Realtor · Saginaw, MI · Member since 2017 · 5 posts · 1 vote
Hey guys! I'm new to this site.
I wanted to find out from all the investors on here how you got your start, and if you have any advice for a young investor. And yes, you read that title right, I am 20 years old and looking to start investing in the next year or two. I've decided to get my real estate license to help understand markets better and get a better understanding how the system works. I'm fortunate enough to have a father who has been in real estate for the last 10 years, so I'm not flying into this totally blind. Obviously, being that I am 20, I'm not going to have a ton of money to spend. I do work full time as an EMT and before taxes with no overtime, I take home roughly 30k a year. Luckily, in the area I live in that's not a bad amount.
Anyways, I'm wanting to find out how you all got your start. Rentals vs flipping, advice for new investors, etc.
We just outgrew a small condo in the early 2000s and, rather than sell, we just rented and moved into a larger place. Then it was sort of rinse and repeat.
I did notice that was a popular starting point on a BP poll recently (renting out a place you already owned/lived in).
It makes sense as you have the financing in place, the transaction complete, plus you have screened the area and the property, know all the maintenance and routines, etc.
So your first home may be your first investment property, too, eventually.
Of course, a duplex, triplex or quad might pencil out better than a sf or condo, but I think if you can even do "ok" on the first rental, what you learn can be as valuable as the cash flow.