Miami, FL · Member since 2017 · 27 posts · 4 votes
I have $5000 at the moment and would like to begin investing in real estate after I learn everything that I need to know. Is there any way that I can start without taking out loans and avoiding debt? Also, anybody from Miami and familiar with the South Florida real estate market?
@Evan Cruz, there are several ways of investing. Are you talking about bank loans or all loans? You could look at owner financing. Maybe partner with someone to make your money go farther. Wholesaling is also an option that doesn't require a lot of money. Start listening to the podcasts and webinars that are offered by biggerpockets.
@Evan Cruz, there are several ways of investing. Are you talking about bank loans or all loans? You could look at owner financing. Maybe partner with someone to make your money go farther. Wholesaling is also an option that doesn't require a lot of money. Start listening to the podcasts and webinars that are offered by biggerpockets.
Hey Evan, I started at 19 myself. I was fortunate enough to grow up around some developers and investors and saw first hand what real estate did for them and their families. It put me in a good position to gain knowledge and ask plenty of questions even from the age of 14. Put yourself around knowledgeable people and maybe even go to work for one of them while you're learning. I spent a lot of time looking at mls listings and magazines to familiarize myself with the market. If you're not looking to borrow a lot of money then maybe start out with mobile homes or like @Clayton Plank said, owner finance deals. Best of luck.
@Michael Hicks I totally agree. @Evan Cruz you could also look at working at a property management company or becoming an assistant for someone that is rock and rolling in the real estate world. This would allow you to learn while making the money and get good hands on experience without having to pay with your own money.
@Evan Cruz Welcome to the site! This is an awesome place to connect with some awesome people and learn a ton of great information. I would look into getting your real estate license. Easiest way to get in to real estate and generate some capitol and some great connections.
My advice for any 19 year old interested in real estate:
1) Focus on learning. Doesn't sound interesting if you're ready for action, I know, but the key is to work smart, not hard. And you can't do that until you know the game inside and out.
2) To that end, I recommend getting a job (even as a grunt) with a local investor. Preferably someone that is successful and does what you would like to eventually do. There is no better way to learn then watching someone else do it, and going through the motions from A to Z.
3) Continue to save. What you have may seem like a lot to you, but it is peanuts when it comes to investment capital.
4) Build up your credit. There are several ways to do this, so research it a bit, but sooner or later as in investor you will need strong credit to borrow. Get an early start by establishing pristine credit from a young age.