Ashley:
This week’s rookie reply is all about hesitation, strategy and what to do when things don’t go according to plan. We’ve got three real estate questions from real estate investors who are wondering, should I wait? Should I buy? Did I already make a mistake?
Tony:
Yeah, that’s right. We’re going to break down what you can actually do today, whether you’re starting with just a few thousand bucks or you’re sitting on several hundred thousand dollars in cash, welcome to the Real Estate Rookie podcast. My name is Tony j Robinson,
Ashley:
And I am Ashley Kehr. So let’s get into our first question today. This question is pulled from the BiggerPockets forums. So Keegan asked, I am very new to real estate, and I wanted to ask what the best first time investment would be to start looking into and how much approximately should I have saved up to do this? Well, Keegan, I wish though we could give you a very, very specific answer as to what that should be, what strategy, but instead, we’re going to give you a blueprint as to how you can discover what is the best strategy for you based on what your why is and why are you investing in real estate as to what your W2 job. Is it for extra money for your family? Is it for retirement in the future? Choosing your strategy is very dependent what you want out of real estate investing. So Tony, what are some of the first things you should ask yourself when you are thinking about what strategy to get into?
Tony:
I think motivation comes down to maybe four different potential options. You have cashflow, which is first of mind for a lot of rookies who are thinking about investing in real estate. You have long-term appreciation, long-term wealth building, right? The value of your property going up, the loan balance going down. You have tax benefits. There are some folks who really want the tax benefits to come along with investing in real estate. Those are probably the three big buckets. If you talk about short-term…