I’m pretty young and want to get into real estate, any advice?

Question

Im really curious and want to get into real estate, I’m thinking about starting small with my local area and flipping trailers/houses for profit. My only problem is I don’t exactly have people who would be willing to guide me no matter how much research I do and would really like some tips of advice for my future.

Dan Sheeks · Answer

Hi @Tadan Cox

Congrats to you for your ambition! I work with a bunch of young aspiring real estate investors just like you, and I am willing to help you out with some advice or even chat on the phone if you wish. But I first recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/..

Account Closed · Answer

@Tadan Cox, you're on a great site to start learning. Read lots, listen to podcasts, and start connecting with people in your area. You don't necessarily need a have people guiding you right off. You can read forum posts and when you start to come up with questions, look for the answers or post and let people chime in.

Also, consider attending some local REIA events. You'll meet people and start to become comfortable with the vocabulary.

Spencer Hilligoss · Answer

@Tadan Cox the fact that it's on your radar that early is a great start. Personally, I think new RE investors are best positioned to joining an established company in the RE industry. It comes with a built in network of professionals, steady income to cover the basic needs and a structured way to start learning 1 side of the business until you move on to another (e.g. lending, brokerage, etc). As some of the smart folks on here have also mentioned, you can endear yourself to a capable investor and work for them. That's a great strategy as well, but you're taking a big bet that you 'pick right' on the person you follow. You're putting all your professional development eggs into one basket. Better be a great basket.

Steve Morris · Answer

1) Go find a guy that does flips

2) Ask for a job and be a good worker

3) Ask lots of questions on construction and money, especially why questions about money

4) Save your money

Teri Feeney Styers · Answer

@Tadan Cox Your post doesn't identify your location. I would make it again - only area specific this time. It will attract more attention from people in your area.

Jeremiah Helg · Answer

First some general questions:

0.5: Do you know your credit score? If not I would suggest beginning to build what credit you can. (Added because of list 2).

1: Do you know much are you able to save monthly? What is a rough estimate of the money you have saved? The quicker you can answer this for yourself the better. (I can save about $500/m and have about $7000 saved if you count all of my assets). 2: Do you have or need a lender? If you need access to capital a lender can get you there faster but you'll need a decent credit score, aim for 600+. (I'm currently at this stage and anyone past this stage with better knowledge can chime in and supersede anything said beyond this point)

3: Find a deal. (From my understanding a buyer can back out at any point before a purchase is finalized. This gives adequate time for property assessments to be made and negotiations to take place before you are left holding the property).4: Fix it up. (Make sure you pay attention in the assessment step and set project budgets especially an unforeseen repair budget and calculate those out before you end up eating into your profits).

5: Network with a few local area real estate listing agents that can get your flips to the masses. (Be sure to set S.M.A.R.T. goals to achieve the best results)

I'm not writing anymore beyond this point as I am still learning and it wouldn't hurt you to do some more research on these things yourself, hopefully you have the jist of where to begin.

Disclaimer: I'm new to real estate investing and have been researching it.

John Alosio · Answer

@Tadan Cox

Glad to hear you're interested in the world of real estate. There are so many avenues out there to persue. FHA duplex house-hack is a great stratigy to get started into "buy and hold". Excellent when you're young but can become more difficult the older you get. if you haven't already gotten into the podcast it's a great place to start your journey. dig in starting at episode #1https://www.biggerpockets.com/...

happy learning

I’m pretty young and want to get into real estate, any advice?

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