Need Guidance Starting Out

[Alex Barnett]

Hi everyone,

I am literally BRAND NEW to real estate investing, as in I'll be living in my first investment property since I live at home now. I am looking for some guidance getting started. I have scanned the forums only briefly so please forgive me if I ask questions that can easily be found on the site. Right now I am 24 years old and employed in sales. I will be doing my first real estate deal very soon with the ultimate goal of transitioning into full time real estate investing before age 28.

As of right now I am planning to buy a house out of foreclosure for around $100,000 and live in it while I spruce it up, albeit on a limited budget, and hope to sell it for a tidy return after about a year or so and use the profits to reinvest.

My other (less ambitious/exciting) option is to purchase a duplex and rent out one half of it to essentially live rent free, which would allow me to save a lot of my cash, and perhaps acquire a second one after a year. While I do believe collecting rents should be an important part of my long term real estate portfolio, I don't believe it would generate enough profits in the short term to meet my goal of quitting the corporate job within roughly three years.

Which of the above choices would you recommend for my situation and why?

Also, since I have very limited capital right now I would like to begin wholesaling. Can anyone recommend any resources (websites, books, textbooks from wholesaling classes, etc.) that are focused entirely on the wholesaling world. Specifically I need to learn the ins and outs of real estate contracts.

Finally, do you think it is necessary or beneficial to get my real estate license even if I never intend to be a real estate agent per se?

My apologies for the long post and I look forward to your insightful answers!

Thanks,

Alex