Getting into Real Estate at 23

[Doug Rose]

Ok so. Im 23 and awake to the fact that I dont want to work for anybody else anymore because you can only make so much working under someone else.

I live in Canada and for my age, I make more money then 90% of my friends. Its the rare ones that surpass me by far, they usually have investments or real estate. Its not even alot to me.. roughly 60k a year. I could move west cananda and make 100k with my skill set, but again thats working for someone else @80hrs a week. Its a sacrifice.

Currently I have 25k to my name that I can do whatever I please with, Iv been looking at a new car recently but something in the back of my head says REAL ESTATE! BUY A HOUSE! ps I live at home whenever Im not traveling around for my job.

What kind of house should I start with? price? size? terms? buy n flip? Iv heavily considered becoming a landlord, I have tons of friends just looking for a nice place to move to that isnt in a ghetto but will charge a fair price. This seems risky to me tho.

I am very cautious in everything I do, I like to have everything sorted out and planned including back up plans incase things were to go wrong as murphys law usually implys.

Any and all advice will be taken in with great appreciation.

Thanks

Doug

[James H.]

I'd move west to your 100K job and start saving like crazy. Do a real world analysis on how long it would take to grow your real estate investments into something that generates 40K while working at your 60K job. Then do a real world analysis on how long it would take to grow your real-estate investments to 100K a year without you working at your job.

Without running the numbers, I can tell you this: It will take a lot longer starting from now and 25K than starting from 5 years from now and 25K plus 200K from that extra income of 100K over your current 60K plus whatever else you are saving.

I haven't seen statistics, but the overwhelming trend that I personally see is that *most* people making good money in real estate are people with high earning day jobs.