My name is Ruben and i’m new to the real estate business. I’m 17 years old and i’m looking for beginners tips. Right now im saving money and plan of setting a down payment onto a property to rent. Any tips?
You are on the right path. Learn about yourself. Have you looked at what you can afford? You can get the deal but you have to figure out how to make it work. See what is out there and analyze the numbers. Do you have friends that invest in Real Estate? Have people that invest around you. Attend meet-ups and listen to what others say. Are you fixed on LA or have you looked for other areas that can get your first deal going? Get to know a broker and help them with their deals so that you can learn more.
I learn more from trying it. Even if I get obstacles, then take the attitude that you will figure out how to make it work. Don't let problems get to you. In my experience, adversity is a blessing. Bad events, help me get ahead. For example, I was homeless and my boyfriend was scared of "buying high". He was afraid to buy a home because "i might pay too much". From my point of view, I was willing to pay anything to have a home no matter the price. Being without a home put things in a different perspective.
My first home was undesirable. I read through the engineers report and was not afraid to correct what he reported. Everyone else said this is a bad home. This bad news is what helped me get the home. But my attitude was not to run away but to solve the problem. That kind of attitude will help you make deals happen.
As you save money, keep reminding yourself of why you're doing this. Though honestly with BiggerPockets, it's quite easy since they make it seem so fun!
Right now what I'm doing as I save for a down payment is making sure my credit stays healthy (get a credit card early, DON'T buy unnecessary things, pay off everything monthly) and getting a work history so you can qualify for an FHA and conventional loan (2 years). Meanwhile, I'm networking, talking to people, building relationships, and having fun!
@Peter Pham Thank you so much!
@Rosa Esquivel Here in Los Angeles i find a lot of the properties so be a bit expensive, i have a friend who has a lot of experience in real estate investing and is kinda what i want to do it now. I’m hoping he can guide me through this. Thank you so much for replying.