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.
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