How To Invest In Real Estate For Beginners [Step-by-Step]

Houses are expensive
– Charlie
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Question: Is this still relevant in 2022?

Straight up to the point info here, coming from someone going through the process currently. Great job on breaking it down.

Just turned 18 , and learning financial literacy, investing, public speaking, accounting and management. Let's prepare for the future and kill it.

How do you get started in real estate investing?

There are a lot of good answers here, so I’ll just add my step-by-step tome to the pile. You can certainly take some shortcuts, but you will lose out on a part of the learning process if you do.

Don’t expect to make a killing on your first deal. Aim for a nice Return on Investment, but be glad to just come out ahead. Expect to make some mistakes. Hopefully they won’t be big ones.
Take a few months to learn everything you can about a niche you want to start in (single family flips is where a lot of people start, because it’s manageable, but there are others). Read everything other investors recommend.
Become intimately familiar with what renovations cost. Make a habit of visiting Lowe’s or Home Depot to learn basic pricing of flooring, cabinets, countertops, appliances, tubs, fixtures, windows, doors, trim and landscaping. One (imperfect) rule of thumb: multiply the cost of all materials you anticipate needing by two to get an approximate total cosmetic renovation cost, including labor. Become generally familiar with what contractors charge to fix structures, repair rooves, patch plaster or drywall, fix plumbing, replace HVAC, update electrical, pour cement, put up siding or move a wall or two. (It may cost you less or more for these jobs when you finally engage a contractor, but at least you’ll be in the right ballpark.)
Start running a lot of spreadsheets on hypothetical costs of renovation. Do it from pictures of house interiors in Zillow just for practice. Renovation costs for your future deal will have to plug into your overall deal analysis.
Start figuring out how to analyze entire deals correctly. Sites like Bigger Pockets can help. Do a lot of hypothetical analysis so you get good at it. Watch what happens to deals other people are doing on properties similar to the one you want to be buying. What are their selling prices? What did they purchase for? Drive by and look for evidence of renovations, and calculate how long it takes them to close, fix, list, and rent or sell.
Watch statistics from real estate sites also.
Build a proforma plan for your first project, with a financial boilerplate.
Pencil in a strategy for your investment business. If you need to advertise for your first deal, be prepared to do some marketing.
Along the way, accumulate enough working capital to do your first deal. Occasionally this involves saving up the whole purchase and rehab price if you don’t want or don’t qualify for financing. It might mean finding a financial partner. But more often than not it’s a 25% down payment plus some misc buyer-side closing costs and insurance if you have bank financing. You’ll also need to save up or find extra financing for the cost of renovation and repairs. If you have absolutely no money, then offer to bird-dog deals for other investors, or start making a little extra money by helping someone in the industry. Wholesaling is an option if you have little to no money other than an earnest money deposit. But beware of wholesaling property in some states like Ohio, because there are only one or two legal ways to do it unless you are a realtor. And the legal penalties can grow into the $100,000’s.
Build your network. You’ll most likely need some combination of realtor, lender, title company, contractor, designer, lawyer and accountant.
Continue to get even more educated about the nature of the deal you are planning to do. For example, you might find an owner-financing opportunity, so you’ll need legal advice on that. Learn everything you can, and when it comes time to commit to a financial transaction, involve dependable experts to protect you.
Get pre-approved for financing if you need it.
Identify an opportunity you are willing to go through with, where the numbers appear to work. Note that you should have run the numbers already before you even agree to visit a place.
Start lining up contractors for your project. Get a contractor-friend to confirm your estimates during a visit to the property. Be careful not to burn their time unnecessarily. If you can’t get one to accompany you to the property, take thorough pictures of all systems, basement and repair items which you can use to consult with someone later. Don’t buy without either an inspection or a qualified contractor’s on-site estimate.
Run the deal (confidentially) past some people who already knows what they’re doing in real estate. If it’s a go, proceed. If not, don’t be afraid to bow out and look for something better.
For a deal you want to do, get any necessary paperwork ready through professionals (some combination of title co, bank, real estate agent, lawyer)
Take the plunge! Make an offer consistent with your analysis, get it accepted, sign the purchase and sale, and hope you get to closing without any hiccups.
Arrange for any buyer contingencies, e.g. inspections and/or financing, to be met.
Try to keep a level head about doing your first deal. Seriously, it’s so exciting that you might make silly expenditures or do something premature that will cost you in the end. Resist the temptation to enter the property illegally before you take possession. (But you can ask the seller for a favor to let you in to take important measurements.)
Once you close, the majority of your work is done, because the money is made or lost in the buying of a property, not the selling. Congratulations! You’ve acquired your first investment property.
Now follow through on your plan to renovate, and either sell or hold for cash flow. For some people, keeping the execution of the renovation project on the rails is the hardest part.
Sorry, didn’t mean to write a whole book, but the more I covered, the more there was left to cover. And that’s the way it is in this industry.
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Good luck!!

1. invest in your self
2. Invest in ETE
3. Have your own property
4. Pursue a business venture 5. A retirement plan
6. Insurance
7. Acquiring assets
8. Offset debts
9. Invest in quality relationships
10. Real Estate.
Let's grow together

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