1. Make a Plan
My first step for all real estate planning is to actually create a plan. At TriStone Group, we recommend that being a written plan. Start by defining your real estate goals. Typically that starts with a three to five years plan, but we really recommend planning 5, 10, even 15 years out.
For most people, this plan starts with a major life event. A lot of cases I work with start with my clients buying their first home. For some people it could be when you get engaged or married or have your first child. Regardless of what life event triggers your need for a plan, we've noticed our clients come to us when they get to a point in their life where they feel like they have something that they want to protect.
2. Develop a Realistic Savings Strategy
Second, step is having a real strategy for savings as well. Whether that's covering monthly payments in case of a job loss, relocation, anything that could come up in your life. So we - like I said - we encounter that most of the time when it's someone who is purchasing the first home. At this point, you have to protect yourself, your family and your investments against some sort of mortgage deficiency or something that could happen, if for some reason, you aren't capable of making a payment.
3. Create Your Investment Strategy
One of the things that we typically do with our clients at TriStone Group is recommend they work with a team of professionals from financial planners to estate planning attorneys. Building your team is incredibly important when creating your plan for real estate investing. This team can be made up of anyone that can really help you really formulate your written plan. At TriStone group we work hand-in-hand with our clients through every step of the way in conjunction with what we're doing behind the scenes for them. This way everyone involved is talking to each other. With this communication, your plan really becomes something that we're looking toward for the future versus just something that's going to happen day to day. This way we can anticipate any bumps in the road.