Need Help starting out investing in multifamily

[Kyle Waters]

Hi I am fairly, really new, to investing in real estate. I am 18 years old and I have money saved up throughout the years. Since im so young I need some help starting off. Where can I go to start gaining experience with investing in long-term multifamily units. What is the very first step I should take to get started. Also steps onward towards the end goal. If anyone has personal experience or a success story I'd love to hear about it too. 

[Jim S.]

First - congrats on finding real estate investing at an early age! I wish I had started looking into this 10 yrs ago.

Honestly I'd start off by picking up a few books and reading the forums here at BP. Would recommend listening to 1 BP podcast per day so you can start to get a feel for how successful investors have built their empires.

I'd look at Scott Trench's new book Set for Life. The most important thing at your age is to find as many ways to be frugal and scrape together savings while you start building your income.

You won't be able to get loans until you have 1) decent credit 2) stable income so make sure to open a credit card if you haven't already. Never leave a balance on it, pay it in full each month.

Discover It is a great card if you have a source of income but limited credit, had my little brother get it when he turned 18. I use it myself as well when the 5% category is useful like with restaurants last quarter.

Good luck!