Any advice for 25 year old starting out?

Question

Hope all is well, safe and healthy for all my bigger pockets family!

I'm 25 years old and looking into buying my first rental property to house hack with my partner. We've just been saving and penny pinching while also watching the market and trying to build a team. We haven't been so lucky finding a real estate agent who understands real estate investing.

Any advice the bigger pockets family would like to share? All advice is definitely appreciated.

Tyler Mutch · Answer

Hi Devyn,

I am 22 but started at 18, and have realized its not a sprint! Take your time, real estate is a powerful tool! I'm in a house hack and it has been amazing for the time I've been in this house. Congratulations on taking the dive into real estate. Just do, action>inaction. I lost 30k on one of my first deals, but I learned a ton!

Tyler Mutch · Answer

Great! If you're not able to find a deal that meets your criteria, or there isn't a ton of them available. There is always another market, you can study somewhere else if you really wanted to get in. Totally get that, supply is down here as well.

Devyn Caraballo · Answer

@tylermutch I'm in the north jersey area so pretty close to Manhattan, New York so there's a lot of potential for some serious cash flow with buy and hold. But as of lately, the market is pretty slow due to the pandemic. No one wants to sell right now. At least not in my price range.

I'm definitely interested in buy and hold and going for more monthly cash flow. Eventually I'll look into scaling bigger but for now I just want out of this rat race.

Tyler Mutch · Answer

@Devyn Caraballo Absolutely, also you'll wanna make sure you're clear on what you're investing for. I'm in the midwest and can get some serious cashflow on properties. I'm not sure what your market looks like, but is there a decent area that you can get some cashflow out of?

It's going to depend on your personal decision though, are you going more for the monthly cashflow to escape the rat race, or are you wanting to build a larger, more valuable portfolio buying into areas that are more likely to appreciate, or doing some value add? Yes, there is an in-between of both equity and cashflow, just have to find the right deals!

Any advice for 25 year old starting out?

Most Popular Reply