I am here to tell you that going from renting to ownership and then investing in real estate is NOT as hard as everyone says, but there are a few things you must do to execute this.
1. You need to set a goal
The first thing I always do prior to jumping in feet first is setting my goal and determining what I want to accomplish. My first goal was to secure the down payment. Securing the down payment is the hardest part. This takes a lot of discipline, hard work and delayed gratification.
2. Start analyzing deals every chance you get.
Contact a local mortgage broker and see what you can qualify for. Once you have established financing now you can get serious about looking at properties in your ballpark. Start running the numbers on Zillow’s free app in the mortgage calculator section. This will not give you hard numbers, but it will give you a ballpark of what you should expect your monthly payment to be after your down payment.
3. PUT IN OFFERS!
You cannot go from renting to homeownership without pulling the trigger and putting in an offer! This is the most critical part of it all is establishing some sort of control over the property. There is also an inspection period where if you find anything you cannot live with in the property you can simple back out and collect your earnest money back. If you do not put in the offer you lose the property every single time.
