So basically i'm a college student and I was thinking about saving up to buy some property with my sister who is also young as well, the problem is I'm not sure where to start , Should i take classes about buying property , should we save our money for a couple years and get a loan for the rest , I'm very confused . But when I talk to people in my family that are successful they all see to say the same thing they invested in property at a young age ! please help
You are making the right decision to get interested early. At your age, you can complete a 30 year loan in your early fifties. It actually allows the possibility of completely paying off investments before you're like to retire or do something else. I envy you.
On the podcasts, they regularly talk about house hacking. Depending on the cost of living in your area (or wherever you plan to go), I think this is a tremendous way to get started. In part, because you have to live somewhere, so why not buy a multi-family with FHA money?
FHA loans allow you to live in a property and take loans with an extremely low down payment (I think 3.5% down was just brought back). This gives you a tremendous advantage over other would-be investors who need to show up with 20% to put down.
FHA loans won't make a bad deal good (they'll actually make it worse). But they can make a good deal affordable.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.