20 years old and don’t know where to start please help!!!

12 Replies

 Hey everyone I’m a young investor looking to get started in real estate as soon as possible I was reading about the FH a loans and I was trying to see if that’s my most viable option right now but if any investors out there could offer words of advice I would greatly appreciate it thank you !  I’m currently most familiar with the Greensboro area and the Chapel Hill area so these are markets I would target first .

It’s an exciting time at your start, but can be very overwhelming. When I started (4 or 5 years ago and now I have one property and am a full time Real Estate Broker) I started by having conversations with people in the industry. I went for the lowest hanging fruit to gather as much information as possible. Do you know of any investors in your area? If not, contractors, mortgage brokers, anyone who has access to investors?

I would try and meet with as many of those people as you can and make sure that your enthusiasm shines through. Say something to the extent...”I am eager learn about real estate investing and know that you are a well respected person in this space. Would you mind a quick phone call where I can ask you a couple questions? I can work around your schedule...”

You should be able to ask things like, how did you get started? If you started now where would you start? Hopefully they will give you good advice or need some help. I have found people in this space like to pay it forward.

Success leaves clues. Good luck and hopefully this was helpful! Let me know if you have any other questions.

Hey Monte, I think the FHA loan would be a great place to start. Buy a property now that would make a good rental, house hack it, build some equity, then move on from there. Also learn how to live below your means and work on building your credit. Hit me up if you have any questions. I would be glad to help.

Hi Monte, returns are certainly better in Greensboro than Chapel Hill (meaning per square foot prices are lower in Greensboro) so if you are trying to get in the door, would suggest trying Greensboro. Plus there is more inventory in Greensboro. There's a Triad REIA group you might get to know, go to meetings, network, etc.

Originally posted by @Greg Fitch :

Hi Monte, returns are certainly better in Greensboro than Chapel Hill (meaning per square foot prices are lower in Greensboro) so if you are trying to get in the door, would suggest trying Greensboro. Plus there is more inventory in Greensboro. There's a Triad REIA group you might get to know, go to meetings, network, etc.

 Thank you Mr. Fitch how can I start?

Reserves are money set aside for when bad things happen to your property, like a tenant trashing it, the furnace goes out. Ac break, water leak, etc etc

I would recommend reading a lot more before you buy anything.

Real estate takes time, money and effort. Usually more money then people think.

Originally posted by @Mike Parelli :

It’s an exciting time at your start, but can be very overwhelming. When I started (4 or 5 years ago and now I have one property and am a full time Real Estate Broker) I started by having conversations with people in the industry. I went for the lowest hanging fruit to gather as much information as possible. Do you know of any investors in your area? If not, contractors, mortgage brokers, anyone who has access to investors?

I would try and meet with as many of those people as you can and make sure that your enthusiasm shines through. Say something to the extent...”I am eager learn about real estate investing and know that you are a well respected person in this space. Would you mind a quick phone call where I can ask you a couple questions? I can work around your schedule...”

You should be able to ask things like, how did you get started? If you started now where would you start? Hopefully they will give you good advice or need some help. I have found people in this space like to pay it forward.

Success leaves clues. Good luck and hopefully this was helpful! Let me know if you have any other questions.

 I would have never thought of this but I don’t know how I could get in position to meet someone who’s successful in this realm near me.

Originally posted by @Caleb Heimsoth :

Reserves are money set aside for when bad things happen to your property, like a tenant trashing it, the furnace goes out. Ac break, water leak, etc etc

I would recommend reading a lot more before you buy anything.

Real estate takes time, money and effort. Usually more money then people think.

 Gotcha ! At this point I’m looking for funding options because I am still in college and money is scarce

@Monte Rice then stay in school. Finish your degree and minimize student debt. That’ll be the best way to go. Educate yourself while you finish school and go buy some stuff when you’re done

I was in your shoes 10 years ago. I got a ton of used books on Amazon (pre-kindle days) and read them all. When I graduated, I saved money aggressively and was able to buy a property 6 months after graduation. I house hacked it for 2 years, then moved out and hired a property manager who still manages it today. It cash flows well and is a great asset, although that was 2010 so deals were abundant back then! 

I second everyone's advice to stay in school, minimize debt, and learn as much as possible right now. Then get a good job and be ready to buy when you find a deal. Good luck!