19 Year old investor searching for financial independence
Hello members of BP,
(Skip to Bold to get straight to questions, The following is my story thus far.)
All my life i've been told two things get a solid job and be content. My name is Austin. I'm 19 years old and I know that I want more from life than what my parents have. Living off the government or living from paycheck to paycheck is not for me.
Once I got out of highschool I knew that the job world was fast approaching, so I decided to pick a career that would earn me a good sum of money. So I began looking into becoming a nurse. I did much research as I normally do, and came to find that not only would i have to accumulate a huge sum of debt over many years of schooling, I would also work many long days spending little time with friends, family, and traveling. Once again this was not for me.
Upon researching I somehow stumbled upon a youtube channel called Fight Mediocrity, This channel showed me the possibility of financial independence. I was so excited. I honestly couldn't even grasp the idea at first. This channel recommended me two books, The Richest man in Babylon, and Rich Dad Poor Dad. I bought both and read them shortly after. Rich dad showed me I didn't need A college education to become wealthy, and Babylon Reinforced my ideas about saving. That's when I became involved in the stock market. following Warren Buffett's model of long term holdings and dividend investing.
At this point I am working two jobs, around 45 hours a week, to generate some capital for myself. I am also enrolled At CCC because I couldn't pass up the wonderful opportunity of the Oregon Promise which is paying me to go to school.
25% of my checks go to the stock market, 25% Goes straight to my savings account, and the other 50% is used for Bills, food, and fun when I can find time. So far I've built my portfolio and savings to about 8,000 combined. And that's where I am now. I've looked into real estate and it seems like A great move, It seems that it could be far more profitable than the stocks if done right. I just Don't know where to start.
Questions
I know that I want to get involved in Rental properties and house hacking seems to be a great way to get into it. But I have no Idea how to go about buying my first multi family home. Between my two jobs I'm making about 1200 a month after tax. This amount is far too low to jump into a deal, plus I only have 8,000 to my name. So I don't know if I should work at getting a better paying job to be able to afford a property, or what. What would you recommend?
My second problem is that I don't really know anyone involved in real estate. And even if I did I wouldn't know who I need to know. I understand that any Real Estate Investor needs a team including, an agent, an attorney, Possibly a repair company, or some sort of property management. But that's pretty much it. I definitely have some holes in my education. And I'm always working to improve that.
Lastly I'm not sure on how to go about financing a home. If a 19 year old with two low paying jobs walks into a bank looking for a lone, He's not going to walk out with one that's for sure. I Know very little about hard money lenders or even how to go about the paperwork.
Let me know your thoughts on any, or all of this. I am looking forward to any replies I may get as this is my first post and I'm truly seeking knowledge. Thank you very much for your time.
Sincerely,
Austin Adee