How to start at 20 years old?

Question

Hey guys I’m new to the forum but a long time learner In the finance and investing space. I’m 20 years old and within the next month or so my savings will reach the 60-70k range as I have some jobs closing. I’m a licensed Contractor, quartz and granite sales rep and custom cabinet maker. I’m looking to get into real estate as the money I can make in my custom trade is capped by the nature of the company. I’m thinking the wholesaling and flipping route while still maintaining my income. I have no idea where to start as everyone close to me isn’t in a good position to give advice. Anything helps and thank you in advance.

I’m in the outer Portland market if that helps.

Daniel Haberkost · Answer

@Cole Smith the fact that you’ve saved that much money already is a great start! You have far more freedom to pivot and start a new business when you have cash in the bank.

I generally recommend house hacking as the way for someone who is new to get their foot in the door but it sounds like you want to use real estate as a way to generate substantial income first and foremost, with investing being secondary?

Flipping and wholesaling are definitely two ways to do that but both require a system for acquiring discounted properties.

There are a lot of ways to use real estate to make a high income, I would start with the question of what are you good at?