I'm 20 years old, now what?

4 Replies

Hello, I'm 20 years old and I'm serious about investing in rental properties, but I just dont have a credit score or enough money to start with. I inherited a house thats paid off so I wont have any bills throughout this time. My question is what are some things I should focus on and what are the first couple of steps I should take in the right direction to start my real estate investing?

from personal experience i would invested in knowledge first. If you read books get 

- The book on rental property investing by Brandon Turner 

If you into audio more start with the biggerpockets podcast & listen. Then you can use the book recommendations from the investors on there and get the auiblie versions.

You already have a paid off property. So you should not be in no rush & learn because that's your meal ticket right there. 

You might want to start with low risk investments that dont require and money but allows you to learn at the same time. So try 1 or more of the following:

1. Birddogging

2. Wholesaling

3. Lease option assignments

4. Subject 2 assignments

Once you have more knowledge, move on to strategies where you retain and manage properties.

Financial/real estate/investing education, live a frugal life style and save every penny, concentrate on getting your credit score in the high 7s.

Education is all available on line, cash and high credit score are necessary for success.

What you must do is make investing your first priority in life and by doing so it will all fall into place. It will be to your advantage to distance yourself from those that do not share your goals and cultivate relationships with other investors.

(don't get married, unless it with a like minded motivated individual, until you reach your goals.)