Net worth prior to first real estate investment?

Net worth prior to first real estate investment?

Member since 2020 · 2 posts · 0 votes

Hello,

I currently do not own any real estate investments and only a small amount of my portfolio is tied up in a REIT. I am trying to learn more about real estate and have just started the process. Eventually I would like to invest in real estate probably starting with single family homes. However, my wife and I are both in the medical field and have quit a bit of debt due to school loans and mortgage therefore our net worth is currently in the toilet (although loans/mortgage at low rates). I know that typically the earlier you get started the better but my fear is that if I make a poor first investment it will set us back even further. I would be curious if you are open to share what your net worth or financial situation was when you got started? Also, I would be interested if you have any advice on what you learned prior to or during your first investment purchase that you might not have expected with your research beforehand? I appreciate any feedback. My current plan is to wait closer to a year to save and get rid of some of our debt and reevaluate.

Thanks!

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  • Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Sean S.

    Here on BP, you will hear people say to invest and pay off your debt later but that is an advanced strategy for an experienced investor. I would suggest to pay off your student loans before investing. That will also free up a lot of additional money every month for investing. 

  • Member since 2020 · 2 posts · 0 votes
    5y

    Thanks for the advice.  I will plan on getting my debt paid off prior to further investing.

  • Rental Property Investor · Atlanta, GA · Member since 2019 · 90 posts · 73 votes
    5y

    @Sean Sliman

    Evening sir,

    I got started buy selling my car and liquidating an old investment acct with only $20k in it. My net worth was in the negative with debt on 2 vehicles, a house and some small credit card debt. This was mid 2019.

    Now I have 3 properties and 5 units. Net worth over $200k at the beginning of 2021.

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