Updated almost 2 years ago on . Most recent reply
21 year old How to start the REI journey?
My name is Kenny and i'm 21 years old. I've always been a money-knowledgeable young man; credit (760 score), stocks, roth ira, 401k, etc. My next goal is to get my first rental property before i turn 24. I just started watched a lot of videos on BRRRR, house hacking, and whatnot on Bigger Pockets. I personally do not have the funds to put a down payment worth 25%, but i do have family that may be able to help me if i can actually find a deal and can explain it to them if it makes sense (my mother mostly likely and my grandmother!) I am really driven to get properties, but just figuring out the market i can target. I go to school in Orlando and my mother lives in Fort Lauderdale, which i think are really good areas to invest I THINK. Mind you, my mother has never had a house yet, so when she does get one, it can maybe be a duplex or whatnot (just a thought). What are the steps for me to get in real estate investing?
Most Popular Reply
HI Kenneth,
You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.
There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible. Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy. This will allow you give a reference point on how much potential rent you can receive. (Max vacated rents - your monthly mortgage payment) = +/- net cashflow. Happy to connect and assist you in your real estate investing journey.
Happy to connect if you are interested to expand your portfolio