Hello all, I'm a 22 year old senior in college and I'm looking for some advice and words of wisdom on rental property investment. I do not have any student loans and I live with family. A majority of my salary goes into my savings. I plan on buying an inexpensive new car to build credit. I also plan on entering full time work once I graduate.
I would like to own property before I turn 28. I would greatly appreciate tips and strategies for success.
You're in a great position. My daughter is 15 (going on 18), and I plan on having her retired before she graduates college. In your case, with no student loans, and living at home, the only two things you need are cash (not much), access to cash, credit (which you are in the process of building) or someone to partner with who has good credit. With any of those items, you could be on your way to retirement very soon.
Real estate investing is a great way to pay for all your monthly bills, and any one time or yearly lump sum needs. You need to educate yourself on the different way to fund, enter and exit different types of deals. Most important though, you need to learn how to analyze property "accurately". The most expensive word in the RE Investor's vocabulary is "rationalization". The numbers don't lie, so don't argue with them. If the numbers tell you it's a bad deal, much like a bad hand in poker, you fold in poker, and you fold in REI. Some of the best deals I've made over the years are the ones I never made.
@Chadd Woo - I guess there a so many things which we can answer this question. But if you can be specific and define your goals people can definitely help provide feedback
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