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Updated over 8 years ago on . Most recent reply
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New go this any Advice?
I'm 18 years old and I literally just figured out what I want to do and that's become a real estate investor! I want to own property and rent them out and flip. I would also really love to get into a REIT! I just finished high school and I don't have a job right now so where do I start advice please guys I want to make it big ! This is My life I will work so hard for this. Whatever I gotta do. Financially im broke my family is as well I have to do this from the bottom so ready!
Most Popular Reply
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Get a job. Save aggressively. Work on building your credit.
With decent credit and a job it is fairly easy to get an FHA loan which is 3.5% down. With the right market (for example here in Texas the market is insanely good) you can get a good house for 100-150k in San Antonio. That's a 3500 down payment at 100k. Live in one room and rent the other rooms out to people... And now you live rent free. :)
If you absolutely cannot stand roommates do the same thing as above but by a duplex, triplex, or fourplex. Live in one and rent the rest.
Once you do this continue to live below your means and save up for another down payment. Buy the next house, rent the last one out, rinse, and repeat.
Flash forward you are now 30 years old and financially free for the rest of your life! :)