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Updated over 4 years ago on . Most recent reply
How can I get started?
I'm currently learning about real estate investing. I'm reading books and trying to figure out on how to get started. I had just finished reading the ultimate beginners guide, which was very helpful. I'm temporarily living with family members right now and don't pay any mortgage or rent, which gave me the opportunity to save up since I moved out from renting an apartment a year ago. I have a full time job and have good credit. Unfortunately, I have yet to still pay off my credit card debt and plan on completely paying that off soon. I also have a school loan and car loan. I plan on moving out very soon and was thinking that maybe I can purchase a duplex, where I can live and have the other unit get rented. What are your thoughts on what I should do or how to get started? I would like to invest in multi-family homes in the future to buy and hold.
Most Popular Reply
Keep your living situation the same. There's many options for someone just starting, and since you have solid income and credit, pretty much all those options are available for you. For someone like me, who was financially irresponsible when I was younger, I had to find ways to get involved w/out using my own credit. I sure as heck didn't have steady income as far as a mortgage lender would be concerned. I started with wholesaling, because it didn't take much money, pretty much no money, and I didn't have to use my credit. If I did have good credit and the financial requirements of a loan met, I probably would have purchased a 3-4 unit property and house hacked it. Having a good financial record as far as time at your job, income, and good credit, the possibilities are literally endless for you. I'd really consider my goals, short and long term, and then figure out which strategy matches that most. In the end, we all just wanna become the private money, and there's a bunch of ways to make that happen, just gotta pick which way you wanna go!
Much luck and success to you. Please reach out if I can be of any assistance to ya!
Duncan