Hello everyone I've always been interested in real estate investment I currently work in the oil field industry I want a change and don't want to end up working under the sun for the next five years so my question is how do I start I currently have around 10 grand saved no bills except apartment I read bigger pockets book on little or no money down should I enter the real estate business by doing lease option or purchase multi family with an fha loan ?
Hey David! I too got my start from the energy industry as a code pipe welder. I bought my first house at 20 and did a live-in flip in a college town. I used a FHA loan and made a great profit. I'm assuming you are handy and can do a lot of the work yourself. But of course, what worked for me might not work for you. Biggest piece of advice I can give is take action. Don't be reckless, but, JUST TAKE ACTION! Do something everyday to further your progress. Good luck, and we are here for you!
With your full time job, I would buy a turn-key or nearly turn-key multifamily with an FHA. That will get you starting and thinking and testing it out all at once in a relatively safe way.
thanks allot I hope to get great advice I'm glad I joined this forum I will start planing out so I can head in the right direction asap
Make sure to keep in mind that you can only use an FHA loan IF you plan on living in the home. You will have to sign documents stating you will live in the home and if you dont you can get in real trouble.
I agree with @Jeffrey Vandagriff . The biggest thing that holds potential real estate investors back from success is not trying due to fear of failure. Do your homework, but don't analyze yourself into paralysis. Find a deal that works well for you and go for it. That's when the actual real estate investor education kicks in. Books, podcasts, and forums are great, but are not and will never be a proper substitute for practical experience.
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