Rental Property Investor · Chicago, IL · Member since 2019 · 6 posts · 3 votes
I was wondering what you guys think is the best way to get started on the real estate investing path. I would like to purchase my first project sooner rather than later, but I don't know what is the right call for my situation.
I currently live in a condo with my brother (who I am looking to go into real estate with) that is less than a year old, in a building with 20 units or so, in Coralville, Iowa. We both have careers and are putting as much money away as we can in our IRA, 401k, etc, while paying the mortgage and our student loan debt. We have some capital, but not a lot.
New to Real Estate · Frisco, TX · Member since 2018 · 36 posts · 12 votes
7y
I’m kind of in situation. About a year ago I stopped putting all my money into 401Ks and Just put into savings (could have put into something to earn little interest but goal was to have safe way to build that capital), and spent that time reading and listen to podcast as much as I can. Now at point where seriously looking for deal.
My current plan is to find low cost flip or small SFR rental to basically get that real world experience of process and show I can do it. Even if it costs me my investment. I almost view it as paying to go to real estate college. Then if it doesn't work out build capital and try again. If it does do couple more times until I can show real investors not just family/friends that ive done it and your not investing your money into a novice.
Granted advice here is just my plan on paper so take that for what’s it worth. My regret so far is I didn’t just call agents and get offers on properties and kind of jump in head first to begin with vs trying to plan everything out.
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y
Hi Riley,
I think first you need to get your RE education on investing. Don't know what a good deal is or a bad one if you don't know what to look for.
Now to the type of property. Ideally, a 2-4 unit which you and your brother can buy owner occupy. You can live in one and rent out the others. Multi units are more difficult to find these days bc everyone and their mamas want one. If you can't find one, find a house. You guys move in and rent out the other bedrooms to help with your mortgage. This will get you in the door of owning a property and start your journey. Good luck.