New to the game. Looking for some guidance.

[Stephanie Lynn Narcisse]

Hello everyone, 

I'm an architecture student that's looking to purchase her first property. I'm an international student at FIU and live in North Miami, Florida. My plan is to get a single family home with an efficiency apartment. I don't mind taking things slow because I know I have a lot to learn. I just want to get a property that provides me with a place to stay and enough profit to cover my basic expenses and save some money. After that's taken care of I will build my portfolio little by little. I had looked into taxdeed sales because I want to pay off the property quickly but the one property I had found was redeemed before I could purchase it. My mother is willing to take out a loan to help me. She works for an international organization that has it's own bank and offers low interest to it's employees and their family members. I have an account with this bank as well. 

I would really appreciate any kind of advice you all can offer.

[Alban Celiku]

Hi @Stephanie Lynn Narcisse,

It's really great you are starting in the real estate investing journey and thinking about your future! It's difficult to give general advice to others. I think it would be helpful to get more responses if we had a better idea of understanding who you are, why you invest, what you’re capable of, what your capital overhang is/budget, what can you be pre-approved for, who do you know in the area, have you established your core four (looks like you have a lender, what about real estate agent, property manager, contractor) as David Greene talks about, what your timelines are, what else you’ve invested in, what your exit expectations are and how you behave as an investor.

"I just want to get a property that provides me with a place to stay and enough profit to cover my basic expenses and save some money." Are you looking for a specific number for profit that will cover your expenses? How much money do you want to save monthly? Are you okay with living with others? House hacking or co-living could be an option for you. 

I'm unfamiliar with tax deeds and what that process is but if there are local investors in your area who are knowledgeable in tax deeds, it might be a good idea to identify them, research them, follow them on social media/website, and find a way to provide value to them. That in turn will hopefully allow you form connections and they can be a guide for you in the tax deed arena.

Starting out is probably one of the hardest places to be. Finding out what your "Crystal Clear Criteria" is would help you significantly into focusing your time and energy so you're not spinning your wheels in the beginning. Take some time to really write down and evaluate your goals and skillset. That should at least begin to point you in the right direction and then you can make adjustments and change course as needed. Hope this helps and hope others provide you with some more guidance.

Alban