Todd Baldwin earned his first $1 million through real estate investing when we was just 25. Here are his top two tips for setting yourself up for success.
. Meanwhile, 3 bedrooms are going for a median of $4,500. If you live with two roommates, you could bring your rent down to about $1,500.. Putting everyday purchases on a credit card and immediately paying it off can help you build credit for the first time or improve your existing score, he says.
However,"don't go out of your way to spend more money you wouldn't normally spend," he says."Just put your regular expenses on [your credit card] and eventually, you'll build credit." Baldwin takes pride in the fact that he's never lost money on a real estate deal. He credits his success to being extremely selective about the properties he purchases.
Any home he invested in had to meet five strict criteria."If someone sent me a house [to consider buying] that had four out of the five, I wouldn't buy it," he says."It had to have five out of five."Enough parking spots for the expected number of tenants A location that's going through a transition, such as seeing an uptick in new businesses opening or a new grocery store going in nearbyThose don't have to be the criteria you use. Still, Baldwin's commitment to checking off each of his boxes has helped him stay focused on doing each deal well and growing his business without too much additional risk.
"Perhaps I didn't scale as quickly as [someone] who has way more money than me," he says."But I've also never had a scary time where I'm like, 'Oh, I could lose my pants on this.'"Sign up for our new newsletter!where Kelly Evans reviews the top indicators that a recession is coming or has already begun.
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