New to real estate at 21 years old

New to real estate at 21 years old

Member since 2021 · 1 post · 2 votes

Hello, so I have been interested in real estate for some time now and always wanted to get into it as I love property and would like to help others get affordable housing at the same time the cash flow opportunities attracts me. 

I don`t know where to start or what to do. I am a Norwegian/Australian dual citizen living in Mexico. The Mexican real estate market seems to be growing and lucerative. I have been lucky with other ventures and have gathered roughly $ 150 000 USD and I want to put that money to work. I have no debt or nothing, just all this money sitting still. This money would be enough for a 10-15% down payment for most places but I don`t want to spend it all immediately as I am very active with this money in the crypto markets. 

I am also scared of making mistakes as I have already lost 6 figures before with bad investments. I currently have no job, or I am going to a job interview in a couple of days now for a marketing job. What should I do? Do I still need financing for an investment? I would prefer to use other peoples money to invest (using debt). Anyone that would not mind to help me by giving some advice? What type of property to get or what type of investment to do (rentals, flipping etc)? Thank you

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Joshua JanusBusiness Member
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y

@Adrian York That is a great sum of money to invest with, great job! I don't know anything about the Mexican real estate market, but I would advise looking into good markets in the US. I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager. https://www.biggerpockets.com/blog/core-four-real-estate-team

As for picking a specific market, I would choose one that has job and population growth with a high median income, and Columbus, Ohio is a great choice. It is a top five appreciating city in the US with an expanding job market, and large capital investments such as the $120 million building purchase by Qatar Bank in 2021.

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  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    @Adrian York That is a great sum of money to invest with, great job! I don't know anything about the Mexican real estate market, but I would advise looking into good markets in the US. I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager. https://www.biggerpockets.com/blog/core-four-real-estate-team

    As for picking a specific market, I would choose one that has job and population growth with a high median income, and Columbus, Ohio is a great choice. It is a top five appreciating city in the US with an expanding job market, and large capital investments such as the $120 million building purchase by Qatar Bank in 2021.

  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    Rentals are great, you could use a DSCR loan without a W2.

    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    I have heard financing is a little more difficult in Mexico especially since you are not a Mexican citizen. You could always look into some foreign national products for the States @Adrian York

  • Mike LambertPro Member
    Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    @Adrian York

    You've already lost 6 figures in investments, have no job and are involved in crypto! I'm not sure that that makes sense. If you want to invest in real estate in Mexico, feel free to look at the hundreds of replies to posts on the topic I've written through my profile. Feel free to contact me directly if you think I can help.

    @Brandon Goldsmith

    What determines the kind of loans you can qualify for is your residency, not your citizenship.

  • Paul McCuePro Member
    Specialist · Dover, PA · Member since 2014 · 20 posts · 12 votes
    4y

    @Mike Lambert, @Adrian York may qualify for a foreign national loan as @Brandon Goldsmith suggested. These loans are designed for people in his position.

    @Adrian York let me know if I can help!

  • Mike LambertPro Member
    Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    @Paul McCue

    My comment was about @Adrian York getting a loan in Mexico, not the United States.

  • Paul McCuePro Member
    Specialist · Dover, PA · Member since 2014 · 20 posts · 12 votes
    4y

    @Mike Lambert I guess I misunderstood. I thought you were disagreeing with @Brandon Goldsmith's suggestion.

    I don't know anything about getting a loan in Mexico, but I do agree @Adrian York could/should try to get one in the US, if that's what he wants!

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