In this episode of Grab the Map, Johnoson Crutchfield is excited to share with everyone how he bought his first house.
[0:36] Crutchfield helps people on how you can buy your first investment property. He enjoys sharing his knowledge in terms of real estate.
[1:12] Everything will be on various levels on buying the first house. Perhaps you have money; maybe you have no money. Maybe you have time; maybe you haven't time. But for your own business, you're trying to glean something.
[2:23] The first thing you can't stop is that you absolutely must get informed if you buy your first house. You must be educated. You must build a network to talk to the sites in which people do this.
[3:15] Crutchfield mentioned that Dave Ramsey helped him. He helped him get on a budget. He helped him understand how much money was coming in and where the money was going.
[3:42] The first part of his education was the years that he listened to Dave's podcast. Not only did he listen to Dave Ramsey, but he started listening to real estate investing podcasts.
[3:56] Crutchfield knew that Dave's wealth had gotten him the real estate. He used the network, the property, to be rich when he began to hear other podcasts.
[4:25] He has been running a real estate business for about three years. He started listening to all kinds of real estate podcasts, bigger pockets and listening to all the interviews and guests they had coming in doing real estate deals. He says he listened to those podcasts on the lake while he was fishing at 22.
[5:35] He didn't do it because the money was too much money. And we were thinking about how many people we could borrow from or how we could get this deal done.
[6:05] Crutchfield offers a free class every Monday at six o'clock about investing things. He mentioned if you're not there, you need to be in somebody's class. If you're not in that class, you need to be reading somebody's book. If you're not reading a book, you need to listen to somebody's podcast.
[6:25] You need to have a plan to buy your first house. Whether you need to loan or borrow money, maybe checking your credit or started talking with banks.
[7:12] You need to have an idea of where your resources are going to come from. You can't just go from education to taking action without knowing where your money comes from.
[8:38] Crutchfield want you to think about what you want to do before you jump into something. Once you think about that, you can decide whether to move.
[9:27] If you want to buy your first house, you've got educated, made a plan, and need to build a team that can help you.
[10:13] You need to find somebody that has had a good experience with somebody.
[10:36] Find an attorney that does a lot of real estate deals, find a title company that does real estate.
[11:29] Realtors can help transactions go smoother; they can help you watch out for pitfalls. Realtors can certainly make things go in much more.
[12:07] You should have a mentor on your team. Someone who already owns property already is doing transactions that can help you.
[13:07] You need to set a timeline for when you're going to get this first deal done.
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