Beginner Investor with 8k In hand any advice?

Beginner Investor with 8k In hand any advice?

Member since 2024 · 14 posts · 4 votes

Hey everyone, I could really use some advice. So, here's my situation: I'm 23 and eager to dive into the world of investing. College drained my finances faster than I anticipated, but I've found a new path that feels right for me. I've shifted my focus from textbooks to spending quality time with my dad, who hasn't been feeling well lately, and I'm aiming to build up some savings through investments.

Now, I don't have a car, but I have a friend who works nights and has kindly offered to give me rides anywhere between 3am and 4pm. The challenge? Jobs during those hours are hard to come by. Luckily, I've found one that's willing to work around my schedule—$10 an hour for 5 hours a day, 5 days a week. It's not exactly a windfall, but it's a start.

My dad's medical bills are piling up faster than I'd like, and I'm feeling the financial strain. I know I need to up my game and start investing if I want to make a dent in those bills. I've managed to save up $10k, but with those pesky doctor bills eating away at it, it's looking more like $8k. Plus, my work history is pretty slim—I only worked for a couple of months during college.

I'm eager to do more, to explore new avenues of passive income, and to soak up knowledge like a sponge. I've been eyeing investment properties, hoping to learn a thing or two from the experts. House hacking sounds intriguing, but for now, I'm staying rent-free and saving every penny for that perfect property that'll set me on my way. I am not sure where I should start.

So, if any of you wise individuals out there have any advice or tips to make this journey a bit smoother, I'd be incredibly grateful. Your help would mean a lot to me. Thanks a bunch!

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
2y

Sorry to hear about your dad, but you are doing a great thing being that support for him right now. Unfortunately, your investing journey is very, very far away. To be successful when you get into investing, you need to have savings, a lot of it to get started and have reserves.

You can't house hack with limited downpayment, mediocre credit, and a lower income new job so your goals now should just be to focus on making money, taking care of your dad, and learning about real estate if you really think it's a think you would like long-term and not just the thought of passive income.

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    2y

    Sorry to hear about your dad, but you are doing a great thing being that support for him right now. Unfortunately, your investing journey is very, very far away. To be successful when you get into investing, you need to have savings, a lot of it to get started and have reserves.

    You can't house hack with limited downpayment, mediocre credit, and a lower income new job so your goals now should just be to focus on making money, taking care of your dad, and learning about real estate if you really think it's a think you would like long-term and not just the thought of passive income.

  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2y

    @Gabriella Nataldie

    To make a strong financial future, think about getting more cash through side jobs or freelance work, cut down costs by making a budget, and use your saved money smartly. For plans that will pay off later, get into house hacking, save money for a first payment, meet people in local real estate groups and find a mentor, and put money into things that earn without much work like stock index funds or ETFs. Set clear money targets, make a plan for investing, and check and tweak your plan as you go. To learn more, read books, visit websites, chat on forums, and try apps like Mint, Robinhood, and Zillow. Remember that investing is a marathon, not a sprint, and reach out to the community for support and advice.

    Good luck!

  • Member since 2024 · 14 posts · 4 votes
    2y
    Quote from @Jonathan Greene:

    Sorry to hear about your dad, but you are doing a great thing being that support for him right now. Unfortunately, your investing journey is very, very far away. To be successful when you get into investing, you need to have savings, a lot of it to get started and have reserves.

    You can't house hack with limited downpayment, mediocre credit, and a lower income new job so your goals now should just be to focus on making money, taking care of your dad, and learning about real estate if you really think it's a think you would like long-term and not just the thought of passive income.


    Thank you for your kind words and understanding. I truly appreciate your perspective on the investing journey. You're absolutely right; it's crucial to have a solid financial foundation before diving into real estate investments. Right now, my focus is starting on supporting my dad, building up savings, and gaining a deeper understanding of real estate as a long-term goal. I'll keep learning and growing in the meantime. Thanks for your insights!
  • Member since 2024 · 14 posts · 4 votes
    2y
    Quote from @Wale Lawal:

    @Gabriella Nataldie

    To make a strong financial future, think about getting more cash through side jobs or freelance work, cut down costs by making a budget, and use your saved money smartly. For plans that will pay off later, get into house hacking, save money for a first payment, meet people in local real estate groups and find a mentor, and put money into things that earn without much work like stock index funds or ETFs. Set clear money targets, make a plan for investing, and check and tweak your plan as you go. To learn more, read books, visit websites, chat on forums, and try apps like Mint, Robinhood, and Zillow. Remember that investing is a marathon, not a sprint, and reach out to the community for support and advice.

    Good luck!


    Thank you so much for the detailed advice and encouragement! It's incredibly valuable to have a roadmap like this for building a strong financial future. I'll definitely take your suggestions to heart, especially about exploring side gigs for extra cash, budgeting diligently, and leveraging resources like local real estate groups and mentorship. Diving into house hacking and investing in index funds and ETFs are great long-term strategies I'll be sure to consider as well. Your reminder about setting clear targets and continuously refining my plan is spot-on. I'll keep educating myself through books, websites, and apps as I progress. Your support means a lot, and I'll certainly reach out to the community for guidance along the way. Thanks again for the well-wishes and advice!
  • Mark SandersonPro Member
    Specialist · Saratoga Springs, UT · Member since 2017 · 12 posts · 17 votes
    2y

    Sorry to hear about your dad and I'm glad that you are there for him!

    Stay motivated as you build your financial foundation and continue to learn.

    I tell clients to look at other people's successes so that they can see that flips are happening in their area.

    Here's a listing for a property that was sold for $155,000 back on December 18, 2023 and is now listed for $245,000

    https://www.redfin.com/AL/Huntsville/3916-Binderton-Pl-SW-35...

    Here is another one that sold for $210,000 on March 13, 2024 and is back on the market for $284,000

    In both of these listings you can go to the Sales and Tax History and see pictures from the previous listing. Compare them with the current listing pictures and you can see what was done in order to list at the higher price. 

    Keep learning and stay motivated!

  • Member since 2024 · 14 posts · 4 votes
    2y
    Quote from @Mark Sanderson:

    Sorry to hear about your dad and I'm glad that you are there for him!

    Stay motivated as you build your financial foundation and continue to learn.

    I tell clients to look at other people's successes so that they can see that flips are happening in their area.

    Here's a listing for a property that was sold for $155,000 back on December 18, 2023 and is now listed for $245,000

    https://www.redfin.com/AL/Huntsville/3916-Binderton-Pl-SW-35...

    Here is another one that sold for $210,000 on March 13, 2024 and is back on the market for $284,000

    In both of these listings you can go to the Sales and Tax History and see pictures from the previous listing. Compare them with the current listing pictures and you can see what was done in order to list at the higher price. 

    Keep learning and stay motivated!


    Thanks for your kind words and for sharing these examples. It's truly motivating to witness flips happening in the area and how properties can appreciate through strategic renovations. I'll delve deeper into these listings and examine the before-and-after pictures to understand the process better. Your encouragement is appreciated, especially as I support my dad and work on my financial stability. Your insights and examples are incredibly inspiring, showcasing the possibilities with strategic renovations and flips in the area.
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2y
    Quote from @Gabriella Nataldie:
    Quote from @Wale Lawal:

    @Gabriella Nataldie

    To make a strong financial future, think about getting more cash through side jobs or freelance work, cut down costs by making a budget, and use your saved money smartly. For plans that will pay off later, get into house hacking, save money for a first payment, meet people in local real estate groups and find a mentor, and put money into things that earn without much work like stock index funds or ETFs. Set clear money targets, make a plan for investing, and check and tweak your plan as you go. To learn more, read books, visit websites, chat on forums, and try apps like Mint, Robinhood, and Zillow. Remember that investing is a marathon, not a sprint, and reach out to the community for support and advice.

    Good luck!


    Thank you so much for the detailed advice and encouragement! It's incredibly valuable to have a roadmap like this for building a strong financial future. I'll definitely take your suggestions to heart, especially about exploring side gigs for extra cash, budgeting diligently, and leveraging resources like local real estate groups and mentorship. Diving into house hacking and investing in index funds and ETFs are great long-term strategies I'll be sure to consider as well. Your reminder about setting clear targets and continuously refining my plan is spot-on. I'll keep educating myself through books, websites, and apps as I progress. Your support means a lot, and I'll certainly reach out to the community for guidance along the way. Thanks again for the well-wishes and advice!

     All the best !

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