Hey guys! I'm a 20 year old investor here in Nashville and I'm looking to get the ball rolling. Do you guys have any advice for a rookie like me in this market? I've saved up a sizable amount of cash, but I doubt I can get a loan as I am a student and unfortunately the Nashville market is super hot right now. Currently I have been trying to analyze deals and read up on real estate investing books, but I'm extremely eager to start investing. I'd love to meet fellow investors in Nashville that are willing to help and guide a newbie like myself. Thank you guys in advanced.
@Kirolos Michael Is a house hack a goal of yours in the future? Study the requirements for an FHA loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. These are some barriers I had to make sure to be able to climb over. Let me know what questions you have.
@Kirolos Michael Is a house hack a goal of yours in the future? Study the requirements for an FHA loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. These are some barriers I had to make sure to be able to climb over. Let me know what questions you have.
@Kirolos Michael remove your limiting beliefs and language. Look at all of the words you used... "20 year old," "I doubt I can get a loan," "unfortunately the Nashville market is super hot...," "have been trying..."
No reason to lead with your age (it doesn't matter if you're 20 or 50). The other stuff are reasons you're trying to convince yourself not to get started.
I would start by defining what you want to do. Do you want to be an agent, wholesaler, investor, other?
You have some cash so investor could be a good option. Now consider what kind of investment property do you want to start with? Househack, single-family investment property, multi-family investment property? Then define what price you can buy. Then define the market. Then connect with professionals in your area (probably best to start with an agent).
Network. Check into REIN (Real Estate Investors of Nashville) or TNREIA (Tennessee Real Estate Investors Network). You will meet all sorts of seasoned as well as new investors. This is where I would begin.
Firstly, you have to find what your advantage is/what value you can bring. In your case, you are a student so you probably have more time than someone working a full time job and has kids, etc. I would focus my attention and resources on finding deals, and then either wholesale, or partner with someone that has more money and can fund the deal, but doesn't have the time to manage/find deals.
Throw yourself in the fire, make offers, get them accepted, get them rejected, put pressure on yourself to be forced to learn. Build relationships with realtors, brokers, lenders local RE investors and be a sponge.