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Updated almost 10 years ago on . Most recent reply
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New To investing.
Most Popular Reply
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Welcome to BP @Tyress Wilson! First of all, you have what it takes to be an investor, you have ambition and you can read. That's exactly what I started with when I bought my first house at your age! The term "house hacking" wasn't coined yet, but I knew before I ever found it that it was going to be a 3BR/2BA and I was going to rent a room to one of my military buddies and another room was going to be my home office. I didn't even have BP, but I could read. And boy did I read. No mentor, no family in the business, no inheritance or any type of advantage you might think of, but I could read.
My advice - read. Be the sponge. My momma used to say, "God gave you two ears and one mouth, use them in the proportion they were given to you." <<- sage advice!
I have a challenge for you. Turn off your radio in your car and start listening to the BP podcasts until you've listened to all of them. If you feel like you need to take notes, that's good. If you are listening and you don't know what they are talking about, you will need to take notes to know what you need to look up to understand what they are talking about. The podcasts are in a very educational format and the hosts do a pretty good job of making whatever the topic is understandable to the full range of listener experience.
Use the search feature here on BP and you will find that there is usually a history of dialogue on just about any question you have that's already been discussed thoroughly. If not, then post a new question and engage the community here.
Keep listening and keep reading until you have enough understanding of your favored strategy and your target market to know a good deal when you see one. Ignore any one who says "just jump in and learn as you go, you'll figure it out." That can be a costly way to learn. You'll never be able to eliminate risk in any type of investment, but you can minimize it when you know what you are doing and follow a disciplined plan toward a sound strategy. Best of luck in your learning and I hope to see you at the Baton Rouge meetup ("The RING", found on meetup.com)!