What to do before the First

[Ty Monroe]

What should I have in order (financially) before starting REI? I have just hit my 10k in savings milestone. (I am 20 years old). I believe I want to get into FHA house hacking, to build income instead of renting out an apartment wasting my money. I also want to be semi-passively invested, probably a little further down the road, so PM are something I'll go for eventually. I am really excited about money and I would like to live out my dreams, and maybe help other people achieve theirs while I am at it!

[Nathan Emmert]

Financially?

#1 - Your credit score. Good credit, especially when you can go OO and take advantage of the extremely low interest rates will be HUGE.

#2 - A strong W2. Banks like to see steady income before giving a mortgage.

#3 - Cash reserves.  No books can ever teach you what a little hands on experience will.  The key is to have the cash reserves to actually survives those lessons without losing your properties, your credit score, etc.

#4 - A budget. Be real about what you can afford.

#5 - Basic understanding of Accounting.  Once you're in the business, you'll need some way of actually measuring your successes or failures.

I'd start there.