I've been interested in real estate investing ever since hearing Gary Keller speak, and reading his book "The Millionaire Real Estate Investor." Out of college, I worked for a non-profit for roughly 2 years. Since then, I've learned I wanted to invest in apartments.
Following that, I thought it might be good to make some money (which didn't happen at the non-profit), and went into commercial appraisal for roughly 6 months to learn how commercial properties were valued. During this time, I was being considered for an appraisal position at another company valuing apartments - it seemed ideal. Make some money from the job, learn a real estate skill - such seems to be a decent idea.
However, simultaneously, my family found out they were moving out of state for work, and given the timing, I saw an opportunity to cut my rent related expenses to 0, move in with them, and focus entirely on real estate investing.
I'm fortunate in that I have no pressing debt, and minimal expenses. I know many would call me silly for turning down a job learning to value apartments at a great company, but I've learned that while aspects of appraisal are interesting, its not somewhere I see myself thriving in the future.
This is where I would ask any seasoned investors advice. I understand 'some' basics of appraisal, giving me a shallow grasp on real estated related concepts and valuation, and I'm in a place where I won't have any pressing expenses to force me to make a good sized paycheck ASAP. I'm young, I want to build up equity and cash flow through apartment related investments.
What steps do you reccomend I take? And yes, I will pour over the newbie threads and advice related articles. Do you reccomend I go find some way to just pull in money? I will be starting with little cash on hand. How should I get plugged in in the new state to find like minded investors? How did you get started (assuming little cash on hand), how did you leverage debt in the beginning, and whats the biggest piece of advice you would give to someone in my situation wanting to build up?
All contributions are appreciated!
Of I were in ypur place I'd probably find some type of job and save up enough money to buy a 3-4 unit with an FHA or FHA 203 loan. That would then help you save up more capital and gain rental experience.
Am with @Eric James . If you are going to leverage, having a job is a great place to start. It is good that you do not have much debt, so I would encourage you to look at finding a job. A W-2 is often a good thing to have, not a must, but is good to have.
You are in a great place for a house hack as mentioned above. I would add get a fixer and with all your free time learn some construction skills fixing your self.
Well I think your goal (investing in apartments) is a great one but assuming you mean decent sized apartment complexes (20 plus units) this would likely require a fair amount of cash. So I would go the route where you can save the most money, the fastest. I would assume this would be a combination of living with family and getting a decent paying job. Once you do those two things I would network with people who do what you’re trying to do and learn as much as you can
Thank you all for the replies. I will be contemplating what will be the best way to move forward. It seems the consensus is find a way to make some money in a quick manner, save as much as possible, and then jump in. Which is definitely wise.
If anyone else wants to add, please feel free to offer input. All is very helpful!
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