Building a Real Estate Path
Everyone has to start somewhere. The best way for me to think about something so big is to break it up into smaller more understandable pieces. and visually too.
This included me just estimating how much I would need for a down payment, and editing my budget to get to that goal.
Understanding what to look for in a property. I would practice with a past co worker that had several properties. I would show him one and then brainstorm how much rent would be how is the neighbor hood, what would my monthly payment be and so on.
How I got interested
I'm still not sure about my first thoughts with it but it really gained a lot of my focus. This might be the longest I have stayed this interested in something. I usually do my research, know a lot about it, and then it slowly dwindles to forgetting about it. Real estate on the other had just has so many paths and issues and ways about it. I love hearing stories or different ways of owning/renting. Check out Bigger Pockets for forums and their podcast is pretty great too!
Map it out....literally. I found the best way to understand the "path" of home buying is am image of the timeline. I found some on pinterest and this was my favorite. and of course it's by Dave Ramsey!
Create a timeline (estimate)
This definitely will not be accurate, but it will help map out how much you need to save and such. For me since I rent I have to take that into account for when our lease is up and what would be an ideal time to close on a house. Then, find out how much I can save up by that.
I kind of do this in excel just simply a column of months, then amount I want to save each month and a total of that column at the bottom!
Take away thoughts
Now that I have started this journey this unfamiliar picture is now making a lot more sense. I kind of find it funny in the sense of size ratios. The saving and looking for a home should take up about 75% of this picture haha. Once you make an offer I feel like all the rest happens in less than 3 weeks. AND you will have help from your realtor at that time.
I hope this helps you start your house journey!!!
much love xoxox,