Starting Out: Advice you would give to your younger self

[Jimmy Ready]

Hello !!

Long time lurker but first time making a post. I wanted to come on here and first introduce myself. 

I have been interested in real estate since age 18. I am now 25 years old and very smart responsible financially. have a savings plan in place and have been contributing 20%-25% of all income earned for the last several years . 

The plan :

My plan starting out has always been to save up $50000 to invest in a multi family unit as a down payment. I am now close to that number and in the next year i should be ready to make the move. I would live in one half and have tenant renting out the other to get my feet wet. What advice would you give if you were in my shoes? 

Specifically:

1) do you think this is a good idea? My personality is the type that likes to overthink things. I am currently still living with my parents and I know if I buy my own home saying "oh the next one will be an investment property ... I will just keep putting it off and never do it. I want to take the leap right to of the gate so I am forced to learn on the fly. i know only some thing you can learn through doing. Has anyone else started this way and if so what were your experiences?

2) having the knowledge you have now.. what is the best advice you have ever received and why?

3) kinda like #2 but going back what would you do differently? Lets say you were talking to a 25 year old version of yourself. what would you say to them?

Thank you for any and all advice. Any direction you could possibly point me in would be greatly appreciated.

Jimmy

[Cosmo Iannopollo]

@Jimmy Ready

1) No, it's not a good idea. It's a great idea. I bought a duplex as my first home and it was a tremendous move. Just be sure to familiarize yourself with the rental laws and rental market. Also, some may say to put the 20% down but I think if you can do 5% or less, go for it. You will have to pay PMI but that is spread out and paid for by your tenant. Spending so much money upfront limits what you can do going forward.

2) Best advice is that if you limit your thinking, you'll always have limited results. Don't be afraid to take risks or non-traditional paths. Most people will tell you why they wouldn't be a landlord or invest their retirement account into a property, and these are the people who are hoping to retire at 65 if the stock market allows. 

3) Dear 25-year old me, get invested in something! Learn about the many ways you can make money beyond a paycheck. Yes, this includes stocks, real estate, freelancing, self-publishing on Amazon, etc.