Hello, Justin, and welcome to the club! You'll be surprised at how relatively little money it takes to get started; if you're wholesaling properties, $3-400 a month for marketing costs. For fix and flip, or to hold as a rental, $8-10k in the bank. Of course, it can be done for less. Put whatever monthly amount you can toward marketing, and (the important part) keep doing it consistently. Even if you're six months and several hundred dollars in with no deals to show for it, all it takes is one property to recover your cost many times over. And don't forget all that you will learn during that time too. For fixing and flipping or holding as rentals, you do not need good credit, but it definitely makes things easier for you. So while you're learning, take care of credit issues if there are any.
The best advice I can give you is to:
1) Set specific goals. It's great that you have a five year plan. Now take that plan and break it down into simple, actionable steps that you can track your progress in on a daily basis.
2) Read all you can. Especially case studies of deals.
3) Associate with the right people. Be at all the DFW REI Club meetings you can. Attend other real estate groups too, local groups only. For the time being, pass on the high dollar, national, "real estate guru" clubs and courses. Hype and motivation is good as long as it leads you to fulfilling your goals, just don't get caught up in it.
4) Set a monthly, or weekly, marketing budget and put those funds into a separate account. Develop a marketing plan, run that plan by experienced investors, adjust it if needed, and execute it. Finding properties is
probably one of the most challenging pieces of the puzzle for a lot of
investors. Be consistent and persistent in your marketing. It will pay off.
5) Get with Robin about his "What To Say When Sellers Call" class. Or even better, take the wholesaling class he offers.
Best wishes as you progress toward your goals, and Congratulations! on the forthcoming addition to your family!
