How to Invest in Real Estate in 2024 (9 Beginner Steps)

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: www.biggerpockets.com/members...
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Join BiggerPockets for FREE 👇
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Expand Your Investing Knowledge With the BiggerPockets Books:
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Find an Investor-Friendly Agent in Your Area:
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Find Investor-Friendly Lenders:
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Use the BiggerPockets Tools from This Episode:
Rent Estimator: www.biggerpockets.com/insight...
Rental Property Calculator: www.biggerpockets.com/rental-...
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Connect with Other Investors on the BiggerPockets Forums:
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Investment Properties for Sale:
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Grab Dave’s New Book, “Start with Strategy”:
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Hear More from Dave On the “On the Market” Podcast:
link.chtbl.com/OTM
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Connect with Dave:
BiggerPockets: www.biggerpockets.com/users/d...
Instagram: @thedatadeli or / thedatadeli
Show notes at: 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

[@grabthemappodcast]

I love it! The LAPS (Leads, Analyze, Pursue, Success) process is a practical framework for real estate investing. Also, breaking down your long-term vision into specific, achievable goals is essential for success. Start with a five-year vision, narrow it down to one-year goals, and then further into quarterly goals. This approach helps you stay on track and measure your progress effectively.

[@tammyrussell-rice5508]

Nice - What's missing right now is inventory! LOL My Buy Box is rather specific. I feel like I am looking for a unicorn. However, I will be persistent and not settle.

[@YouMeJV]

Same! We're finding it a little difficult to find what we're looking for, but just have to keep on looking until you get it right.

[@JennaJenna555]

Thank you

[@dillyfrank5562]

Sheesh a lot of yapping . This video should’ve been 10 minutes.

[@SkepticButOptimist]

Mans speaking in yappanese

[@kevinherrera8277]

Exactly 😂

[@user-yt1ui7ki2z]

very clear advises..

[@emilyhoward8723]

In a video, David said that in coastal areas like Southern California, you might not necessarily have positive cash flow when house hacking. How do you properly analyze a deal like that if you don’t see a positive cash on cash?

[@YouMeJV]

Hey Emily there's a couple great ways. Long term cash flow is just one. Medium term and short term rentals will generate higher cash flow returns, but require some extra steps and carry different (maybe higher) risks. SoCal homes also appreciate pretty well, so cashflow may not be the only play for getting value. There's also tax depreciation, and borrowing against the home's equity in the right situations. You also have the option to negotiate the person down to get the cash flow you want, and still get all the other benefits. Hope that helps!

[@marceliarakoski6394]

Great video 😊😊😊

[@user-sj1bo3ko1f]

If only translated in Turkish language

[@luistovar2494]

Refreshing and encouraging!!!

[@user-qt5sm8jv1k]

From Zambia and I must say, wow!
It's a nice video, for more on real estate investment mention or reply this chat

[@Sinister_187]

24yrs Old & stuck on what to do with ma self herd bout Real estate but how does the investing work need advise from pro 😅

[@lynnettedobbinify]

Loved this!!!! I feel like this really answered all the questions I needed to get me out of a rut! I feel pivoted!!!!!! Thanks guys!❤

[@pinkneyestatescorp]

#6. Everyone should DRIVE FOR DOLLARS 💸 If you find the deal, there are at least 3 ways you can profit 💯 Even without money😮💡

[@user-yn1wd5jj6j]

Hello

[@maalikserebryakov]

PhD in Yapology

[@andrewwynne630]

Yuh

[@Horace9C]

Look out for the mafia

[@donniewilson5370]

Had to turn the podcast off. More mumbo jumbo than nuggets

[@seemabadve2240]

Boring

[@christianhayes694]

Shoutout to Harold for leading by example! 🫡