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Updated almost 4 years ago on . Most recent reply

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Aiden Savage
  • Real Estate Agent
  • Rapid City, SD
0
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I’m 17 years old, saving $1000 a month. How should I start at 18?

Aiden Savage
  • Real Estate Agent
  • Rapid City, SD
Posted

So I am currently 17 years old, and will be turning 18 in 10 months. I am currently saving $1,000 a month and will have about $50,000 by the time I turn 18. I have wanted to Invest in Real Estate ever since I was 14. To keep this question pretty general I am going to leave it at that because I am curious to know what experienced investors would do just starting out. So with the situation above what would any of you who are currently investing in Real Estate do?

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44
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Timothy Moore
  • Real Estate Broker
  • Farmington Hills, MI
16
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44
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Timothy Moore
  • Real Estate Broker
  • Farmington Hills, MI
Replied

That is great Aiden, you're starting early and off to good start! The way I started and I think the best start for most people is to purchase a house hack with an FHA or Conventional loan. Buy a 2-4 unit or a 3-5 bedroom house for only 3 to 5% down and live there while improving it and renting out the other units / rooms. Ideally your rents more than cover your mortgage so you gain equity and cashflow. Then from there you can transition into acquiring additional renters or fixer uppers depending on your skillset and preference.

  • Timothy Moore

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