Brand New To Real Estate, Need Some Advice

Brand New To Real Estate, Need Some Advice

Member since 2020 · 1 post · 0 votes

Hey y'all! My name is Jacob, I'm brand new here on BiggerPockets. As the title and brief description state, I recently discovered real estate as an investment opportunity and I'm obsessed with learning about it. I'm excited about the possibilities, and could use some direction on how to proceed given my current situation.


Currently I live paycheck to paycheck as an apprentice electrician and given my current circumstances this makes saving enough capital to get started difficult. Currently I'm spending as much time as I can learning about real estate so I'm prepared with the necessary knowledge base when the time comes to purchase my first property. 

My question is simply, what resources can I read about creative financing and ways to raise capital? How would you suggest proceeding from my current position as a young single college student? Can I use a loan to make a down payment on another loan? How can I get started with really limited capital?

Any input is appreciated, Cheers!

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  • Ashley KehrPro Member
    Rental Property Investor · Buffalo, NY · Member since 2017 · 206 posts · 185 votes
    5y

    Hi Jacob. Welcome to BP!! I would start out talking to multiple small banks in your area including credit unions. See what kind of lending they have available to you. I think house hacking would be a great opportunity for you to get into real estate investing. I do strongly believe in having reserves before starting in real estate investing. Are there any items in your monthly budget you can cut to start saving? You could also partner to get started. With your skill set you could be useful to someone who is doing rehabs. Below are a couple book recommendations: 

    https://store.biggerpockets.co...

    https://store.biggerpockets.co...

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