Beginner Advice

[Colby Mulry]

Hi, My name is Colby and I am seeking any advice on how to get started in the real estate world and investing. I am determined to create a non work residual income with real estate investing, rental properties, house flipping, and other areas. I graduated college last year and have a large sum of debt totaling 85k. I live at home rent free and have a great job taking in 50k in salary plus commissions and a monthly driving expense check. I have tried speaking to my parents and pears and all I hear is that it's all too risky and just to simply save for a house and live within my means, however that's not what I want. I am seeking absolutely and advice on how to get started in the Massachusetts market which is hard enough as it is. I have a large sum saved after a year and am willing to do whatever it takes to get in the game!!! Thank you! Colby

[Ann Bellamy]

Does no one want him to pay down his school loans first?  School loans follow you where ever you go no matter what.  

I agree with the house hacking thing, but I'd do this

1.  Take half of what you can save (and have saved) on a regular basis and pay down your loans

2.  Take the other half and save for a downpayment on a house hack.  

3.  Read as much as you can and start researching and analyzing properties while you save.  

3.  If you are willing to live in a rental area, you can live for free and learn landlording "on the job" so to speak.  

4.  The goal is not to be a landlord, the goal is to develop income, but doing it in the trenches it the best way to learn.