23 newbie, good credit, no money looking to start real estate

[Tasha Lyons]

Hey everyone, I’m a 23 year old woman living in the city of Chicago. I’m an EMT with fairly decent credit, but the problem is I have no money saved.I was wonder what would be the best move for me right now to get started in real estate. Family investors are not a option for me right now and I don’t know anyone motivated to get into the real estate business such as I.

[Canesha Edwards]

@Tashanae Lyons

Welcome to BP!

House hacking can be one way to get started. FHA loans are great for first time buyers. You only put down 3.5% and you can purchase up to 4 units. Not sure of your financial situation, but if you get a decent tax return that's a lump sum of money that you can put away for your investment.

But before you go out looking for properties, get educated. Spend some time learning about the industry. Determine if you want to start out with single family homes or multi family.

What type of investor are you looking to be? Passive vs. Hands-on?

Learn how to analyze properties.

There’s a lot of knowledge you need to build before you actually get to a point of being ready to purchase a property.

Real estate isn’t easy, but if you do it right, it’s worth it.

PM me if you have any questions.

Happy investing!

Canesha