In need of some advice (beginner trying to start)

[Kyle Ferguson]

Hi Guys,

I'm in desperate need of some advice here. I'm a prospective investor and I've been studying real estate for probably 3 months now. From everything I've read or listened to everyone's biggest piece of advice is to just "get started"..One article I read mentioned for beginners 3 months is that maximum time you should wait before jumping in. My thought process has been like this so far: First learn learn learn, read books, listen to podcasts, hit up my local REIA (which I just found and just need to attend), network, talk to a bank, etc. That part is fine, I get that part. Here is where I start having problems: raising capital. I work a standard 40 hour work week plus some OT and honestly, I save a lot each month.

The problem I'm facing is how to finance this first deal once I find it. From what I've seen, traditional financing through a small bank/credit union is probably my best bet. The only problem is I don't have that much to get started with right now and I live in NJ...On top of that, I'm also saving for a new car within the next 2 years (will just buy something reliable and used to save as much $$$ as possible...mine has 187K miles on it right now), a wedding within the next 5, and I have my monthly student loan payment...so how am I supposed to save enough to still have enough for at least a 20-25% minimum down payment plus reserves for rehab. Just from eye-balling this it could take me years to save enough for a down payment for that first property..I'm lost at how to get started in this.

My idea for my first property was to buy a duplex, fix it up a bit, and house hack it. That way I live rent-free and cash flow some extra pocket change each month. I know I can make it work...I'm just trying to find the most realistic/effective strategy. Thoughts? Thanks guys!