Buying my first property

[Kayley Brumagin]

I've been listening to the BiggerPockets podcasts and I must say, I'm addicted. I  currently live in a condo in Scottsdale, AZ my parents own that are letting me rent it out from them. I've been looking for my first property/condo to purchase myself, in Scottsdale or Arcadia. I've noticed the prices are increasing rapidly and 1bds/1ba are now in the 200s and 2bd/2ba are in the 300s! I have about 15k saved up and was curious if a 1bd/1ba all renovated is a bad investment? And if 300 range is a huge price for my first condo if I chose to go with a 2 bd/2ba. 

Also, just finished real estate schooling just to be more educated in the process and haven't taken the test yet. Should I wait to finish to buy? Not looking to be a real estate agent, just want to get into rental properties & make the big $$$.

[Paul Welden]

@Kayley Brumagin

absolutely get your RE license! You can get access to data and connections that will be worth it. 

Just keep in mind that you may have to disclose you are a real estate agent on your deals, as the state of AZ views the license as having a "competitive advantage" over those who don't have a RE license. 

I don't think the $300's for a 2/2 condo is too much to spend in the right area, but be aware of condo communities that are non-warrantable and require larger down payments than what you currently have. 

Also be aware of HOA monthly fees than can easily exceed $1k/mo.

16 year ago when I went through RE school, the "education" and testing was only there to get me enough info to pass the test to get the license and did nothing to actually help me with being a practicing real estate agent. Maybe things have changed since then but based on some of the newbies that I run into, it doesn't look like much has changed. 

Regardless, finish the process, get your RE and if you really value education, find a broker that has those same values.