Where do i start when i want to end up in real estate investing

[Thomas Rodgers]

I have recently been reading, listening, and learning a lot about different ways to earn financial freedom but I am just not sure where to start. I am only 23 with 2 kids and a girlfriend, we are currently renting and i am 23k in debt making about 60k a year as a single income family. I want to eventually own some form of rental properties but i know i need to get my personal financial life in order first. I have started going through bank statements and plan to set my budgets this month. I am wonder if anyone would have some guidance or advice that would help me on my way out of this rat race we call life.

[Joshua McMillion]

@Thomas Rodgers

You are already on the path if you're creating a budget. My advice is always more conservative in nature, but I will start by reading Dave Ramsey Total Money Make-Over. I can't entirely agree with his investing philosophy in using debt, but his baby steps work. I was in debt in 2019 and struggled to find extra funds for investments and always seemed to be pulling money out of saving each month to maintain the quality of life I needed. I read Rich Dad Poor Dad and Total Money Make Over, which changed my life. One suggestion is not to read every single book out there because you will spin your wheels. Read the top-recommended one and implement the systems in the book Vs. Moving to the next book and not taking action. 

Once you have your loan debt paid off, I would start saving for an emergency fund in terms of real estate. One strategy I use for investing is to have $5,000 saved per home before purchasing it. I still save a month from the revenue toward CAPEX, but this allows for some cushion. Once you have your reserve funds in place, find a low to no money down (read Brandon Turner's book) strategy and start to house hack. 

Sincerely,