Few Questions about starting

[Clyde Henderson]

I have a few questions. (Newbie)

What is a good website to find multi-family homes for sale?

What are some ways to find off market deals locally and out of state?

Is there any good ways for someone young like me (19 Y/O) to get into real estate without having a ton of capital yet?

Thank you to anyone who can help and give advice.

[Erik W.]

Hi @Clyde Henderson, and welcome to BP!

First, congrats on "finding" the world of real estate investing at such an early age and begin interested in taking actions.  There is a wealth of resources at your fingertips both here on BP and also on countless websites.  Tons of YouTube videos.  My thoughts on those is they are a mixed bag.  BP is better than most, but remember that a lot of the comments posted here are by people who may know very little more than you do, and what's worse there's no guarantee that what they know is accurate.

I recommend a few books: John Schaub's Building Wealth One House at a Time; Leigh Robinson's Landlording; and "Fixer" Jay DeCima's Start Small, Profit Big in Real Estate.  Those books are not about MF, but they contain timeless principles.  Once you've gotten past those, I recommend How to Buy Real Estate for at Least 20% Below Market Value by John T. Reed.  This one will be harder to find since he self-publishes.  You might luck out and get a used copy on Amazon, but otherwise you'll have to go to his website and order it directly from johntreed.com.  He's a no-nonsense, no B.S., "no fluff, all stuff" real estate investor.  In short, he's not a hype-man, which too often a lot of real estate gurus are: tons of hype, but few actionable steps.  He also won't try to soak you for tens of thousands of dollars attending seminars and "coaching" events.  Watch out for those.  The most I've ever paid for a seminar is $300, and I'm a fairly successful investor.

Education is important, just be sure the knowledge is worth it.  Find people in your areas who have put those principles into actions.

Next step, how "deep" do you want to get into this?  Is this going to be a full-time gig, or a part-time supplement while you go to school and/or start a career in something else?  I recommend starting part time, unless you want to dive right in and be an assistant to someone who is experienced.  For example, you could volunteer as grunt labor / "go-fer" for a local experienced investor in exchange for him / her teaching you the ropes.  Do not discount this kind of "apprenticeship" model.  Just be sure you are getting value in exchange for your labor.

Final thought for now: Be CAREFUL of no money down.  Leverage is an amazing concepts in real estate, but that sword cuts both ways.  It can make you rich, or it can bankrupt you.  Odds are, starting at 19 years old and with no cash reserves, you don't want to go that route right away unless you find a strategy where you can toss the keys back with no recourse if you get into trouble.  Something like a Lease/Options or Contract for Deed.  With those strategies, you don't get sued into oblivion if you can't pay the bills as long as you give back the property if the deal doesn't work out.  Real estate is a reputation-based business: if you don't meet your obligations, people will remember that.  Pay your bills and keep your promises, even if that means you live off ramen noodles, spaghetti, and baby carrots for weeks at a time.  Remember: you're in "college" right now for real estate investing: live like a broke college student.  

Hope that helps.  Best wishes!