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Updated about 9 years ago on . Most recent reply

Account Closed
  • Sequoia National Park, CA
1
Votes |
3
Posts

I'm reaching out as a beginner! Help me learn?

Account Closed
  • Sequoia National Park, CA
Posted

I am a 20 year old college student. I have some big goals, and I need advice and mentoring about my plan to achieve them. A little about me: 

I have zero credit history.

I put a big chunk of change into an Asset Allocation Fund with my bank that I know very little about what it's doing. I want to take control of my own funds and be rid of the middle man. After a few years of financial and investment research, I have learned that I am most interested in, and therefore capable of, real estate investing. That's what I choose focus on and learn about. 

I specifically want to invest in multi-family properties. Multiplexes, apartments, etc.

I am a very goal-oriented and driven type-A woman. I do not like haste; I advocate for heavy research, realism and making educated decisions while sticking to a specific plan, with reasonable flexibility depending on circumstance and opportunity. 

My plan is as follows.

Begin building credit right away. (Buy a piece of furniture on store credit and make steady payments for 4 or 5 months and then pay it all off, get a credit-building loan, get a secured credit card or a Chase freedom card [you build points every time you use it, I have a whole plan devised on that], etc.)

SAVE, SAVE, SAVE 

Put in hours of diligent research. (Surf BiggerPockets, write down questions I have and research them on the web, read credible and updated books by successful investors, join local real estate communities or groups, attend seminars, find a mentor, etc.)

Learn how to read the market, how to choose the best location, how to spot a good deal and a bad deal, how to find contractors, building inspectors, find out more things I need to learn!

Now I see this as taking at least 2 years before I have the know-how and the funds. From what I do know, I think I'm a fan of big down payments, at least in the beginning on my journey. I want a 30% down payment saved (perhaps between me and a partner?) and 6 months of payment saved up for a safety cushion.

I'm asking this, am I being reasonable and realistic, given that I put in the work required?What would you change or add? What's your story, your ideas, goals.. get exited and talk about yourself, I want to know everything! 

Most Popular Reply

User Stats

79
Posts
19
Votes
Brittaney Woods
  • Investor
  • Miami, FL
19
Votes |
79
Posts
Brittaney Woods
  • Investor
  • Miami, FL
Replied

1. Read Rich Dad Poor Dad if you haven't already.

2. READ as much as you can on real estate...all sides. Wholesaling, flipping, investing, buy and hold etc. Listen to audio books as well. 

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