21 years old, $30,000...where to start

14 Replies

Hello BP community, I am new to the world of real-estate investing but I eager to get started. I will be graduating college this spring and have a stock portfolio of $30,000 that want to use for my first deal. I live in the Westchester NY area which I realize may not be ideal for my first investment especially with only $30,000 but I am interested to see if anyone may have some ideas of how and where to get started in this exciting journey. Ideally I would like to get started in small multi families and could be interested to an FHA loan under the right circumstance. Look forward to hearing from this awesome community!

Thanks in advance for any responses.



You have a fair amount of capital, you should save that up in case you need it for personal expenses throughout your business journey. I would suggest start saving for your down payment and reserves for your property. 

"21 years old, $30,000...where to start" is a little vague. We don't know what your education is looking like so far. If you have no knowledge I would recommend starting there. If you know exactly what you want & why you want it, then I would recommend to start looking at your chosen markets to start analyzing properties until you're comfortable with the amount of capital you have to start.

Good Luck!!

Sorry, your post with the details didn't load when I replied. I'm also starting with small multifamily properties and I live in California. The numbers here don't make sense so I started to look at different markets in different parts of the  country. 

That's where I would recommend to start. Look at fast growing cities, population growth, etc. If you have any questions feel free to let me know!

@Richie Pace I'm from westchester ny as well, I know some investors what do turnkey rentals out of state and it works great for them! If you want to talk some more, feel free to pm me!

I️ went the out of state route, it’s working for me so far but it’s not for everyone

Step 1. Get a job, preferably w2.

Step 2. Establish credit if you haven't already

Step 3. Revisit rei desires

4. Pay off bad debt before REI if possible

Great you finished university! Congrats! If you're planning on going into real estate you may want to look into taking a handyman course at a local community college as well. 

With 30K and time on my side in your situation of wanting to get into "multifamily" I would try to find a nice multi, in a decent area that you would want to live in. Live in one of the suites, rent the others out, as you build up your finances and equity look for another.

@Richie Pace househack if you can. Use an FHA loan and buy a small multi family to live in. It’ll set you up for success later on even if you never go past that into real estate investing.

Small multi-family is a great idea, if you can do it in your market! I'm jealous of the amount of capital you have starting out. If you can get the small multi-family, I'd consider starting out with a conventional mortgage at 5% (when I bought my place, that was the minimum for a conventional non-FHA loan, which gave me a much better interest rate than an FHA - since I had the capital, that was a better option for me).

@Richie Pace

Congratulations on graduating college.  Hopefully your school loans aren't too crazy.

Here are the steps

Determine where your job is going to be.  Also hopefully that job will be in close proximity to multi-unit properties

Get a job where you are an employee that can be construed as something you majored in in college

Find a lender that does FHA. Let them pre-approve you (not pre-qualify; it's way different)

Find a multi family property and live in one while the other units pays for the property or close to it.

Consider a 203K that will let you renovate the property with the lenders money.

Live in it for a year.

You might be able to do it again in another area (at least 50 miles from the first property) next year if you have a job change

Keep saving money

Best of luck


I agree with the multi-family suggestion... You can take that capital for DP and work your way up from that multi onto other properties. There are a plethora of 2 unit properties across Westchester starting in New Rochelle. If you need any help pm me.


@Richie Pace

Congrats on getting started in the wonderful world of real estate. If you are looking to do multifamily in Westchester then you would have to house hack and FHA would be your best option. That 30k can be a 25% DP in places like Pa for a 2 family. So you have to determine what your market will be. Since you're fresh out of college, the ABSOLUTE 1st thing you need to do is get preapproved to see where you are at. As mentioned above you want to work within your field of study or you are going to find it tough to get a mortgage without 2 years of work history. Once you know how much you're approved for then you can come up with a plan of how you will move forward. Let me know if you have any questions.

As some have suggested first step is to find the highest paying job possible and build up a minimum 2 years employment history. Without that you will not be able to borrow the money necessary to begin. In this business, as most, you need credit. You can not do it alone. During the time you are working toward the 2 year mark concentrate on improving your credit score, living frugally to save every penny and developing relationships with other investors.

Choose your friends and associates based on them having money and being interested in real estate investing.

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