New 20 Year Old Investor Utah
Hey guys, I’ve been wanting to get into doing real estate for awhile now since I have graduated a couple of years back. I have someone I know that has taught me a little about how to buy and hold stuff. He has about 55 properties, I just barely started listening to the podcast last week and I’m only on episode number 17. I’ve started to try and learn the vocabulary as is it has stated and tried to expand my knowledge. Right now I am worried about the market in Utah, I feel like if I don’t jump in now everything will be way too expensive to make any passive income, and I feel like if I wait any longer It will just get worse and worse. I have a good job and a it’s a teamster Union job so I don’t think I’ll have problems for financing for my first home besides my credit not being the greatest since I’m only 20. I have the option to still live with my parents, any suggestions on what I should do? I don’t want to miss out on my chance to get in the market, nor do I want to make a rash decision.
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@Parker Swank congrats on taking the first steps and often the biggest step of making a decision to jump into real estate! That being said, EVERY market has opportunity. Do not rush into something feeling like you are going to miss out.
If I were you, I would take the next two months (2 months, not 12) actively watching the market and educating yourself on all aspects of real estate/rentals/analyzing deals etc while also getting your personal finances in order. Watch your credit, save money like a mad man etc
THEN when preparation meets opportunity I would house hack. You are young and can use that as your opportunity. Buy the largest multifamily property you can afford 2-4 units as a primary residence and use a FHA 3.5% down loan. Once you do all that, you will have your first property under your belt, keep educating and financially preparing and in no time you will be ready to purchase another, but this time you will know what to do from there :)