Age 23 and Living with Parents - Becoming a Real Estate Investor

[Eric Jiwanmall]

Hi everyone! 

This is my first post on BiggerPockets forum. I've been listening to the podcast for 2 weeks, and became a member 3 days ago. I'm happy to be here and learn from all of you. 

I want to thank anyone in advance who decides to contribute to this post! I truly appreciate your time, support, and help! 

I'm 23 years old, and my interest in Real Estate began 3 months ago. I work a 9-5 job but I work paycheck to paycheck. I still live with my parents, and I'm looking to buy them a new house. My parents have sacrificed a lot for me, and I want to be able to pay them back with a brand new home. Currently, I don't live in a safe neighborhood. I want to change my situation and circumstances. My father works 7 days a week at a gas station and barely makes ends meet. 

My goal is to invest in Real Estate and earn passive income. I'm going to hustle, build wealth, and make my dreams come true. I know investing in real estate will help me achieve this not only for my family, but for my future as well. 

I need help getting started. I just ordered Brandon Turner's books on How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started and The Book on Investing in Real Estate with No (and Low) Money Down: Real Life Strategies for Investing in Real Estate Using Other People's Money. I'm looking to dive in those soon. 

I plan on looking at properties this week on zillow, realtor, etc. I just don't have any money. That's one of my FEARS. I can't apply for an FHA loan because I'm not a home owner. I'm puzzled on the whole concept of taking out loans. My dad borrowed $100k worth of loans, and is paying it back now. That's where my fear is coming from. I don't want to end up like him (my plan is try and solve his loan issue). Will I be able to pay off the money that I borrowed from the bank that I am using to invest in real estate? I'm confused on this whole entire process of borrowing money from the bank to fund for real estate. If someone can clear that up, that would be great!

How can I take advantage of the fact that I don't have to pay rent right now since I live with my parents? I hear a lot a bout House Hacking, and how Brandon bought a duplex, and lived in it while renting out the other part (not sure if this is 100% accurate). I don't want to house hack. 

I know the first deal can be the hardest. Taking a big step investing in real estate is very daunting especially if you grew up in an environment with little ambition, support, and like minded people. No one in my family has ever done this or anything like it. My siblings and I were taught to just go to school, get a degree, and find a job. I'm not happy, and I want to change that. I'm tired of being broke. I'm tired of days, months, and years going by without anything changing. I want to be that change. I will be that change for my family. 

If there is any additional information anyone needs or more clarification, please feel free to ask!

I need help getting started especially with the money part! 

THANK YOU! 

- Eric