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I am 18 years old turned it in July 8th, 2020. I am curious on to your experience and stories on how you got started in rental property investing. Im not even in middle class I come from the bottom bottom (the hood or the slums) and I am motivated to listen to stories ask multiple questions and know more about real estate investing and how you got started.
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If you want to invest, then you need money to invest. So first start with that. To get money, you don't need to do anything with real estate, any old job will do, as long as you save most of your money. This is what I, and most other small-time investors did/do. I had jobs in unrelated fields that I was good at, and saved my income to invest in rentals. Then I bought some and collected rent.
Others will mention various odd-job things you can do to earn money, like bird-dogging and whatnot, but that's probably not your personally best way to earn money, so mostly a waste of time. Although there is some educational value in working in RE, so take that into account.
Xổ số vuông hôm nayAt a high level, it's no more complicated than that. The details would fill many books, and indeed do. You should read some - I did.
So to answer your question, my story:
Xổ số vuông hôm nay1. Earned and saved as much as I could, in an unrelated field.
2. Read a lot of books and web sites about RE investing.
3. Talked to people about it.
4. Bought some rental houses.
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- I recommend looking into David Greene's background. He worked as a police officer for years while saving every dollar and investing wisely. You don't need to start with a lot of money to obtain financial freedom but its not hard to get there if you take an educated approach. I would also recommend reading Rich Dad Poor Dad. Having the right positive mindset is key to being successful in the RE world.
Regarding my story, I was always diligent about saving money and not taking on too many liabilities. Live humble now so you can live comfortably later. I went to school, got a 4 year diploma, was hired as a customer service rep at a healthcare company and worked there for 2-3 years saving money and removing debt. While working, I also studied and obtained a masters degree in business all at the expense of the company. At that point, I bought a 1 bedroom condo in Boston and started putting away 20-30% of my income while never looking at it and maintaining the same living standards. Then Covid hit, I read Rich Dad Poor Dad and my entire perspective changed on money. Saving is only half of the equation, investing wisely is the other piece needed to acquire financial freedom.
Fast forward to now, I was able to utilize a home line of credit for about $200K on my primary residence to purchase more property, have significant reserves in stock, cash and 401k funds all while not even realizing I was building wealth and working to obtain my RE dreams.
Xổ số vuông hôm nayLife is as hard as you make it. Having the right mindset, determination, and open-mindedness will make the journey a whole lot easier and more fulfilling. Best of luck on your journey!
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Xổ số vuông hôm nay hey Jose. It’s great that you’re already thinking about real estate at 18 and getting in the right mindset. If you’re looking for a great book to read, check out The Book on investing in RE with No and Low Money down by brandon turner. Lots of great strategies in there.
Xổ số vuông hôm nayYou should also start listening to the bigger pockets podcast, I think you’ll get a ton more information there hearing stories and strategies on how people got started, some at your age too.
Xổ số vuông hôm nayYou should also look for real estate meet-ups in your area where real estate investors get together. These were a lot easier to get to pre-COVID but you can meet some really successful investors in your area that can teach you a lot and guide you in the right steps for what strategies work in your market.
Lastly, I would try to learn how to analyze rental properties to learn what makes a good deal vs a bad deal. Bigger pockets has a weekly webinar I think where they show you how to do that and practice on a random property.
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Xổ số vuông hôm nayLike said, you need to get verified income to really start in real estate.
Xổ số vuông hôm nayBeing from the hood I grew up with a certain mentality about the world and how it works. Don't let that mentality keep you where you are at. If you really want to make it out it doesn't magically happen, it takes hard work and dedication.
We all have an opportunity starting at 5 years old in most places to go to school and get educated. I was told by my parents that the only way to get out of the hood is to get educated. If you really look at how you performed the last 17 years of your life in school that will give you a very good indication of what type of work ethic you have. If you got straight A's the I would say you are a hard worker if you got straight F's I would say you didn't work hard at all. This is all relevant when trying to get out of an economically depressed circumstance.
Unfortunately when you come from an economically challenged and environment there are really only a few concrete and attainable ways to get out of the hood:
1. Go to the military. Do your four years and work hard and then be honorably discharged. You will come out with some education about the real world and working. If you are wise, you will save your money also. When you get out you have access to a VAXổ số vuông hôm nay loan which gives you the ability to buy a property with Zero down. This could be a great base start for your investment career and could push you up to where you want to be. Imaging you would be 22 years old buying a house to rent out. You would be the landlord. This is a very attainable goal if you are willing to work hard and be patient for it.
2. The next process if longer but is the route that many people take. Go to college, get educated in something that when you get out will give you a big salary. Save up your money and start buying real estate.
3. Get a service type job that pays a good salary- US Postal Service, Fireman, Police Officer, Bus Driver, Public Works. All of these types of jobs don't require a college education and in many places you can make a great living and save up money to invest in real estate.
Xổ số vuông hôm nayBottom line for me is there is not quick fix and no magic pill. You need to get your own economic situation stable before you can start looking into real estate.
Good luck and I hope you reach whatever goals you set your mind too.