new to investing 25k to work with advice

[Account Closed]

hello fellow investors!

I am a 21 year old who has saved up some money (only problem is I live in CT houses are expensive) lol and I'm looking to get started in the right direction. My goal in 10 years is to have 5 or 6 rental properties for extra income and increase my net worth! I am looking to get started on my first deal soon I just need some advice.. I contacted a lady in Rochester for a house for 24k. The rent is about 750 and after your minus management fees and insurance and such i'm probably thinking ill get 400 a month of pcf. It is section 8 and I am nervous about the type of people who may trash it.. Do you guys have any good books to recommend or any advice for a first timer! Thanks John

[Nick J.]

John, welcome to BP.

I don't know why no one hasn't told you the most important rule and that is: QUIT telling people you have $25k to invest.

Sure, ask questions, do this or that blah blah blah but when you start telling people how much money you got, you're gonna open yourself up to snake oil salesman and 'Oh my god!!! you have to buy this house, it will make you so much money' crap.