Im 19 years old with $160k. How do I invest?

[Gregory L.]

As i said I’m 19 and have $160k, I just sold a business and am starting up another business soon not related to real estate, but i also want to get into the real estate industry. I want to invest in multi-family, specifically mobile home parks, RV parks that i could turn into mobile home parks, storage units, and apartments, ive also looked into billboards but I know its extremely competitive and difficult. Single family is not appealing to me at all, I’ve found a mobile home & RV park near me that looks like a good deal and i have all of the data on it from coserv, but I need to speak to the owner because it seems like a ridiculously low price. I’ve listened to BP Podcast for close to a year and REI is what I want to do next, gotta start early though, right? I am going to start a holding company specifically for real estate, not exactly sure what type of RE to invest in, if I should seek partnership and go for a bigger deal, where could I learn the most about investing specifically in multi-family, any books I can read to expand my knowledge on the subject, any specific BP Podcast episodes that could enhance my abilities as well. Open to all feedback and all advice, I will stay as active as I can on this thread, thank you for all the advice before hand 😃

[Nick Bennett]

Hi Greg!

Congrats on your success thus far! I'm sure it has not been easy.

This post struck me as I just finished reading about 5 months ago a book which said something to the effect of- "If you come to me and ask me how to invest 500k I'll tell you to go invest in yourself first"

Real-estate isn't as simple as dropping cash in a bucket and watching it grow, it's very intricate. It first comes with an understanding of what you are looking to achieve, then you search for the how, then you educate yourself on the how.

I recommend taking the 160k, take 158 of it and sit on it. Take 2K buy all the books and audio books you can along with some food and water, lock yourself in a room for 2 months, educate yourself and pick a direction. (Not kidding) 

The biggerpockets education section has a number of good books. If you haven't read Rich Dad Poor Dad- start there. From there I recommend The Slight Edge. From there get in to the real-estate books.

I wish someone said this to me, I hope this helps!