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Updated 9 months ago,
Beginner in real estate investing. Looking for advice
Hi all, looking for advice on a few different topics. I am new to real estate investing (i've never invested, but have decided that this is something that I want to be a part of and have begun learning and doing research on). Initially, I have been the most interested in either single family long term rentals, or STR's. I'm looking into starting my journey within the next 1-2 years.
In regards to the STR, I live about an hour away from mountain town markets in Western NC, and would love to start my STR investment here if the numbers make sense. I've been doing all of my initial research of the markets through AirDNA. I have been most attracted to the idea of buying undeveloped land and building a 1-2 bedroom cabin on it to turn into the STR. My upfront capital I currently have to invest is $20,000, but from what I am gathering, this will not nearly be enough and lll need to save a lot more, and the main reason why I have given myself a timeline of the next 1-2 years to make the leap into investing. The financing options I have seen that make the most sense are Construction to Permanent Loans, but researching all of the different loan options has my head spinning. Is this too much to take on for a first time investor? Am I being overly ambitious with my initial goals? Any general advice here wold be greatly appreciated.
Also, any advice on how to find a mentor that I can learn from as I begin this journey?
Thank you all in advance!