HMW #107: Your real estate investor starter kit!

So you wanna be a real estate investor? Great, I'm going to give you 3 things you should do today in order to prep yourself to collect cash flow as your new form of employment.

I know not everyone wants to retire early, or go on 3-month vacation, or pursue very low-paid thankless hobbies like podcasting, creating dank Twitter memes, or writing real estate newsletters. 

But if you are that type of person, then there is no one better than me to teach you the ways. I'm the king of doing things that don't make financial sense. And I have real estate to thank for that!

I worked in the corporate world for 10 years and hated it so much that I ate 13-cent ramen noodle lunches daily to save up for down payments on properties. 

I'm not saying you have to go that extreme, I'm just saying that my sodium levels are directly correlated to my career happiness. 

Today, I only eat ramen if it's over $16. I'm bougie like that. And I have real estate to thank for that too!

Now getting yelled out because some guy in another department didn't show up for work was all the daily motivation I needed to get jump-started on my own real estate investment career. 

Hopefully you have less stress in your day job, but if not, we can get creative and find ways for you to get chewed out for things beyond your control. To start, try having a punchable face. C-suite folks love screaming at them.

So let's go! You ready to upset your parents and go all in on real estate?

I love the enthusiasm! But you failed the first test.  I've told you before to not quit your day job just yet.

This article is for what to do right now while keeping your day job and looking to buy your first property.  Staying employed only will help you in the long run, mainly for some income stability as you begin but also to slowly continue to wear out your boss's vocal cords. 

Most people don't do anything because:

They don't know where to start when it comes to real estate investing.

Future investors struggle to make any progress due to:

• Work demands eating up any free time
• Thinking there is no way they can afford a property
• All this fancy real estate stuff sounds like risky business
• Just not into painting all shiplap Agreeable Grey right now

Bro, I've been there. And have bulk-purchase ramen receipts as proof.

I'm going to be the mentor to you that I wish I had when I knew nothing about real estate.  I truly want you to succeed.  

My goal is for your boss to start coming to you for real estate advice. I also want you to throw a retirement party in your office at the age of 30 like I did.  Okay, the party backfired but that's a story for another day.

Let's get to it. Here are 3 options for you to consider today as the first step of investing:

Option 1: Nerd out on one real estate strategy

You know nothing about real estate right now, so there are no wrong answers. 

You can get lost in the weeds for years comparing the strategies of long-term rentals, short-term rentals, storage units, hotel-to-condo conversions, mobile home parks, new construction, flips, note sales, subject-to purchases, wholesaling, tax deeds, commercial deals, and 5000 others. 

Guess what? Each real estate niche has millions of dollars waiting for you. You will succeed at any one you want if you just focus on one lane and make it your thing.

Our thing at House Money Media is long-term and short-term rentals. We even offer courses on it. If that's not your thing, that's ok. But you need a thing. And you need to devour all you can on that one thing.

Catch a podcast on that one strategy each day in the car. When flying, buy an e-book from someone doing what you want to do. Or even just subscribe to a low-paid thankless weekly newsletter about that thing. It's better than doing nothing.

You have limited time, so don't get distracted chasing new ways to make money in real estate.

They all work. But learning about all of them and not actually doing any investing is not going to work. A singular focus will guarantee riches.

Being successful sounds boring? Ok, well, that's actually true.

I've been early-retired while all my friends continued to work 60 hours a week. I got very lonely. But it was still better than fake smiling to my superiors around cheap coffee and stale bagels every morning.

If you think that a one strategy vision is not worth your time, try this:

Option 2: Be a credit card points nerd

If you don't want to do real estate related activities just yet, then set your sights on some real estate-adjacent activities.

Gamifying your credit cards and maximizing the points or rewards while also paying them off in full each month will help you master real estate investing.

This financial hobby shows the world you know how to control debt and that you understand other people's money can make you money.

This is the same game as real estate investing. Except you replace credit lines with mortgage balances and points with cash flow.

Your success in both leads to a higher credit score. And the higher your score, the better interest rates you get. And the better rates you get, the more successful you become. 

Not a bad game to master, huh?

Once you are a credit card hacker, you are ready for the big leagues of real estate.

Unless you think that's too much trouble too?

Good, you are on your way to successful real estate investing then! I'm glad we continue to find common ground.

These options are not mutually exclusive though. You really should do all the options if possible. And the most important one is:

Option 3: Nerd out with like-kind nerds

Nothing is more motivating than surrounding yourself with those that are accomplishing what you want to accomplish.

You want a real estate network that is resourceful, supportive, and encouraging. 

So why not hang out where other real estate investors hang out? Investing can be an addiction that is best passed on from other real estate addicts.

If that's is going to be your drug of choice, then maybe consider joining the House Money Media Community Discord. 

We are building that dream community you must have to get you where you want to go.

And we also want to hear all your terrible boss stories. It motivates all of us.

So this option isn't boring at least, right?

Whew. You have something to do today then to start working towards being an investor.

Actually let's package all 3 options together to make for a super successful starter pack that is a mix of entertainment, education, and community.

What do you think about that?

We are too.  Let's succeed together.

Summary

• Mastery of one strategy is all it takes.
• There are no wrong strategies in real estate.
• If you can handle credit cards, you can handle mortgages.
• Join a community like the HMM Discord to deep dive real estate.