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Updated about 10 years ago on . Most recent reply
Recent College Grad Seeking Advice from Experienced Investors and Flippers
Hi Guys!
I'm currently researching how to start investing and flipping properties specifically around the Chicago area or possibly the Minneapolis area. A little background info, I just graduated with a degree in Finance in June, I'm 23 years old and I currently work for a Fortune 500 in an entry level position (so I definitely do not have the capital to throw some major buckaroos down).
I was hoping to get some personal advice from anyone who has experience with this and how to get started. A couple of questions I have are :
1. How and when did you start?
2. How did you save up for your first property and the down payment?
3. What resources did you use when you first got started? Was it all through networking?
4. What were some of your major challenges?
5. Who were/are some of your major business partners?
Thanks!
Most Popular Reply
Welcome to Biggerpockets!
We got started at 23 :) My degree was in finance with a minor in accounting. I went on to get a MBA.
I got started as a executive secretary in commercial/apartment real estate and slowly worked my way up with lots of bumps along the way :0
On personal level, we got started in investment as buy and hod with a personal property. There is a really low entrance cost. Prior to buy our first house we rented with another friend/couple. For us this was an amazing situation having roommates, and I really recommend it. Buying a primary property whether it be a single family home or multi-plex. Is a great way to leverage a personal property with a low downpayment. This allows you to get your foot in the door with the great W2 salary, without having to put a lot of money down. We always lived frugal on one income while saving the other. This allow us to start buying pure properties.
I had the amazing opportunity to talk about our strategy and how we got started in podcast 103. Let me know if I can help :)
Getting started young, even if poor (that was us) is still VERY doable :)