Rental Property Investor · Boston, MA · Member since 2017 · 13 posts · 0 votes
Hello everyone,
I'm a 21 y/o newbie looking for advice on the best way to start REI with little to no money (of my own) down. Being a soon to be college graduate, it's fairly obvious I don't have all that much to work with. I've been reading and listening to the BP podcasts but am still unsure on where to get started. My plan is to try to househack while saving money earned from my w-2 to have enough for a down payment on a rental. I considered wholesale to get enough for the down payment but it seems that without a brokers license, it can get tricky when it comes to the law. Also, I'm in MA right now but am moving to Oceanside in January of 2018.
Thanks!
Concentrate on improving your credit score, earn maximum income possible for the next two years and live as frugally as possible. The key is to save every penny possible over the next two years to get you started.
Concentrate on improving your credit score, earn maximum income possible for the next two years and live as frugally as possible. The key is to save every penny possible over the next two years to get you started.
Flipper/Rehabber · Madison, WI · Member since 2017 · 49 posts · 14 votes
9y
While you're working for that down payment, educate yourself so much that you are over-educated. Connect with others in your area and study the listings and the markets in the area you want to buy. If you would happen to find an absolutely amazing deal on your dream househack or rental before you think you have enough down payment, come back here to BP and ask the community to help you out. There could be seller financing, there could be other creative ways to get that property that the experts on this forum can help you with. There's probably a finance forum around here somewhere
Just my 2cents but I'm a newbie too, thats what I would do.
Investor · Raleigh, NC · Member since 2016 · 28 posts · 3 votes
9y
Luke has good advice. Education is a huge component. Read and re-read anything you can get on real estate investing. Also, wherever you end up settling, study the market extensively. Pick a few neighborhoods and get to know them inside and out. Know what houses sold for how much and when. Know what's going on in your neighborhood. Call and go see every for sale/for rent house where you live. Know who's buying what. Reach out to them and get their story, understand their strategies. Pick a few neighborhoods and do this in all of them. I would recommend doing this and reading/educating yourself on residential investing for at least 3 months before you even think about investing. Learn to recognize opportunity. The only way to do that is to know an area better than everyone else. Good luck!