Real Estate Investor · Bensalem, PA · Member since 2014 · 23 posts · 3 votes
How's it going everyone,
So my names Mike and I'm 20 years old. I want to start investing in real estate and am new to the site as you guys can tell. I have already chosen a career and am employed at an oil refinery in Philadelphia. My job has allowed me to save up a good bit of money to start out investing. It also allows me the time to put in the foot work due to working rotating 12 hours shifts.
My main goal is to own 7-10 rental properties by age 30. The only issue is I don't know where to start, what to look for, red flags in a deal etc. I have done a lot of research on my own and haven't found anything in great detail. So would really appreciate any suggestions or guidance from the professionals. Any good threads, blogs or websites I could read to learn more would be appreciated too.
Also, you should listen to the podcasts, they cover a lot of things and will for sure overwhelm you with options on what to do.
Once you find yourself suffering from Analysis Paralysis, you should start to make things happen. But don't try to just jump in before having a good grasp of what it entails.
Also, you should listen to the podcasts, they cover a lot of things and will for sure overwhelm you with options on what to do.
Once you find yourself suffering from Analysis Paralysis, you should start to make things happen. But don't try to just jump in before having a good grasp of what it entails.
Welcome to Bigger pockets! Rafael has said everything I recommend. Another thing I would add are the blogs, which you can add to a RSS feed and learn lots everyday.
I am going to start reading the Ultimate Beginner's Guide.
Would I be able to go to the meetup? Even though I don't have experience? It would be a great opportunity for me to talk in person with experienced professionals!
@Mike L. your goal is similar to mine, I just posted my numbers for my first deal! check it out. Honestly I just jumped right in and did everything for my first time and learned as I went. It was a phenomenal process and I learned a TON. I did all this with the help of BP and the community here. Its quite amazing actually.
@Mike L. Welcome! Lots of good advice here, one thing I found from my short experience is that an experienced mentor is invaluable. I found one here on BP (a local realtor who also actively flips), but meetup groups, re clubs, etc. are also good places. & be sure they know you already have put some cash aside, that you're not just another broke noob. (Before anyone gets offended, I'm barely out of that stage myself).
What do you mean uncover your "why" when times get hard?
I know why I want to make the jump into real estate. I want to be financially stable to have a great retirement, I want to make money to do all the things I wasn't able to have or do growing up and to prove to myself I can do it.
What I would suggest to you is to do some sort of "hands on" experience in real estate. This could be with a Real Estate Agency, Property Management Company, Rental Agency, etc. This way you can get some real life experience. In a sense I am suggesting you do an internship so you can see what the business is really like. For example, if I told you I wanted to get involved in the oil refinery business, would you tell me to research it online to learn or come in and work there for a couple months? Real estate is the same way. Since you are new, unfortunately, there will be a great deal of people out there that recognize it and may try to exploit that. If you try to get into the business without having any footing you may be in for a rude awakening. Not trying to be harsh, but rather practical so I can save you some headaches down the line. Feel free to reach out to me if you would like further advice. Good Luck, Mike.
@Gregory Rice thanks for the advice I appreciate it. I have been looking into and trying to find a real estate agent to shadow and see the ins and outs of the business.
I have some experience in property management from my previous job as a contractor. I know of the headaches of that. Getting phone calls in the middle of the night to fix heaters or calls about basements full of water because the house was vacant and the copper piping was stolen. But I still do have a lot more to learn.
Welcome to BP @Mike L. I'm just as much of a beginner as you if not more. I also sometimes feel that I cant get all the info and knowledge from blogs or the net (But I do get the bulk of my education from BP) but I feel a lot has to be learned in field. Just jump in. That's what I'm about to initiate in the next week, my first step. Anyway I'm located in center city Philly, moved here from Florida 8 months ago, so if you're ever looking for a partner or someone to study with instead of online users feel free to message me. Good luck!
Good idea to get started in early 20's. If you don't already realize it now, you'll be thanking yourself later. Best to put a plan in place now and then you're on your way!
@Account Closed thanks for the offer man! Will definitely take you up on offer sometime! What part of Florida did you live in? I lived in Jensen beach for sometime.
@Brandon Eleazer I do realize what could come of me starting in my early 20s. I want to retire early and enjoy it!
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
@Mike L. Hey Mike, I have very similar goals to you and am just getting my feet wet at 25 so your wayyy ahead of the game.
One thing you might want to check out is a company like Memphis Invest. They do light rehabs of properties, basically just getting them rent ready, then they sell the homes to investors. They also work with a property management company to get it rented. It is by no means the best option (I'm sure you can find better deals if you put in the time/ effort) but it is a relatively easy way to start getting into it.
I bought my first property with them back in November. They had the property rented with a 2 year lease before we even closed and have been collecting rent checks every month since, which I funnel towards the principal on the mortgage.
@John Steele thanks for the tip john! I will check their company out but I definitely want to do it on my own. The challenge of finding the deals and making them happen is one of the things that I am excited to do.