New Real Estate Investor

[Christopher J Fuchs]

Hello BiggerPockets Community!

I recently graduated from the University of Washington with an engineering degree and will be starting my first full-time corporate job on the 23rd of this month. Over the past few weeks, I’ve been reflecting on my future goals, particularly my path toward financial freedom.

I’m 22 years old and just got my first credit card two weeks ago, so I don’t have a credit score yet. However, I’ve been fortunate to accumulate some wealth over the years, primarily through smart investments in the stock market. Now, I’m eager to dive into real estate investing, specifically in single-family homes and multi-unit properties like duplexes.

So far, I’ve read The Book on Rental Property Investing by Brandon Turner, and I’ve just started BRRRR by David Greene. My plan is to read about 10 books on the subject and engage with others in the real estate community over the next six months, all while working on building a strong credit score to secure my first loan.

In the meantime, I’d love to hear your advice! What should I focus on while waiting to build my credit? And what should I consider for my first few investment properties? I appreciate any and all insights, and I’m looking forward to learning from this community.

Thank you in advance for your responses!

[Wale Lawal]

@Christopher J Fuchs

To prepare for your first real estate investment, focus on building your credit score, market research, planning your investment, networking with investors, creating a savings plan, and exploring financing options. Build a strong credit score by responsible usage of credit cards, reading books, and engaging in forums. Research potential markets, consider single-family homes and multi-unit properties, and network with experienced investors. Create a savings plan for down payment, closing costs, and reserves. Research financing options like conventional loans, FHA loans, owner financing, or private lenders.

Good luck!