Originally posted by @Travis Welsh :
I’m 20 with no experience in real estate or REI, I’m looking for someone I can help out. I have a background in carpentry and I’m also very good with people. I could clean/redo units in return for mentor ship. Also if you tell me what you’re looking for deal wise I could look for properties and deals in my free time. I’m saving cash as well as cutting expenses to save for a downpayment for a house to live in and turn into a rental preferably multi family.
You can also network with investors at local meetup events
@Travis Welsh we aren’t super close to one another, but let’s connect on the phone some time in the next few weeks. Would love to network a little with you.
@Rick Santasiere I would love to connect with you, is email the best way to contact you so we can set something up?
Email is best. Look forward to connecting
@Travis Welsh Here's my advice for getting started
-Start off by listening to all the podcasts BiggerPockets has out there. There are 100s of hours of amazing knowledge that will teach you SO much (and you dont have to work for free to hear it all!)
-Attend all the REIA meetings in the area (I shoot for anything less than an hour from me) most a free or a few bucks. Don't hesitate to toss $10 a meeting at first as they'll usually have a speaker and you'll quickly learn which ones are worth going to an which ones aren't. Get out there and get out of the comfort zone speaking to people.
-Decide what you want to do within real estate. Wholesale, flip, long term holds and dive as deep is you can into that.
-Pull the trigger on the first deal... wholesaling? spend $500 and a day writing and stuff envelopes from a list you bought or have, looking to flip? go get a 203K loan and put down 3.5%, buy and hold? find yourself a triplex that cash flows and pull the trigger with an FHA loan. The confidence and experience you get from your first deal is huge.
@Mike Abramowitz thank you a lot man I appreciate it! I spend a lot of time listening to their podcast heard over 30 of them so far! I’m still unsure of exactly what I wanna do but I think I wanna save up and get a multi family and house hack with a 203k loan and hold it
I'd suggest that if you're looking to house hack you find something that doesn't need a whole lot of repairs and is basically turn key. You'll be able to put down next to nothing on the property and start collecting rents right away. This will allow you to learn the landlording side of things and you wont need to worry about estimates on reno cost or holding costs.
Definitely suggest Multi- especially for CT... rentals on singles in CT are really tough to make the numbers work pretty often due to the high taxes but you can find some killer deals in CT on the MLS for multis as investors often aren't a fan of CT due to the high taxes compared to neighboring states.
@Mike Abramowitz thank you again I appreciate the insight and I’ll keep that in mind as I look for deals and save!
@Travis Welsh I bought my first 4 family at 23, and you can too, if not sooner! It's all about being active, learning the process, and being ready so that when the right deal comes along, you will be ready!
If you're interested in my story, you can read it here:
Today - at age 24 - I "retired". Here's how I did it.
Feel free to call / email / inbox if you have any questions or would just like to spitball some good ole real estate!
@Filipe Pereira Thank you, I appreciate you reaching out ill definitely keep you in mind throughout my journey as well as read your article!
Travis, just the fact that you’re thinking this way at 20 shows you’re going to do well. You can’t be afraid to take risks and learn as you go. Read, listen and take advice. I did the same thing and purchased my first multi family at 23. If you ever want to talk feel free to reach out. I’m relatively local to you. While I reside in Naugatuck I work in Southbury.
@Travis Welsh I respect your hustle. You're on the right track. I agree with @Mike Abramowitz , Start looking for properties to house hack. Preferably a 3-4 unit. There's plenty of them in New Haven County. In my opinion, it's the best way to gain experience landlording while simultaneously saving money for more properties.