Brand new to investing

6 Replies

I am brand new to the BiggerPockets forum. This is all actually very new to me. I'm only 20 years old and looking to start my investment journey. I've read many books in the last couple months of course including "Rich Dad Poor Dad". I have roughly 100k to begin my investment journey now the only problem is figuring out what exactly to do with it. My credit is good and I am interested in investing in Multifamily properties. Can anyone offer any advice or suggestions?

Hi Dakota!

Welcome to biggerpockets.  I joined this site 3 months ago and have found it to be an invaluable resource.  Have you gone through the free course (under the education tab)?  If not, that's where you should start.  I would also recommend the Millionaire Real Estate Investor as good beginner book.

What is your strategy? Are you looking to buy and hold multi-families as rentals? 

Hello @Ream Kidane !

No I haven't gone through the free course yet. Thank you so much for posting and letting me know about that! I will take a look at the book you recommended I haven't heard of that book yet.

My strategy so far is as you guessed, to buy and hold multi-family properties as rentals. It was the idea that is most appealing to me for passive income. My goal is to own apartment units possibly a complex by the time I am 25 so that gives me 5 years.

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@Dakota Gilliam

Welcome. Take a good look at student housing see below. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

@Dakota Gilliam  welcome to BP! Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche

If you're interested in multi-families then read books on investing on it. Also be specific, are interested in 2-4 units (residential) or 5+ units (commercial)?

Best of luck.

Thank you for all the posts to this everyone. @Paul Timmins Thank you for all the advice on getting started I will have to do more research into the things you mentioned. I appreciate you taking the time to post all of that. @John Kent if you wouldn't mind I'd love to message you and get some more information from about about the investors group. Sounds like a great opportunity to dive in and learn. @Ayodeji Kuponiyi I appreciate the post and the knowledge you left me with. I will definitely take that advice and learn, learn, learn. Thank you everybody!