All Forum Posts by: Account Closed

@Account Closed 

 Congratulations on graduating, getting a great job and deciding to invest in RE at such a young age! You are ahead of most of the people in the World. I hope you realize that your income is in the top 10% of income earners in USA and in the World!

With that income, I will advice you to do the following to get started:

1. Start right away by taking advantage of the low interest rates (3.75% for FHA and .8%PMI). Buy a 3-4 unit building, owner occupant with 5% down, FHA or 203K FHA construction loan. You need 5% downpayment, which could be gifted to you by family and ask the seller to pay your closing cost. After a year you can move out and buy your next property as a owner occupant with a 5% downpayment conventional loan, which should be easy to safe while leaving in the 3-4 flat.

2. As I just said, you can have the 5% downpayment gifted to you by family or ask your lender of the sources of downpayment that could be gifted to you. There are plenty in IL, and have the seller pay the closing cost.

3. I did exactly what I advice you to do.

4. Mindset. Believing that is possible. Remember - if there is a will - there is a way!

5. My lender, my attorney, my CPA and mentors along the way (other Realtor that own a lot of property, friends that own property, people I reached out to).

Good luck to you!

Welcome to Biggerpockets! 

We got started at 23 :) My degree was in finance with a minor in accounting. I went on to get a MBA.

I got started as a executive secretary in commercial/apartment real estate and slowly worked my way up with lots of bumps along the way :0

On personal level, we got started in investment as buy and hod with a personal property. There is a really low entrance cost. Prior to buy our first house we rented with another friend/couple. For us this was an amazing situation having roommates, and I really recommend it. Buying a primary property whether it be a single family home or  multi-plex. Is a great way to leverage a personal property with a low downpayment. This allows you to get your foot in the door with the great W2 salary, without having to put a lot of money down. We always lived frugal on one income while saving the other. This allow us to start buying pure properties.

I had the amazing opportunity to talk about our strategy and how we got started in podcast 103. Let me know if I can help :) 

Getting started young, even if poor (that was us) is still VERY doable :)