I'm a 19 year old leaving in Central Pennsylvania. I would like to get started in real estate within the next year. I have a pretty descent job making roughly $40,000/yr. I save/invest roughly 70% of my income because I still live my parents so I am fortunate enough to not have to worry about living expenses like paying rent and food. I would like to get into real estate investing as soon as possible, so my question is should I move out so I can qualify for a home occupied loan and get in sooner with a low down payment? (this option can happen sooner and will have me learn managing hands on while living in the property but will require me to start paying for stuff like food, internet, small household items, etc..) Or should I save up for a conventional loan where I can do a more traditional buy and hold while still living with my parents? (which would take longer)
One more question I have is do you think I should tell my future tenants I own the property? (considering the age I will be)
@Anthony Bobbitt many younger folks have it made and don’t know it. Moving out is a lot easier than moving back. Usually the door only swings out. Time is short or you would not even be asking this question.
@Anthony Bobbitt How long will it take you to save for a down payment and qualify for a loan? Once you have the money sorted, I would recommend buying a duplex or a place where you can live in it (allows you to use a smaller down payment) and rent out part of it. While saving, take time to do your research and decide what works best for you.
As for your age, it depends on how you act. If you come across as mature and professional, your actual age should not matter.