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Updated about 7 years ago, 12/06/2017
How to start investing with no previous experience?
Hello, BP!
I am currently saving up for my first property and my goal is to have my first rental property in Houston, TX by the end of 2018! I am starting to become a lot more familiar with REI but one thing I’m confused about is, what might be the best way to start investing for someone with no experience and my age (22 yrs old)?
Some background on my finances:
- I make about 48k a year after taxes
- I don’t have any credit card debt.
- Only about $5k in student debt
- I am saving $1.5-2k a month with about $2.5k saved up currently
- I have about $1.2k in expenses each month
I have big goals and want to achieve financial freedom (making about 1.5-2x my current monthly income) by Jan 1, 2023. I’m planning on starting with small multi family properties or SFRs next year and maybe moving into commercial real estate later on.
So back to my question, for my situation, would it be better to get a small multi family property and house hack it? Or are private/HML investors willing to take gambles on new investors with no experience? I have been able to successfully build relationships with other people in real estate thus far, but am wary whether people are generally trustful of new investors.