All Forum Posts by: Xavier Chuquizala

Xavier, congrats on getting started! Seriously, taking action is the most important first step, so you should feel good that you are committed to doing so!  To answer your comments:

• I think it's great that you got that first credit card, to start building credit (and yes, I agree that it's necessary to do so before getting a bank loan).  I would use that card as much as possible, and pay it off in full every month.  In about 4 months, call the credit card company and ask for a credit limit.  Keep doing the same thing--use the card, and pay it off. 
• I'd say it wouldn't hurt to have a second credit account somehow, as well, and to use it well and wisely to demonstrate you have good reliable payment habits.
• I would recommend you go talk with a local mortgage broker, just to make the connection, ask some questions, and let them educate you a bit.  Ask a friend or family member if they know/recommend anyone, or simply Google one.  You might even do this 2-3 times; these little informational sessions will help a lot, and are free. They can take a look at your income, consider your newly forming credit, your cash availability and help you determine what you might be able to buy. 
• You also might keep your eyes open for "first time homebuyer" seminars, which lenders tend to put on.  At this point, the more educational sessions you can have, the better. 

Meanwhile, I'd also recommend you just start looking at as many properties as you can. This will help you create context and a frame of reference in your mind, and start to get a "feel" for your market.  Look at redfin.com or zillow.com or your local real estate listings, and just look at as many listings as you can.

Are you thinking that your first acquisition will be a home to live in yourself? You might also consider looking at duplex, triplexes or four-plexes, if you can get the loan for those; then you could live in one unit and rent out the others for income.  Here on BP they call this "house hacking"--look up more articles with that keyword.

Lastly I'll say that as you learn more and educate yourself, it will be important to learn more about a) buying properties that are off-market (not listed with an agent) and b) buying with private financing (not needing a bank). But for now, let's start you with a good diet of basic education and conventional real estate transactions. Then we get to the more advanced stuff later in due time. :)

GOOD LUCK!

I'd recommend reading on here as much as you can and then also begin to invest. Do you have a good amount of savings? $20k+?