A little about myself, I'm new to this website and new to learning about investing in real estate. I am 23 years old and I'm ready to start investing into real estate. I started reading books and learning about 5 months ago, the reason being was because I work in the oil and gas industry and as some of you may know it's not doing so well and I went from making good money to now living basically pay check to pay check saving a few hundred dollars every month. I am considering either getting a roommate or selling my home to help by saving more money. I am confused on how I should start out into this business. Currently I am having trouble getting the money for a down payment on an investment property. I am also unsure on where to start out at as in buying property and renting out or fix and flips.
Listen to the BP podcasts they are excellent!
Maybe consider house hacking. There are several things you can do but essentially you need either deals, or money so if you don't have money find deals through in-expensive means like networking, door knocking, cold calling, place free online ads, driving for dollars, targeted mail etc.
Find ways to add value to others, get creative. You will have to get un-comfortable and take smart risks, be persistent and focused. Don’t get caught up in the hype, watch out for GURUS! Investing is not easy.
Just some quick thoughts of what I wish I did/knew 4 years ago.
Welcome to Bigger Pockets community. Be sure to check out “Learn” for all kinds of useful resources and free how to guides.
You started in the right place for an education. Check out the various forums and investing tactics and then decide which one fits your situation best. You state you already own a home. There are those that would argue, but I would say you already started investing. If you have enough equity, maybe you could take out a HELOC to use as a downpayment on another property. There are plenty of other options including buying FHA, conventional loans, private money, and more. There are lots of great people that are part of the BP community. Ask questions and you will get lots of help! Glad to see you have an interest at your age!
Thank you guys for the responses. I spoke with a few banks and they would only do a 20% down payment on investment property which I'm having trouble getting the cash for due to my liabilities. I've heard of hard money loans but I'm not to sure how that works. I'm considering getting a roommate to help save money or even selling my home and moving with my parents again which wouldn't be to fun but it would help me save more for investing. I'm ready to get this rolling but I just want to take the right steps. Thanks guys. Also from y'all experience would fix and flip be the way to go first or buy and rent out? I'm interested in both. It's tough starting this out when I know no one that does this.
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