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I’ve been taking concrete steps to get closer to investing in rental property. While I consider myself experienced in precious metals, stocks and mutual funds, I am very much in the early stage of learning about real estate. In this article I’ll share what I’ve done so far.

Action 1: Found a mentor and started building a network

I’ve taken it upon myself to learn as much as I can about real estate but I don’t want to try to figure it all out on my own. I’ve reached out to an individual who is experienced in real estate investing who is open to mentoring me and I’m looking forward to bouncing ideas off my mentor and leveraging the knowledge of this experienced professional.

I’ve also been talking about real estate investment with a good friend who recently began purchasing properties. This friend closed on a house that will be rented out and is gracious enough to answer my questions and share experience.

Action 2: Attended a real-estate investing workshop

I attended a free real estate investing workshop put on by the Rich Dad company. This was interesting but not very practical. They did A LOT of sales, trying to get you to buy books and attend one of their three day workshops. I expected as much, after all, they aren’t really doing this for free. But I was hoping to glean more actionable information.

I wouldn’t necessarily recommend going to one of these Rich Dad workshops unless you plan on spending upwards of $300 to purchase their training and/or materials.

Action 3: Started Listening to the Bigger Pockets Podcast

I don’t gain anything by promoting Bigger Pockets. My real estate investing friend recommended I start listening to their podcast. I also signed up for their newsletter and got a copy of their free “Ultimate Beginner’s Guide to Real Estate Investing” which I’ve been reading through.

It’s got me thinking about different ways I can get into real estate investing.

On such way is “house hacking”. I’m considering buying a duplex, renting out one side, and living in the other side. This could allow me to live rent free and learn the basics of buying a property before I move onto something bigger.

My Next Steps

  • Determine how much capital I can raise to make a down payment on a property.
  • Learn what locations close to my area are optimal for investment.
  • Research loans rates and lenders.
    • Get a handle on my credit rating.
  • Develop a network of potential partners interested in investing in real estate with me.
    • By pooling capital I can invest in a larger property and potentially get more scale, versus sticking with duplexes and single family homes.

So that is what I’ve been doing as I research getting into real estate.