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in Real Estate Investing · September 19, 2020

Taking the Leap and Jumping into Real Estate Investing?

Since I started sharing our real estate journey, I’ve gotten several messages on how to get started in real estate and the answer to this question is simple, by actually doing it. This is the answer to almost anything in life. However, I know it’s easier said than done. 

I wish I could say that it was that simple for me. I obsessed with becoming a real estate investor for 7 years before taking any action. In 2015, I even incorporated Moonstone Realty Group LLC because I wanted to ensure that I would remain committed to that goal. However, it wasn’t until 2019 that I decided to take the leap. I even had a logo, business cards, a credit card and everything. 

I had this 10 year plan on all the steps that I needed to take before I could get started. I had to take an infinite number of courses, get more hands on experience, read books, watch educational videos, get a master’s degree in real estate, you name it! I danced to this song for 7 years until I finally did it. Mind you, I already had 3 years of experience working as a property manager. 

The irony of it all is that the reason I finally decided to take action was to prove a point. My boss at the time, a real estate investor, sat me down to discuss the future of the company and he told me that I could either grow with him as he built his real estate empire or stay small to pursuit my Moonstone Realty dream. You can imagine how I felt. He was just beginning to build his real estate portfolio when he hired me. This was my chance to get the hands on experience I wanted, so I quit my job in public accounting and jumped on this opportunity. I was with him from the beginning helping him turn around and grow his portfolio. When I got on board, his delinquency was to the roof, had lots of vacancies and the management was a complete mess. We turned his business around within 6 months. He was able to refinance and double his income within that timeframe. I was on the front line handling everything from the accounting, operations, renovation, financing, the team, everything! I busted my ass working crazy hours to get the job done and for what? I was fulfilling someone else’s dream instead of my own and clearly I already had the tools I needed to get started, but was too scared to do it. I know my boss had no malicious intent when he said that to me and I hold no grudge. Working with him gave me the skills I now utilize as a real estate investor. While it hurt, I am grateful that he said it to me. Maybe he was just trying to give me a little nudge.

Sometimes I wish I could go back in time and do it all over again. If I hadn’t been so scared, I would probably be a full time investor by now. However, I do recognize that I wasn’t ready then, but not because I didn’t have the knowledge, but because I wasn’t in the right mindset and… I was a financial wreck as well.

I told myself that I couldn’t do it then because I needed to do XYZ before getting started. I didn’t believe that I could  do it then, so I didn’t even bother doing the simple things like getting my financial situation sorted out. Why would I? I still had 5 more years. 

Oh well, like my mom said to me the other day “You live and you learn”.

So I am sharing this because I see a lot of you getting stuck in finding the right time, in getting everything sorted it out before jumping in and letting fear stop you from getting started. 

I get it, it’s scary! Investing in real estate is a big commitment. It’s not like you can buy or sell with a click of a button. The financial commitment is a lot more than any other investment type. The thing is that if you have been circling around the idea of doing this, then you should at least give it a try.

I still recommend that you do a little bit of homework before getting started to build a foundation. However, don’t get hung up on knowing it all before getting started. BiggerPockets is a really nice platform for real estate investors. They have a forum, podcasts, books, blogs, etc. This has been my primary source for knowledge. They recently launched the Real Estate Rookie podcast which is good for everyone new to investing.

Here is the thing, you will never know it all. Even now, Ryan and I are learning new things every single day. The fear factor will never go away either. It gets less scary as you become more experienced. However, still scary. I mean, you are buying based on the assumption that things today will either remain the same or get better. Even if you factor in some contingencies, it could all go wrong. For example, do you think anybody anticipated COVID? No. 

Even with all the setbacks, uncertainties and potential risk of loss, I still believe real estate investing is worth it. The reason I prefer real estate over other investment vehicles is because I have some control over its performance. I can renovate and exponentially increase my income and the value of the property. You can’t do that with stocks. Plus I get some comfort on the fact that I can touch it and I can see it. However, it’s not for everyone and plenty of people have done it, decided it’s not for them and moved on.

I should also point out that investing in real estate doesn’t mean you can’t also invest else where. While, I am currently focused on the real estate portion, I also have investments in stocks through my retirement accounts and recently began investing in notes via Groundfloor.com. You can also elect to invest in real estate in a more passive way like buying REIT stocks or participating in real estate syndications. There are so many options and there is no right way.

The point here is, don’t get stuck in the details and start taking the steps necessary to get started. This might mean getting your financial situation sorted out, saving money, increasing your credit score, get a realtor, start looking at properties, getting an educational foundation of real estate investing and so on. Three really good books to get you started are “Invest in Real Estate” by Brandon Turner and Joshua Dorkin, “Rental Property Investing” by Brandon Turner and/or “Retire Early with Real Estate” by Chad Carson.

Don’t wait like I did. You might regret it later! You can do this. Start with baby steps, but just get started.

If you have any questions, feel free to reach out. I would be happy to help. 

This post may contain affiliate links. I may get commissions for purchases made through links in this blog.

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New Blog Post 🚨 In this week’s blog post I am New Blog Post 🚨 In this week’s blog post I am going over why we bought a short-term rental, our experience so far. Plus what we did prior, during and after purchasing our first short-term rental in March 2022, a Cabin in Blue Ridge, GA.

Check it out at www.beyondjustnumbers.com or link in bio @beyondjustnumbers
I can’t stress this enough. Some investors are l I can’t stress this enough. Some investors are looking to make money from day one, but that’s not always the case. It wasn’t for us and I’ve talked to a lot of rookie investors who have told me “Thank God I have my personal finance situation together.” 

This is just my opinion. Do you agree? Let me know in the comments!

Want to join a free community of like-minded individuals? Join our REI Coffee Chat Community where we talk real estate investing, personal finance and financial freedom, and much more! Link in bio @beyondjustnumbers

Want to learn more about investing in real estate? Read my blog www.beyondjustnumbers.com

#realestateinvesting #realestateinvestor #creativefinancing #investmentproperty #buyrealestate #firemovement #debtfreejourney #financialindependenceretireearly #rentalproperty #investinginproperty #personalfinanceblog #wealthbuilding #planforretirement #investorlife #livefree #airbnb #moneyisfreedom #enjoythejourney #reicommunity #realestateinvestments #shortermrentals #cashflow #realestate
I used to think that investing in real estate was I used to think that investing in real estate was for the rich. I became in love with real estate while working for a real estate investment company that owned hundreds of units. This was back in 2011 and I was 20 years old at the time. I had less than 5 years permanently living the US, so I had no idea about anything. I grew up in Colombia and the only talk of money we ever had was the lack of it. 

The investors I worked for were a wealthy family, so naturally, I thought… Real Estate requires wealth. I don’t have wealth. Therefore, I cannot invest. 

I figured… well shit, I need become wealthy so I can invest in real estate. Eventually, after educating myself I realized how wrong I had it. You can build wealth BY INVESTING in real estate.

Took me a couple of years to figure it all out. Hence, why I didn’t start investing until 2019. I wish I had figured out earlier, but it is what it is. In just 3 years of investing in real estate, I was able to accumulate more wealth than I ever thought possible. 

Just to give you an idea…Did you know you could invest in real estate with as little at 3.5% of the purchase price? For a $150,000, that’s only $5,750. Buy a duplex that needs a little bit of work, fix it up, rent one side and live in the other. This will reduce your monthly expenses significantly, save the money and do it all over again.*

Of course it’s not that simple, but it’s also not that difficult. There are some particular steps and considerations which is  why I recommend doing further reading on the subject. 

Book Recommendation:
✅“The House Hacking Strategy” by Craig Curelop and ✅“Investing in Real Estate with No (and Low) Money Down” by Brandon Turner. 

#realestate #realestateinvesting
🚨 New Blog Post! Continuing the “Getting Star 🚨 New Blog Post! Continuing the “Getting Started in Real Estate Series” 

You’ve found a property either on your own or through a realtor, you’ve run your numbers, you’ve got a lender and now you are ready to make an offer. What’s next?

In this post I want to discuss a few items:

✅Key components of a real estate contract
✅How do you make a compelling offer to ensure you get the property you want
✅The main contract contingencies and how they work
✅Communicating with your realtor

I also provide real examples of what we have done personally. 

Check it out at www.beyondjustnumbers.com

Let me know what you think!
If I listed all of the hats, I’d never end 😂. If I listed all of the hats, I’d never end 😂. Anyone else? Show me the multiple hats you wear and tag me. Let’s have fun with some reels.

Trying to get good at the real game like @investinginyourwealth. How did I do?
The fact that you are not where you want to be doe The fact that you are not where you want to be doesn’t mean you won’t get there. Greatness takes time. Focus on what you control.

And remember, it’s okay to pivot.

#mindset #realestate #firemovement #realestateinvesting #realestateinvestor #rentalpropertyinvestor #rentalproperty #cashflow #motivation #financialfreedom #financialindependence #financialindependenceretireearly
We see a lot of advice around hiring a real estate We see a lot of advice around hiring a real estate friendly CPA. However, when you look up  CPAs that specialize in real estate, they can be pricey.  However, that doesn’t mean that other CPAs or tax professionals aren’t good. They might not be particularly aware of certain items, but they can research and collaborate with theirs peers. Perhaps it may require you to do a little of work to compensate. Things you can do:
✅ listen to The Real Estate CPA podcast or join the Facebook group
✅follow social media accounts of the pricey Real Estate CPA and take notes of what they are saying
✅attend free educational events 
✅read BiggerPocket book on Real Estate taxes 
✅if you know anyone working with a really good Real Estate CPA firm, ask them what they are doing

Then use that to go your CPA or tax professional and be like “Hey, is this something we can do for me?” They’ll probably say, “Let me look into it”. 

If they are good, they are going to research it and/or ask their CPA peer group. (CPAs and tax preparers also have Facebook groups where they collaborate with each other).

Here is a piece of advice, if they tell you “No, we can’t use this loophole or no, you don’t qualify to use this strategy” —> Ask WHY and “How can I qualify in the future?.” This way you confirm they did their homework and aren’t just being lazy. Don’t just take no for an answer. You can then get a second opinion by asking a question in a forum or to your peers.

So don’t panic if you don’t have a real estate CPA or tax professional. 

Next video I’ll be answering the question… “Can I skip the tax professional altogether and do my own taxes?”

#realestate
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