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.

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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.

[dillyfrank]

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

[tammyrussell-rice]

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.

[emilyhoward]

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?

[lynnettedobbinify]

Loved this!!!! I feel like this really answered all the questions I needed to get me out of a rut! I feel 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😮💡

[qtsmjvk]

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

[Sinister_]

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

[donniewilson]

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

[christianhayes]

Shoutout to Harold for leading by example! 🫡