Hello guys I'm 20 years old and want to build up wealth investing in real estate. From what I've read about the process it really intrigues me. I currently have $300 dollars in savings but with my new job I'll be putting about $800 a month in savings. I plan to start school next semester in August, and in March I will be going on a three month mission trip. So I have some pretty big things coming up in my life. But this doesn't effect my drive to want to start my investing career now. I'm a very drivin, and business savvy individual and beyond my years in knowledge about finances and investing. So here are my questions.
How much money do I need to start an investment? And with the mission trip and school coming up would it be smart to start now? Or should I practice patience?
Also how will I know I'm ready and knowledgeable enough to make my first deal?
Lastly how do you find the estate you want to invest in?
Any wisdom from an experienced investor would be greatly appreciated
@Drake Bigley You do have some big things coming up. Concentrate on those, and then once you're past that, begin on real estate. The mission trip will probably give you a whole new perspective on things.
Also, start getting to know your local market. There are all different types of properties, from mobile homes, condos, small houses, etc. that are good for entry level investors.
Here are links to some of the MeetUps -
@Chad Clanton hosts one coming up next Tuesday. Here is the link: San Antonio Real Estate Investors' Discussion Group - July 7
San Antonio Real Estate Investment Association
Alamo Real Estate Investors Association
Real Estate Investment Association - San Antonio
SA Cash Buyers - Thirsty Thursdays
@Drake Bigley, welcome to BP! I can't speak to the whole being an "experienced investor" bit, but I'll throw out my .02. First, definitely start learning (BP Podcasts, Blogs, etc as Karen mentioned). Second, don't jump in feet first, then do your mission trip, then come back excepting to pick right back up. Instead, I'd say set some learning goals from now until the time your trip is over. Third, and I'm very admittedly biased, I agree with Cameron.
I did the Army, did college when I got out while working full-time (got lucky on the GI Bill side there), got 3 classes away from my Associates and concurrently 2/3 finished with my Bachelors, decided what I was studying was a waste around the same time I discovered REI (not because of that discovery, mind you), and dropped it. My wife racked up nearly doctor-level debt going to pharmacy school, worked as a pharmacist for a few years, and we decided it wasn't worth the 120-130 hour combined work week every single week just so we could pay the equivalent of my entire pretty decent salary in taxes. So, we took a different road, and now we're doing REI and related business full time. I'm pretty sure most here would think we're crazy, but as the saying around here goes, "life wasn't meant to be lived in a cubicle". It just wasn't worth it, so we took a calculated risk. There's a reason my company logo is a parachute; so far it's always opened. Learn how it works, keep the faith, and jump.
Whatever you want, make it happen. Feel free to look me up if I can help with anything; also, we're having a little get together next week, check it out over in the Events and Happenings forum. San Antonio Real Estate Investors' Discussion Group. Either way, good luck and never be afraid to reach out.
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members which is my favorite part of the website.
@Drake Bigley I can relate to you in some ways. I am a couple years out of college and just began my REI adventure. I have spent the last couple months listening, learning, and connecting with RE professionals.
The best advice I can give is to sit down and write out a plan for your future. What is it that you want to do 5, 10, 30 years from now, and how do you intend to get there?
If you take out a loan to go to school, you will have to pay that money back with interest. Will that piece of paper put you in a position to live the lifestyle that matches your long term goals?
To answer your other question, you can start with little money, but just realize it will take you longer to get to wherever it is you want to go.