901: The 6 Beginner Steps to Take Before Investing in Real Estate

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 26 February 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pocket Podcast Show 901.
0:05.3	What's going on everyone? I'm your host David Green and this is the Bigger Pocket's real estate
0:09.8	podcast and today is the man, the mystery, the marvel.
0:14.7	Rob Obcillo.
0:15.6	He ha, I don't think I've ever heard all of those words
0:18.2	in the same sentence about me, so I am honored and excited
0:21.4	to bring a very powerful show today called The Steps Before
0:24.9	you Invest in 2024. See at BiggerPockets we believe that you should have a
0:29.0	strong financial foundation and habits before you start investing in real estate.
0:33.4	So consider this episode Step Zero to prepare you to invest and start your real estate journey.
0:39.4	That's right.
0:40.4	As you're educating yourself and learning how to become a real estate investor, you should simultaneously be working on your financial foundation
0:46.6	so that you're ready to take action and weather the storm once you get into the game.
0:50.6	We're bringing none other than Kyle Mask, a regular contributor to the
0:54.8	BiggerPockets Money Podcast to help us out today on the show. Kyle is a
0:58.8	certified financial planner and a real estate investor who has reached financial freedom himself.
1:03.2	And a certified friend of the Bigger Pocket show, let's bring him on.
1:06.8	Kyle Mass, welcome back to the BiggerPockets podcast.
1:09.6	Before we get into tactics, why do you think that it's important to build a strong financial foundation
1:14.5	before investing in real estate?
1:17.0	Yeah, you know, so many people listen to podcasts and read books and you really want to jump right in.
1:21.9	I'd say the most important thing is staying power.
	...

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