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Updated about 7 years ago on . Most recent reply
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Looking for advice on building a future
Hello, my name is Tyler I'm 21 and I'm getting an inheritance of about $35,000. I was wondering what would be the best thing to get started in real estate investment, short term hard money loans, tax liens. So in general just wanted some help on where i should start and how i should go about starting out in that particular field
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Tyler, do you have any income? With $35k if I was you at your age I would use that money as a down payment and house hack a 2-4 unit property as well as rent out any spare bedrooms in the unit you live. If you do it right that will jump start your real estate investing faster and possibly safer than most other routes. You will have equity pay down and possibly even have cash flow coming in on top of having your mortgage covered. If you are interested in buying a value add property then you can rehab it and maybe even pull out most of your initial investment utilizing the BRRRR strategy. This will all be dependent on if you have income and can obtain a loan or have someone to cosign on a loan.