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Updated almost 7 years ago,
Young and ambitious. Where do I begin?
Hello! For a bit of background, I am 23 years old, single, and PREGNANT (I know, cliche.) I'm not a single mother though, I will have help from the father (that info plays into my money expenditures). I live in Eastern Iowa, working full time making about $30,000 gross a year. I have no college degree, I am in the Army Reserve, and I will be renting a room with a family member once their home is built. I will be paying around $400 month total for living costs (minus food & care), and $350 a month for daycare (YIKES). I only have one debt and that is a car loan I still owe about $8K on ($200/mo payments). I have plenty of money in a Roth IRA that I continuously max out, as well as a profit sharing account through my company, so I do have some investments started. I also have about $10K sitting in my bank waiting to be used on a smart decision. So HERE is my question... Where in the heck do I start? I am brand spanking new to the idea of real estate investment (reading, listening to podcasts, talking to experienced folk), and I'm having a hard time telling if a home is a 'deal' or not in my area. I know exactly where not to get a house, but I'm not sure I'm in the market at a good time right now. What would be the VERY first... And maybe second and third (hah) steps to getting into purchasing a rental? I've got contractors who would do work for free for me (connections, eh), so I am open to doing some dirty work (not necessarily flipping). I also like the idea of duplex's bringing in that double income. Or even, the house hack. I should mention, I have a couple great realtors already.