Starting Out In Real Estate Investing

[Myron Jackson]

Hello,

I am 20 years old, and I have decided to get into real estate investing around Lexington, KY. I have read books on financial independence and rental property investing, but I still feel that there are a few key things that I need to learn before I decide to take the first step. 

[Benjamin Aaker]

Hi @Myron Jackson and welcome to BP! Your first step was the hardest: changing your mindset to becoming a real estate investor. Educating yourself is the next step. You said you have been reading. You should also be going to real estate meetups in your area.

Next, narrow down to specific criteria. Small multifamily is a start. Duplex, triplex, fourplex? Will you live in one unit or not? How many beds/baths do you want in each? What areas of Lexington do you like? How much are you willing to pay per unit if the place is fully rehabbed (turnkey?). You can work backward from there if repairs are required.

For your first deal, I recommend getting a real estate agent. Tell them your criteria and they can help you with many of the details. Try to get an agent who has dealt with investors before. Put up a post on BP asking if anyone knows this type of agent in your area.

Next, evaluate every deal that the agent sends you. I recommend using the Millionaire Real Estate Investor by Gary Keller for help in your analysis.

Put in offers - this is the next most difficult step. The most rewarding too. Good luck!