All Forum Posts by: Account Closed

I am in the process of saving my down payment + cushion funds for my first investment property. While I work on that for another year or two, I am focusing on learning how to get started looking for, choosing, purchasing and renting out investment properties. 

 My biggest question is, how am I supposed to know what state, county, city, etc., is the best place to purchase and rent? I am living in California and I am not at all opposed to taking my business out of state, however I believe it will be easier to stay "local" for my first experience. I plan to purchase a duplex for residential purposes for the first year while renting out the second unit, and then begin t rent out both the units as my residential prerequisites are fulfilled. I am open to suggestions and fluctuation in that plan, however. Any advice?

Thank you everyone. I appreciate the support, the validation is very motivating! I know that I cannot do this alone, but that my success depends solely on my choice to be diligent, informed and to take action. Right now, I don't even know what questions to ask, and that's where my reading will come in. As questions arise, I'll contact those who invited me to. 

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!