My Rookie Year in Real Estate: The Hunt for My First Property

[Alex Ballesteros]

Hello All,

Alexander (Alex) Ballesteros, a young 24 year old adult who is new here in the Bigger Pockets community & to the world of real estate in general. With little knowledge, and zero experience in the field of real estate, I've recently discovered my interest (and potential passion) within the field. To educate & inform myself, I've been watching several YouTube videos, researching articles, and just began reading, "How to Invest in Real Estate..." by Brandon Turner & Joshua Dorkin.

My interest in real estate has me devoted to learn & invest within the field in order to obtain financial freedom (just as many of you I'm sure). I eventually would like to quit my 9am-5pm job & be solely dedicated to managing my investment properties & scaling my real estate plans. I know this wealth-seeking journey isn't going to happen overnight, or be easy, but it is something that I will achieve thru perseverance & dedication. I have been working hard since the age of 15, from washing cars to waiting tables which has ultimately lead me to find a full time sales position with a decently-paying salary (plus commission) job. The highest level of education I have is an Associate's degree in Business Administration, and now currently pursuing obtaining a Real Estate license (I start classes next semester). 

In terms of my credit & financial situation, I started my credit since the age of 18, bringing me to a healthy score of 740, & I have 60K in Roth IRA contributions, 25K invested in the stock market through a financial advisor and 2K in my savings account which totals to a liquid amount of 87K. I currently live with my parents & on the verge of moving out. I plan to rent an apartment (or move in with friends) here in Los Angeles. Essentially, I would like to make my first real estate investment in the near future (maybe in the next 6-12 months) with a single or multi-family home. I'd like to find a property that I can fix up cosmetically to raise the value of the home & provide me with cash flow in order to start saving for my next investment.

If you've made it this far down & were in my current situation (starting off in real estate), what would you do? 
I appreciate will appreciate all feedback and advice from you all! :) - Alex

#realestate #rookie #beginner #longdistanceinvesting #longdistance #shorttermrental #startingout #beginnertips #househacking #losangeles #socal 

[Nick Florio]

Congratulations on taking the first steps Alex. You are way ahead of where I was at 24. If I were in your position I’d probably try to stay at home for a long as I could and keep stacking more cash up. Get a w2 job that you enjoy that pays well and teaches you some useful skills - like a sales position.

When you are realty to invest don’t worry about buying yourself a house. Look for a cash flowing property outside of CA and especially out of Los Angeles. Look in investor friendly states with low taxes. Florida, Tennessee, GA, the Carolina’s etc. 

learn as much as you can from books, forums, podcasts etc but most importantly from experience. Don’t be afraid to make mistakes. It’s better to take action, even if you fail, than to sit on the sidelines. At least with each setback there is a lesson you can learn. 

Good luck with your journey.