Episode #874

If you want to know how to invest in real estate, you’re in the right place. Today, we’re going to break down the nine beginner steps to getting your first or next rental property so you can start building wealth, make passive income, and get closer to financial freedom. And while it may SEEM like real estate investing is tough in 2024 with high mortgage rates and scarce housing inventory, lower competition could make getting your next deal easier than you think. Ready to start?

Dave Meyer, BiggerPockets' VP of Data and Analytics and host of "On the Market," has used these beginner steps to reach financial independence, grow a sizable real estate portfolio, and have enough passive income to do what he wants when he wants. If you want to be in Dave’s position in the next five or ten years, you can follow his strategy STEP-BY-STEP to reach your real estate goals, start building wealth, and finally achieve financial freedom.

Get access to exclusive real estate investing calculators, lease agreements, bootcamps, and more with BiggerPockets Pro, and use code “BESTYEAR24” for a special discount: https://www.biggerpockets.com/membership-types?utm_source=owned_media

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Join BiggerPockets for FREE 👇
https://www.biggerpockets.com/signup?utm_source=owned_media
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Expand Your Investing Knowledge With the BiggerPockets Books:
https://store.biggerpockets.com/?utm_source=owned_media
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Find an Investor-Friendly Agent in Your Area:
http://biggerpockets.com/agentmatch
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Find Investor-Friendly Lenders:
http://biggerpockets.com/findlenders
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Use the BiggerPockets Tools from This Episode:
Rent Estimator: https://www.biggerpockets.com/insights/property-searches/new?utm_source=owned_media
Rental Property Calculator: https://www.biggerpockets.com/rental-property-calculator?utm_source=owned_media
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Connect with Other Investors on the BiggerPockets Forums:
https://www.biggerpockets.com/forums?utm_source=owned_media
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Investment Properties for Sale:
https://www.biggerpockets.com/real-estate-listings?utm_source=youtube&utm_medium=description&utm_campaign=none
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Grab Dave’s New Book, “Start with Strategy”:
https://store.biggerpockets.com/products/start-with-strategy?utm_source=youtube&utm_medium=description&utm_campaign=none
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Hear More from Dave On the “On the Market” Podcast:
https://link.chtbl.com/OTM
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Connect with Dave:
BiggerPockets: https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @thedatadeli or https://www.instagram.com/thedatadeli/

Show notes at: https://link.chtbl.com/BPRE


00:00 Intro

07:02 Resolutions DON'T Work

09:04 Meet BiggerPockets (and Dave)

12:47 Should You Invest in 2024?

15:39 1. Know Your "Why"

18:01 2. Get Committed

19:49 3. Define Your 5-Year Goal

22:45 4. Set a 1-Year Goal

24:57 5. Set a Q1 Goal

27:31 6. Start Doing "LAPS"

32:24 7. EXECUTE the Plan

33:51 8. Stay Persistent

36:30 9. Become an Investing PRO