Advice for a young investor

[Niña Phelps]

Hi everyone! I am 19 years old and I am new to investing. I am trying to gather up all the knowledge that I can so I can start my journey in real estate. Do you have any advice for me? Any do’s and don’ts? Anything you wish you had known before you started investing in real estate? Is it good to start at my age or should I wait?

[Taylor Shapiro]

Hey Nina!

I'll give my two cents here. I think the most important part in getting started is being clear on what your goals are. What are you looking to accomplish? Passive income over the long term? Chunks of "cash" after a shorter period? Fulltime/part time?

Having a clear understanding of what your goals are will give you focus and allow you to come up with a plan of action. For me, I wanted to quit the day job. Rentals are tried and true, but even if I was cashflowing a few hundred dollars per unit, it would've taken too long to buy enough units to cover my expenses and allow me to jump into REI full time. A bigger check, like the ones I get from flipping SFHs, would pad my account for a longer period of time. More time to keep working the plan...so that's what I did. I started by flipping houses. Three successful projects later and I was able to quit my job.

You're just getting started. It's an exciting time for you! Use this time to study the strategies that you find appealing. If you're really honest with yourself, you may notice that one strategy is better suited for your personality and the resources you already have access to. Lean into those. Sometimes, maybe most times, it's better to pick the option you truly enjoy over the one you can't stand, just for the money. 

If that advice fails, I would then recommend

1. Buy low

2. Sell high

3. Make money

:)