ventures in 5 years. The year 2000 was a defining year for me!! Take action and best of luck on your journey.
Mr. Shawn
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