Hello I am 18 years old and live in florida.
I've been really getting into real estate reading books and studying so I can buy my first property with out any doubts in mind. My question I would like answered is. How can I watch and keep track of market up and downs, interest rates, inflation rates, percentages, and all the numbers associated with real estate? I'm still in the early stages and I have alot to learn but I feel as if the numbers parts is a hard part. I am going to have my first property by 20. I just need to find out how to read and keep track of the world of percentages and all sorts of numbers. Anything will help and I will appreciate each and every answer. Also I'm glad to be apart of this community so thank you ahead to everybody.
Market timelines and interest rates are all tracked and posted online daily and something definitely to consider when buying real estate. But first and foremost you should be concerned with which markets are producing cash flowing properties. Ideally you will want to buy an investment property that is immune to market dips. You can figure this all out for yourself by looking through the MLS and sitting down with the bigger pockets calculator analyzing properties in your state.
@Jillian R. Wiedenmayer thank you for the response and thank you for the information. I will deffinitally be on bigger pockets for a majority of my time studying. Again thank you for the info. I'm new so anything and everything helps.
When you're first starting out, you want to first establish what your investment strategy is going to be. Also, its important to know what kind of market you are investing in. Rehabs can cost very different amounts depending on the area and type of investment you are looking to find. For example, if you are looking to use a property as a rental, its better to spare some expense on cosmetic rehabs since they will most likely need to be replaced after the tenant leaves anyway. If you are nervous about numbers, there are plenty of deals out there, especially for flips, where there is enough margin to have some room for error. I would suggest trying to find a property that just needs a cosmetic rehab to start out and let you learn the game and establish your team.
I hope this helps, don't hesitate to reach out with any questions!
New Western Acquisitions
@Alec Granger I do have a couple of questions. I want to do rentals and I want to do house flips. I want to experience everything real estate has to offer. My question is what is my very first step? I have about 11k saved and I know that is not that much but it is something. In better words for buying my very first property what do I look for primarily?