Real estate investing for beginners
Hello my name is Pedro I am 30 years old from Chicago and I was wondering what would you recommend for someone like me that is interested in starting real estate investing? I have no money no work history and ok credit. I would greatly appreciate it if you can answer my question. Thank you.
Mr. Navarrete
If you have little to no money the easiest way to get started would be to save up some money for a down payment and house hack a 2-4 unit property using an FHA loan. To get approved for any loan you're going to need to build up your work history and have a stable income.
If investing is your goal, start living your life now with the intent of becoming one. Work on holding a stable job, saving up for a down payment (FHA is a great low-down payment option), and ensure you continue focusing on good credit habits. Set goals for yourself.
Paul De Luca thank you so much for your advice. I will implement this in to my life and journey in the real estate investment industry.
Danielle Jackson thank you so much. I am working on my short and long term goals in the investing business. Greatly appreciated
Originally posted by @Paul De Luca:If you have little to no money the easiest way to get started would be to save up some money for a down payment and house hack a 2-4 unit property using an FHA loan. To get approved for any loan you're going to need to build up your work history and have a stable income.
Paul De Luca thank you so much for your advice. I will implement this in to my life and journey in the real estate investment industry.
Originally posted by @Danielle Jackson:If investing is your goal, start living your life now with the intent of becoming one. Work on holding a stable job, saving up for a down payment (FHA is a great low-down payment option), and ensure you continue focusing on good credit habits. Set goals for
Danielle Jackson thank you so much. I am working on my short and long term goals in the investing business. Greatly appreciated. Hopefully we all can network in the near future.
@Pedro Navarrete
Listen to Dave Ramsey. Read many books (watch many videos or podcast) on real estate and psychology (you got to know how to deal with people and have an understanding about yourself as well). Start house hacking once you save up enough money for an FHA loan. Than save some more $
Originally posted by @Danny Rodriguez:@Pedro Navarrete
Listen to Dave Ramsey. Read many books (watch many videos or podcast) on real estate and psychology (you got to know how to deal with people and have an understanding about yourself as well). Start house hacking once you save up enough money for an FHA loan. Than save some more $
Thank you so much. Yes you have a great point. I will implement this into my journey into investing.
I would recommend writing out clear goals for where you want to be in the future. This means looking at your job, credit score, spending habits and more. Once you have done this you can start looking at small improvements you can begin making to get to that next step. Spend a ton of time reading and being intentional and before you know it you'll be ready to get started!
Originally posted by @Ryan Schrope:I would recommend writing out clear goals for where you want to be in the future. This means looking at your job, credit score, spending habits and more. Once you have done this you can start looking at small improvements you can begin making to get to that next step. Spend a ton of time reading and being intentional and before you know it you'll be ready to get started!
Thank you so much. Great advice. I am currently reading Rich Habits by Thomas C. Corley. And a whole bunch of real estate investment books. Thank you
Hey @Pedro Navarrete - Welcome to the Chicago BiggerPockets Familia! If you are looking to get started and have time, hustle, & can fully commit definitely reach out to me outside of the forums. We are always trying to help new investors get off the ground in real estate investing.
I tell everyone there are 3 things you have to do to be successful in any industry:
3. Educate/Learn
2. Network
1. Take action/Be decisive
Look forward to connecting to see how we can help!
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Contractor IL (#TGC116360)
- Quality Builders
- http://qualitybuilders.com
- [email protected]
Quote from @Pedro Navarrete:
Hello my name is Pedro I am 30 years old from Chicago and I was wondering what would you recommend for someone like me that is interested in starting real estate investing? I have no money no work history and ok credit. I would greatly appreciate it if you can answer my question. Thank you.
Mr. Navarrete
I agree with the recommendations you received thus far. I'm going to add Purchase the book Rich Dad Poor Dad by Robert Kiyosaki. Then find a local Cashflow Game meetup.
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Real Estate Agent Illinois (#475. 112189)
- 3126817487
- https://www.chicagodiscountproperties.com/
I would recommend you get money and work history…How exactly does one live to be 30 and never worked? Certainly you have some type of skill-set, no matter your history. Lucky for you you’re in the land of opportunity and there’s no shortage of work. Strap on your boots and get to it.