20 year old newbie New Orleans

[Malcolm Darensbourg]

How's everyone doing? Although this is not my first post, I've never introduced myself as an member. My name is Malcolm and I'm located in Laplace Louisiana. It's about 20 miles from New Orleans. I've been doing research on real estate for about a year now. With all the studying I've been doing I think it's time for me to take the next step. I was introduced to real estate by my father. He currently has a portfolio of at least 20 properties give or take. It seems like a great way to jumpstart other opportunities in life and become financially Independent at some point in life. What are some tips or advice that you all have for a 20 year old newbie? I'm open to hearing anything and everything. My life goal is to put my family in a position to be financially successful multiple generations from now. Thanks for taking your time to read this.

[Suzanne Griffiths]

Hi Malcolm Darensbourg I commend you on getting going in REI at a young age. We are working with our son (19) to help him get started as well. Here are some suggestions I have.

If you haven't already start building your credit history. Since you don't have any experience this will be really important to help push through some of the "no's" that you'll get. It take a couple of years as a young adult to build a solid credit history.

Consider "house hacking" or live-in flip as your first investment. Getting a traditional
Mortgage will help you build your credit and having renters will help pay the mortgage for you and start building some cash reserves moving forward.

I would suggest starting with whatever bank or credit union you've had your checking and savings with growing up. Especially if it's a smaller bank you'll have an easier time with them approving you.

Outside of that look for a mentor that has credit and experience that you can work with in the first few years. Be cautious and make sure you take time building a relationship with that person or consider someone you have a relationship with currently before you jump into a partnership.

Most of all, take action and don't let a few rejections stop you. You will get many of them in this business.