That's One Small Step for Me, One Giant Leap...
I've been interested in real estate investing ever since hearing Gary Keller speak, and reading his book "The Millionaire Real Estate Investor." Out of college, I worked for a non-profit for roughly 2 years. Since then, I've learned I wanted to invest in apartments.
Following that, I thought it might be good to make some money (which didn't happen at the non-profit), and went into commercial appraisal for roughly 6 months to learn how commercial properties were valued. During this time, I was being considered for an appraisal position at another company valuing apartments - it seemed ideal. Make some money from the job, learn a real estate skill - such seems to be a decent idea.
However, simultaneously, my family found out they were moving out of state for work, and given the timing, I saw an opportunity to cut my rent related expenses to 0, move in with them, and focus entirely on real estate investing.
I'm fortunate in that I have no pressing debt, and minimal expenses. I know many would call me silly for turning down a job learning to value apartments at a great company, but I've learned that while aspects of appraisal are interesting, its not somewhere I see myself thriving in the future.
This is where I would ask any seasoned investors advice. I understand 'some' basics of appraisal, giving me a shallow grasp on real estated related concepts and valuation, and I'm in a place where I won't have any pressing expenses to force me to make a good sized paycheck ASAP. I'm young, I want to build up equity and cash flow through apartment related investments.
What steps do you reccomend I take? And yes, I will pour over the newbie threads and advice related articles. Do you reccomend I go find some way to just pull in money? I will be starting with little cash on hand. How should I get plugged in in the new state to find like minded investors? How did you get started (assuming little cash on hand), how did you leverage debt in the beginning, and whats the biggest piece of advice you would give to someone in my situation wanting to build up?
All contributions are appreciated!
Most Popular Reply
Of I were in ypur place I'd probably find some type of job and save up enough money to buy a 3-4 unit with an FHA or FHA 203 loan. That would then help you save up more capital and gain rental experience.