23 years old , not sure where to start . Please help !!!
Hey everyone! I want to begin my investing career but not sure where to start , I make about 20k/year , I currently am renting in nyc for $700 a month , I have 15k cash saved up . And another 5k in my Roth IRA . I️ was wondering if you were me , what would be the best way to put myself in a better position for the future . My ultimate goal is to build up enough cash flow to where I no longer have to work for other people, do you think I️ should try to buy a rental , or should I️ try to get my foot in the door somewhere here in nyc so I️ can eliminate my rent . Any input , any advise is welcome!
Also , moving out of NYC is not an option . I live with my parents and they do not drive, so staying in nyc is the best option for me.
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Here's my advise to everyone that is new to REI.
1. DETERMINE WHAT YOU WANT! (A flipping company, rental portfolio, apartment building etc....)
2. DETERMINE IF YOU CAN START THERE! (you may not be able to start with apartment building)
3. DETERMINE STRATEGY TO GET YOU THERE! (Wholesaling -> Flipping -> Apartment building)
4. FIND SOMEONE WHO IS ALREADY A ROCKSTAR WHERE YOU WANT TO START AND WORK FOR THEM/ BEFRIEND THEM.
5. LEARN THE ROPES FROM YOUR FRIEND TILL YOU REACH THAT LEVEL OF SUCCESS
6. REPEAT 4 and 5 TILL YOU GET WHERE YOU WANT TO BE!