Mastering Real Estate Investing: The Dos & Don'ts for New Investors
CRAFTED Millionaire
Cayla Craft
4.9 • 1.3K Ratings
🗓️ 29 July 2024
⏱️ 20 minutes
🧾️ Download transcript
Summary
Are you ready to dive into real estate investing but don’t know where to start? In this episode of Crafted Entrepreneur, I share the essential dos and don’ts for new real estate investors. Whether you're just getting started or looking to refine your strategy, this episode is packed with valuable insights to help you make smarter investment decisions and avoid costly mistakes.
In this engaging episode, I break down the 1% rule for beginners, the importance of picking the right market, and how to avoid getting caught up in bad deals. Plus, you'll hear about the benefits of wholesaling, flipping, and why having a mentor can make all the difference in your success.
Episode Highlights
- The 1% Rule: Why this rule is crucial for beginners and how to apply it to ensure profitable investments.
- Market Selection: How to choose the right market by analyzing key factors like neighborhood, crime rates, and economic growth.
- Wholesaling Basics: Understanding the process and why it might be a great starting point for new investors.
- The Importance of Mentorship: How having a mentor can prevent costly mistakes and accelerate your growth.
- Real Estate Mindset: Why the belief that you don’t have money to invest is just a mindset, and how to overcome it.
Key Moments
- 00:00 - 01:12: Introduction to the 1% rule and why it’s a must-know for beginners.
- 02:43 - 03:41: Exploring wholesaling and how it can be a lucrative entry point into real estate.
- 05:50 - 06:44: What to look for in a market and how to spot growing opportunities.
- 08:54 - 09:50: The importance of mentorship and learning from experienced investors to avoid costly mistakes.
- 14:10 - 15:35: Why due diligence is crucial and how to ensure a deal makes sense on paper before investing.
- 17:35 - 18:39: Overcoming the mindset barrier of not having money to invest and finding creative solutions to fund your deals.
Links + Resources
- Transform Your Life with Game Changers: Grab this book and learn how to become a game-changing coach with 12 value-packed lessons. Grab it Here
- Discover Your True Desires: Get my book What Do You Really Want? to uncover the path to more abundance, meaning, and connection.
- Achieve Your Goals with Executive Coaching: Apply for personalized coaching and unlock your full potential with my executive coaching program.
- Maximize Your Impact with GameChangers: Increase your income, portfolio, and impact by joining GameChangers. Get started today!
- Stay Informed and Inspired: Stay up-to-date with all my latest insights, tips, and resources by visiting my site. Visit CaylaCraft.com
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Transcript
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| 0:00.0 | that I don't have money to invest is a mindset, right? |
| 0:03.4 | And if you speak like that and you say that out loud, |
| 0:06.3 | you don't have money to invest. |
| 0:07.6 | And that will be your story for the rest of your life. |
| 0:09.8 | But you can always find the money if you are resourceful enough. The 1% rule is for beginners. |
| 0:33.0 | And so when I posted that reel, |
| 0:34.7 | I had these people who were like longtime investors, |
| 0:37.8 | like that's not how we do it. |
| 0:39.8 | And I'm like, I'm not talking to you. |
| 0:41.6 | You know, like this content is not for you. So in the beginning, like you need to have rules like when it comes to investing because you can get really screwed if you pick the wrong deal based off of projections, right? |
| 0:52.5 | You're like, oh, I hope one day I'm going to get this amount of rent, |
| 0:55.0 | but if you buy it with hopes, then like sometimes that can crumble. |
| 0:58.2 | Sometimes things go good and it ends up like cash flowing. |
| 1:01.1 | But most of the time, like, things don't always work out, |
| 1:05.4 | like, as planned, right? |
| 1:06.9 | So you always want to like go with that 1% rule, |
| 1:09.9 | which is basically, like I would say, |
| 1:12.3 | if you haven't done more than 20 deals you need to do the 1% rule and what this is is the buy and hold strategy so that means you're buying a property to then hold and cash flow so this is something you would add into your portfolio to get cash flow like monthly. |
| 1:26.4 | Okay? So the 1% rule is you basically base the purchase price off of the rent you're going to be able to get. |
| 1:33.7 | So if you purchase something for $160,000, you want to be able to get 1% of that monthly, |
| 1:39.4 | which is $1,600. And so a lot of people commented and they're like, oh my gosh, you know, where are you going to be able |
| 1:45.5 | to find a $160,000 house to get $1,600 out of it? |
... |
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