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Stop Dreaming, Start Doing: The Financial Checklist for Your First Real Estate.
We’ll walk through the four non-negotiable checks you need to pass before you invest a single dollar. If you follow these steps, you’ll move from dreaming about wealth to strategically building it. Let’s dive into assessing your financial situation.
www.francoisentrepreneur.org
www.francoisentrepreneur.org
The first step is simple, but often avoided: know your numbers. We need absolute clarity on your current financial health. This starts with a comprehensive budget.
Once your budget is clear, the next critical metric is your Debt-to-Income Ratio, or DTI. This ratio is essentially a lender’s primary health check on you. It tells them if you can handle additional debt, like a new mortgage for an investment property.
Real estate requires capital upfront money for down payments and closing costs. But more important than the initial cash is your emergency fund. This is your financial shield.
The 3-to-6 Month Rule: The goal is to save at least three to six months’ worth of living expenses in an easily accessible, liquid account. This cushion provides peace of mind. It ensures that when you start investing, you are doing it from a position of strength, not desperation. Don’t compromise your personal financial stability for an investment opportunity.
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By Davidson FrancoisWe’ll walk through the four non-negotiable checks you need to pass before you invest a single dollar. If you follow these steps, you’ll move from dreaming about wealth to strategically building it. Let’s dive into assessing your financial situation.
www.francoisentrepreneur.org
www.francoisentrepreneur.org
The first step is simple, but often avoided: know your numbers. We need absolute clarity on your current financial health. This starts with a comprehensive budget.
Once your budget is clear, the next critical metric is your Debt-to-Income Ratio, or DTI. This ratio is essentially a lender’s primary health check on you. It tells them if you can handle additional debt, like a new mortgage for an investment property.
Real estate requires capital upfront money for down payments and closing costs. But more important than the initial cash is your emergency fund. This is your financial shield.
The 3-to-6 Month Rule: The goal is to save at least three to six months’ worth of living expenses in an easily accessible, liquid account. This cushion provides peace of mind. It ensures that when you start investing, you are doing it from a position of strength, not desperation. Don’t compromise your personal financial stability for an investment opportunity.