Investing in real estate at young age

Toronto, Canada
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Investing in real estate at young age

Karan Singh
Member since 2022 · 6 posts · 1 vote

Hello everyone,

I’m a 18 year old electrical apprentice and I’m looking to do a full dive into real estate investing.

I am in the union and earning base wage, parking, vacation pay, pension and full benefits are covered.

I am saving about 400/w in a high interest savings account right now which is 60% of my pay, I am going to get guaranteed $5/h raises every year for the next 5 years. I will be increasing my savings amount to reflect as well. I will be making $55-$60/h by the time I’m certified at 21/22.

I am also looking into side hustles to increase my income such as flipping cars, reselling etc.

As of right now I have around 8k saved, and 5k invested in stocks.

Obviously I cannot buy a property with just a few grand right now, but basically I just want to ask for any advice or tips you would give to me or your younger self when you started.

I usually listen to audio books on personal finance and business while working instead of music to further my knowledge.

Any sort of advice is welcome, books, podcasts, methods to learn about. I want to make the most of this time while I’m saving to keep learning and maximize my returns when I’m able to enter the market.

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Max Wilhite
Member since 2024 · 225 posts · 86 votes
1y

Hey @Karan Singh

Welcome to the BP family. You’ve come to the right place to connect with some vary smart investors. lean on these forums whenever you have questions. good luck with your investments.

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  • John Mason
    Member since 2024 · 1k+ posts · 351 votes
    1y

    Karan Welcome to Bigger Pockets and I wish you all the best in your investing journey!!

    For books I would recommend these

    See if you can get a copy of The Millionnaire Real Estate Investor by Keller.
    The Slight Edge and Atomic Habits too.

    0Reply
  • Max Wilhite
    Member since 2024 · 225 posts · 86 votes
    1y

    Hey @Karan Singh

    Welcome to the BP family. You’ve come to the right place to connect with some vary smart investors. lean on these forums whenever you have questions. good luck with your investments.

    2Reply
  • Drago Stanimirovic
    New to Real Estate · Miami, FL · Member since 2024 · 1k+ posts · 463 votes
    1y

    Hi Karan,

    You're off to a fantastic start at 18, saving aggressively and educating yourself on finance. My advice: keep saving diligently and look to house hacking as your first real estate investment once you build enough capital. House hacking (buying a multi-family property and renting out units while living in one) allows you to cover or reduce your living expenses while building equity. FHA loans with low down payments are ideal for this.

    In the meantime, focus on improving your credit score and maintaining a solid financial foundation. Keep diversifying your income with side hustles, and continue learning through books like "The Millionaire Real Estate Investor" by Gary Keller and "Rich Dad Poor Dad" by Robert Kiyosaki.

    By the time you're earning more, you'll be ready to dive into real estate, leveraging your higher income and knowledge to scale quickly.

    Let me know if you need advice on financing when you're ready!

    Best,
    Drago

    0Reply
  • Karan Singh
    OP
    Member since 2022 · 6 posts · 1 vote
    1y
    Quote from @John Mason:

    Karan Welcome to Bigger Pockets and I wish you all the best in your investing journey!!

    For books I would recommend these

    See if you can get a copy of The Millionnaire Real Estate Investor by Keller.
    The Slight Edge and Atomic Habits too.

    Thank you and I will add those to my list, atomic habits is coming up soon after a few others in line.
    0Reply
  • Karan Singh
    OP
    Member since 2022 · 6 posts · 1 vote
    1y
    Quote from @Drago Stanimirovic:

    Hi Karan,

    You're off to a fantastic start at 18, saving aggressively and educating yourself on finance. My advice: keep saving diligently and look to house hacking as your first real estate investment once you build enough capital. House hacking (buying a multi-family property and renting out units while living in one) allows you to cover or reduce your living expenses while building equity. FHA loans with low down payments are ideal for this.

    In the meantime, focus on improving your credit score and maintaining a solid financial foundation. Keep diversifying your income with side hustles, and continue learning through books like "The Millionaire Real Estate Investor" by Gary Keller and "Rich Dad Poor Dad" by Robert Kiyosaki.

    By the time you're earning more, you'll be ready to dive into real estate, leveraging your higher income and knowledge to scale quickly.

    Let me know if you need advice on financing when you're ready!

    Best,
    Drago

    Thank you for the informative reply. I have researched house hacking but honestly, I don't want to move out. It's a lot easier living with my loving family and when my lunch and dinner are already cooked lol. I am working on improving my credit score and making sure to never miss a payment so automatic payments are turned on. Garry's book is on my list, I already read rich dad poor dad a few years ago although I might reread it once I have a empty list.

    I aim to invest in my first property within the next 2 years, and I keep my savings high while keeping a balance of fun and saving. I don't want to be frugal as to not enjoy life, but also not enjoy too much where I have nothing to show for the future.
    0Reply
  • John Mason
    Member since 2024 · 1k+ posts · 351 votes
    1y

    Karan even this one is good book

    https://www.coachcarson.com/building-wealth-one-house-time-j...

    1Reply
  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    1y

    Your attitude is great. You know your goal isn't to leave the 9-to-5, you have a great job with good scale and security. All younger people should be considering trades right now as that industry will be paying more and more over time. You also know you can't buy tomorrow. You are way ahead of your peers who think they can scale and quit at 20 so great job.

    Go to real estate investing meetups, as many as you can, and meet other investors and ask good questions. You have a mechanical skillset you are perfecting so you will always have your trade to barter for access.

    [email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
    Zen and the Art of Real Estate Investing59 Reviews
    WebsiteView Page
    0Reply
  • Jeff S.
    Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    1y

    That is awesome @Karan Singh for sure stay with your loving family. In my REI the majority of the millionaires were in some kind of construction or brokerage. They saw ahead that these jobs take a toll on you so bought RE and now live off RE in one form or another.

    0Reply
  • Andre Brock
    Investor · Cleveland, OH · Member since 2013 · 120 posts · 77 votes
    1y

    You’re are such at advantage compared to when I purchased my first property back in 2005. It’s so much information that is out here to aid you. When I got started I had a carlton  sheets video who used to come on late nights with his informercial and my best friend who purchased a property 5 months before I did😂. Stay consistent stay the course and you will do great. 

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1y

    @Karan Singh

    To build a solid real estate foundation, prioritize wise time management, early pre-approval, early credit building, real estate partnerships, income diversification, networking, and learning from books and podcasts. Start with house hacking, invest in credit and education, and leverage electrical skills. Consider buying multiple units, partnering, and diversifying income. Develop a clear plan, set milestones, and remember that building wealth through real estate is a marathon, not a sprint.

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
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    0Reply
  • Karan Singh
    OP
    Member since 2022 · 6 posts · 1 vote
    1y
    Quote from @Jonathan Greene:

    Your attitude is great. You know your goal isn't to leave the 9-to-5, you have a great job with good scale and security. All younger people should be considering trades right now as that industry will be paying more and more over time. You also know you can't buy tomorrow. You are way ahead of your peers who think they can scale and quit at 20 so great job.

    Go to real estate investing meetups, as many as you can, and meet other investors and ask good questions. You have a mechanical skillset you are perfecting so you will always have your trade to barter for access.

    All correct statements, I won’t leave my job even if I surpass my income from investments. My goal is to own a 100 man+ electrical company as my main business, which I will make sure to do.

     
    Thank you for the advice.

    0Reply
  • Karan Singh
    OP
    Member since 2022 · 6 posts · 1 vote
    1y
    Quote from @Jeff S.:

    That is awesome @Karan Singh for sure stay with your loving family. In my REI the majority of the millionaires were in some kind of construction or brokerage. They saw ahead that these jobs take a toll on you so bought RE and now live off RE in one form or another.


     Yep, I already knew that I won’t retire by my job ages before I started working, this job is just the pathway for me to open my own business.

    0Reply
  • Nicolas Martin
    Member since 2024 · 52 posts · 25 votes
    1y
    Quote from @Karan Singh:

    Hello everyone,

    I’m a 18 year old electrical apprentice and I’m looking to do a full dive into real estate investing.

    I am in the union and earning base wage, parking, vacation pay, pension and full benefits are covered.

    I am saving about 400/w in a high interest savings account right now which is 60% of my pay, I am going to get guaranteed $5/h raises every year for the next 5 years. I will be increasing my savings amount to reflect as well. I will be making $55-$60/h by the time I’m certified at 21/22.

    I am also looking into side hustles to increase my income such as flipping cars, reselling etc.

    As of right now I have around 8k saved, and 5k invested in stocks.

    Obviously I cannot buy a property with just a few grand right now, but basically I just want to ask for any advice or tips you would give to me or your younger self when you started.

    I usually listen to audio books on personal finance and business while working instead of music to further my knowledge.

    Any sort of advice is welcome, books, podcasts, methods to learn about. I want to make the most of this time while I’m saving to keep learning and maximize my returns when I’m able to enter the market.


     Focus on saving, building credit, and continuing to learn through audiobooks like The Real Estate Rookie Podcast and Rich Dad Poor Dad. Once you're ready, house hacking with an FHA loan could be a great strategy. Wholesaling real estate is another way to gain experience without much capital. Keep growing your side hustles like flipping cars and reselling to increase your savings. Start researching real estate markets with strong rental demand. As you get closer to investing, network through meetups and online communities to learn from others.

    0Reply
  • Julia Lyrberg
    Lender · TX · Member since 2024 · 308 posts · 196 votes
    1y

    Hi Karan! You’re on the right track with saving and learning. Focus on building your credit score and networking with local investors early. Use this time to keep building your savings and knowledge. When you’re ready, consider house hacking or buying a small rental property as your first investment. Keep up the good work!

    0Reply
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