How to start at age 20?

5 Replies

Xổ số vuông hôm nayHi everyone i'm Bryan and I just joined biggerpockets while reading Rental Property Investing by Brandon Turner and been amazed by all the great people who have the same vision as I do and realized I have so much to learn. I'm 20, form south Texas in the Rio Grand Valley and was wondering how I could get started in an area similar to mine? 

Top Subjects:
Analyze Deals, Real Estate Finance, and Maintenance

I was in your shoes a few years ago. Here are the steps I'd recommend:

Xổ số vuông hôm nay1) Keep learning. Read more books, use the BP site and learn how to analyze properties and what a good and bad property looks like.

2) Define your purchase criteria (turn key, BRRRXổ số vuông hôm nay, what markets, etc...)

3) Look at your finances (can do this early on) and see where you would like to be. Pay off debt first, save a safety fund and then save some money for investing - some books will say you can invest with 0$ but you'll likely need some money to invest beforehand.

Xổ số vuông hôm nay4) Build a team. Get a solid team in your desired market (lender, agent, contractor, insurance agent, PM, etc...)

5) Start investing

The big thing is to keep learning but make sure youre taking actionable steps along the way to make sure you're progressing towards purchasing a property. It's better to take time, learn, solidify your finances and purchase a GOOD rental property. Than rushing into it and buying a BAD rental property and running into finance problems and big headaches of investing.

Xổ số vuông hôm nayGoodluck on your investing journey!

Top Subjects:
Traditional Financing and Real Estate Finance

It is great that you are realizing the power of RE so early on! You are definitely in the right place and I would encourage you to continue to participate on BP and take in all the info you can.

 I would like to emphasis the finance part that mentioned. Learn how to manage and save your money now and it will definitely help you out in the long run. When you look good on paper, the banks will love you and it will be easier to buy houses.

I encourage you to try to get out there and take real action. You learn so much and gain confidence when you actually try to do things opposed to just reading about them. I know it can be kinda hard at such a young age but there are ways you can get your feet wet. Try to find someone who is doing what you want to do and reach out to them and see how you can help them. Opportunities like this are great learning experiences! 

Xổ số vuông hôm nayFeel free to send me a message if you have any other questions. I'm happy to help!

-BA

 

Hi , sounds like you're off to a great start!

Keep on learning, and keep your eyes on the prize (what is your WHY?!)! A few books I'd recommend you read next are: 

  • (1) The Millionaire Next door -- Thomas J Stanley 
  • (2) Rich Dad, Poor Dad -- Robert Kiyosaki 
  • (3) Set for life -- Scott Trench
  • (4) The house hacking strategy -- Craig Curelop

After you read these, sign up for MeetUps and see if there are any local/virtual real estate meet ups. You can also look on BiggerPockets for meetups in your area.

Xổ số vuông hôm nayTHEN, find some investor-friendly agents and ask them about market trends and how investors are buying in the area. 

All while doing this...save, save, save, and build up your credit score. When you're financially ready (no analysis paralysis plz), purchase a house hack (which you'll know much about after reading book #4) and be ready to learn for the rest of your investing career.

Hope that helps :)

Xổ số vuông hôm nayThank you all so much! , I will certainly Save Save Save and gather as much knowledge as possible. This is a new year and I will surely get my feet wet. I agree strongly with both @Blaine Alger and @Benjamin Seibert I'll learn more on how to manage my money and find a solid team to build a solid foundation for my future.


Top Subject:
Rentals

Hey

Congrats to you for your ambition! I work with a bunch of young aspiring real estate investors just like you (in a free online group), and I am willing to help you out with some advice or even chat on the phone if you wish. I'm not sure how old you are, but I recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. http://csaeboardready.com/...