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There is a lot of real estate. Like, a whole lot. Practically everything you see is either real estate, or is on or in real estate. If you\\u2019re driving down the road, running in a park, or cleaning your garage as you listen to this podcast, chances are you are surrounded by real estate. When you start to see everything as real estate, you then start to look at that real estate from an investment perspective.
There are a lot of ways to invest in real estate, as shown with the different guests we have here on the podcast. From buy and hold single-family investing, to house hacking small multifamily, to apartment syndication, there are different niches and investment strategies.
Starting out, most people are successful by being as narrow focused as possible, meaning they select one real estate niche and focus solely on it. If you don\\u2019t focus on one niche, you\\u2019ll find yourself looking at raw land in South Texas, Condo\\u2019s in San Diego, and new development multifamily in Virginia. Which brings us to the next point \\u2013 the market. Just as it\\u2019s important to narrow down your niche, it\\u2019s also equally, if not more important, to narrow down on a few markets.
These two criteria \\u2013 niche and market \\u2013 will help you develop an investing strategy.
So, by now you\\u2019ve committed considerable time and resources in your own education. Now it\\u2019s time to start finding deals.
Let\\u2019s look a how to qualify a deal in three steps.
Once these criteria are defined, we now have a specific set of criteria that we can filter all deals through. If the property doesn\\u2019t fit these criteria, then think long and hard about pursuing it. Just because something looks like a deal, doesn\\u2019t mean it\\u2019s a deal for you.
Due Diligence. Due Diligence is the process of confirming all the details of the deal, from your underwriting assumptions to property inspections and anything specific to the deal you\\u2019re qualifying. During due diligence you\\u2019ll dive into all the minute details of the deal, making sure once last time that you understand everything there is to know about the deal. You\\u2019ll confirm things like:
From those early days and all that investment into yourself to the final phases of due diligence on your investment deal, you have gone from 0 to real estate investor! Congrats! Crossing the finish line and closing the deal is a huge milestone. It\\u2019s the end of one chapter and the start of the next! Do this repeatedly and consistently and you\\u2019ll be well on your way to...'