New, Young Investor, Advice? (23)

4 Replies

Reader,

I'm Austin, 23 years old based in the Wichita, Kansas area. I am a college graduate with degrees in Economics/Finance and Management. I'm currently pursuing my real estate license, and should have it within the next 3 weeks. Not pursuing my license out of want to be a realtor, but to be taken serious when talking to other investors, realtors, and brokers.

I have a strong desire to enter into multi-family investments, and am currently looking at finding the best strategy at entering the real estate investing world with limited capital and being fresh out of college. I would love to find a mentor to learn the business, and learn the best strategies to begin the process in this business. I have a strong entrepreneurial spirit, with desire to learn and grow daily.

Any advice or direction would be incredibly valuable to me regarding possible entry strategies from people who have been there, done that. I would love to connect with anyone willing to help a driven and personable young investor.

Thank you so much for any thoughts. I look forward to connecting!

-Austin

Hi Austin,

Make as much money as you can as quickly as you can and spend as little of it as possible.

Save up your cash, begin building a string credit score, and don't overload your debt to income ratio.

Read Rich Dad--Poor Dad (if you haven't already done so)

Good Luck!

Hey Austin,

Welcome to BP! I agree with a lot of what @Scott Mac mentioned. Also, I would recommend meeting as many people in the real estate community as possible. There are several really great meetups in town. In fact, there is one tonight at the Wichita Boathouse downtown that will be from 530 to about 730pm. If you can make it, you should come!

@Austin Shanks Well, like you and @Jacob Henderson and @Jared Viernes I too got my real estate license in the early going toward a passion of real estate investing. I would suggest getting a W2 too, it sounds like you have a few pieces of paper that say you’re smart. That’s good, it’s a nice safety net you can always fall back on. 

I put an MBA on the wall a couple years ago, and it has honestly helped me; it helped give me the confidence I needed to start a business/businesses. 

Are you thinking multifamily because you think it is faster to scale, become financial free yada yada? I personally prefer single family homes here in Wichita. I have a duplex, it’s a bit harder to rent than the houses. If I were to buy multifamily in Kansas, I’d probably buy in a more transient or liberal area, like Lawrence, KS. Just me.

No one wants to hear this but buy and hold is crawling to financial freedom. It takes longer than you like. Most people buy one and get content, or maybe two. Keep grinding. You‘re in one of the most affordable real estate markets in the country, don‘t put this up on a big pedestal, it doesn‘t belong there. Don't overleverage. Good luck.