20 Years old and $20,000 invest now or later

1 Reply

Hello, I'm Logan,

I'm currently 20 years old working as a Mortage Administrative Assistant at a local community bank, I live at home still so my cost of living is about $300 a month. My credit score is 740 and my only debt is my student loans that total about $4,000 that are interest-free until 2024 so I'm in no hurry to pay it off. I'm currently sending $25 a week towards my loans. I have about $20,000 currently saved/invested and by the end of next year I'm projected to have anywhere from $40-45,000. I do live in a high cost of living state (MA) and would like to invest in some cheaper markets such as the Mid-West or South-East since this will be my first deal and I don't want to sink all my capital into one deal. I do know long-distance investing can be more challenging than close to home. I would like to invest in multifamily rents under 100k to start and then possibly move onto apartment buildings.  My question is should I wait till the end of 2022 until I have 40-45,000 or should I invest now, also what markets do you recommend I look at?

Heck yes @Logan Singleton , way to go!  Your costs of living shows that you are controlling expenses in a prudent way and this is a surefire defensive tactic in finance that will open doors!  Add to that the fact that your'e saving well and asking the right questions and I'd say you've got some great things ahead!

In general if you find a deal that is a great deployment of your capital now then jump.  Otherwise keep doing what you do and running numbers.  Your ability to purchase will increase as your savings do, so you'll expect to have more options not fewer.