What are my First steps into real estate Investing

[Diego Santos]

Hello, im 20 years old and I am extremely interested in turning real estate investing to my full time job at one point. I currently make about 36-40k a year and am living at home. I got into finance and investing about a year ago and have been able to save up about 5k cash, 6k in my roth ira, and 5k in a brokerage account. I want my next big investment to be in real estate my doing 3.5% down with an FHA loan, live in it for 2 years while renovating it, and then refinancing to buy the next one. My price range would be between 200k-250k for the first house. Ideally a duplex and rent out the other unit but single family if i cannot find anything. Are these good steps to take? What else do i need to consider? Will my current income not allow me to be approved for loans? What else can i do right now to prepare?

[Forrest Faulconer]

Originally posted by @Diego Santos:

Hello, im 20 years old and I am extremely interested in turning real estate investing to my full time job at one point. I currently make about 36-40k a year and am living at home. I got into finance and investing about a year ago and have been able to save up about 5k cash, 6k in my roth ira, and 5k in a brokerage account. I want my next big investment to be in real estate my doing 3.5% down with an FHA loan, live in it for 2 years while renovating it, and then refinancing to buy the next one. My price range would be between 200k-250k for the first house. Ideally a duplex and rent out the other unit but single family if i cannot find anything. Are these good steps to take? What else do i need to consider? Will my current income not allow me to be approved for loans? What else can i do right now to prepare?

Hey Diego, congrats on taking the right steps for your future. I would get a hold of a lender or two in your area and go through the application process to see what you can qualify for, keep saving, and soon enough you will be on your way to home ownership!

Forrest Faulconer