I Want to Invest in Real Estate – Where Do I Start

I am privy to this question being asked a lot – I want to invest in real estate, but where do I start? 

There are a multitude of advice that can be given in response to a question like this.  Some people recommend you start by learning to wholesale houses, while others tell you to to buy income-producing property.  Some even advise you to get a real estate sales license (otherwise known as the license to steel).

You know – all of the above may be appropriate suggestions at times.  However, I think the answer to this question is even more fundamental…

Why Do You Want to Invest in Real Estate?

This is the first question that has to be answered; not which technique or approach to take.  And the answer, of course, is that you are trying to solve a problem in your life, financially speaking.

Well, I am amazed that people don’t see this, but real estate is not something that solves problems.  Nope, real estate amplifies the solution (or lack thereof) that is already there.  And in fact, real estate can have just the opposite effect from what you are looking for if you are not ready!  There are things that need to happen in your financial life before real estate is brought into the equation…

So – Where Do I Start?

That’s right – you start with your personal finances.  You start by building a Financial Statement, which will illuminate the problems.  And from there you move onto to structuring a budget.  All financial problems in our lives are a result of behavior, and while a Financial Statement will indicate what and where the problems are, the budget will clearly communicate to you which behaviors are causing issues.

From here, it is up to you to change the way you behave around money!  One thing is for sure, if you try to add Real Estate into the mix before you are ready, you will have a financial melt-down the likes of which you can not even fathom…

Do You Need Help?

Incidentally, this is the first thing I do as part of the JustAskBenWhy Consulting.  I am fully aware that Real Estate is “sexy” and everyone reaching out to me wants to dig into buying property immediately…

Unfortunately, I am not able to give my seal of approval to any process which does not begin with straightening out the basics first.

If you need help undertanding the big picture and learning how I do what I do, please feel free to reach out here.

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