Getting Started at a Young Age.

[Myles Coles]

Im 19 years old looking to get started in owning some real estate. I need help getting started, what i mean by that is i need to know the steps i should take to get started as early as possible. Should i save money, should i talk to the bank? Im located in Los Angeles and ready to learn. Please help.

[Joel Owens]

The old saying the journey of a thousand miles begins with a single step rings true.

Make sure the steps are going down a promising path so you do not have to reverse course and start over again.

If you make good buying decisions then over time you will have a great compounding effect to grow wealth. First thing analyze how much income you make a year. Then look at your credit score. If you do not have credit yet work on getting it. Do not get student loan debt that you cannot get rid of unless you know exactly what you want to do for a career and demand and pay is huge to make college worthwhile. If you have high interest loans try to get the rate reduced or pay them off now to create more investible income.

If you are free with a job you could go work for an investment company to learn the ropes and eventually if you save up enough money they might partner with you on a deal to get going.

Hope it helps!

[Myles Coles]

That post was very helpful and i appreciate the hasty response!

Luckily i havent gotten into any debt so far so im good in that end. Im trying to own a multi-family complex first but im unsure with how much money i should start with. Is money the only resource that i really need? What are the preleminary steps i should take to ensure my success. I want to make this my primary source of income. So technically speaking i want to be a landlord.

[Account Closed]

Money is the universal language

Credit is also an asset.

What you lack in resources, you make up for with relationships. Humans are the master species because of our ability to build alliances for an organized cause.

One thing I found is that most of the people I was hanging with weren't going the places I wanted to go. You are the exact average of the 5 people you spend most of your time with, so choose wisely.

Lay the foundation by building your skillset, ally with people who have what you lack, and everything will fall into place.

[Brandon Turner]

Hey @Myles Coles! Thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

Oh - and be sure to set up some Keyword Alerts- especially for "Los Angeles" so you'll be notified when people mention it here in the forums.

Thanks again for introducing yourself!

[Nasar Elarabi]

Join some local re clubs. REAL ESTATE is local always remember that. you can find local clubs at meetup.com or nationalreia.com. The key to the reia is to network and get with the movers and the shakers in your local reia. You dont need credit or money to buy the property. However being a land lord I strongly recommend having reserves when holding property. Bigger pockets is a great start to creative real estate investing.. You are starting young which alot of us wish we did. Just stay focus and know life does not go as planned but that does not mean you give up..

[Pete T.]

without debt and experience, one route could be a duplex since you need a place to live anyway. This could help you in a number of ways including all of the programs and assistance to first time buyer, being an owner occupant, and living on site w/ a tenant will be helpful as well. This way you have a chance to learn and see if you want to be a landlord at a minimal expense as well as learn lesson at a much cheaper cost, and you will may more exit strategies than you would if you do a larger MF first. Of course everything depends on the cash you have, the income you make, your credit and connection, and most importantly- your long term goals.

[Myles Coles]

Iv been doing the most reading i can and ive learned a lot. I found a 3 unit complex

Unit #1-3bdrm 1 bath

Unit #2-2bdrm 1 bath

Unit #3-2bdrm 1 bath

Unit #1 is in the remodeling stage of getting a new kitchen and bathroom so ill be able to up the rent even higher after purchase. Its going for 415,000 theres no way id pay full price. Ill try to talk them down maybe 20% or 10%. Its in an area i know that is decent with a middle class cost of living. With all 3 units ill be able to net in roughly 4grand a month from tenants hopefully.

This is all based on speculation seeing as i havent looked at any pictures or visited the complex. Im pretty sure im moving to fast and should learn a little more about the trade, it sounds like a great catch to me please let me know what you all think.

[Monica Breckenridge]

Welcome to the site. You can start out early. My brother bought his 1st deal at 18 and made $10k. You need to have confidence, be very personable, be a people person, and a go-getter. It takes a certain personality to be very successful. I started when I was 24 years old. Don't let being so young stop you. You can do it.

[Myles Coles]

Decided to come back to my very first post, Im still pushing for the success I want but i havent made much of any progress in this field. I know its an uphill battle but im determined to make it work.