Auburn, WA · Member since 2016 · 11 posts · 3 votes
Quick info:
24 years old
Full time job making ~$80,000 gross
$2500 cash
I want to get started with SFR buy and holds but not sure my first move.
I want to start on a small scale, maybe partner someone with the cash I do have plus sweat equity. More so to have someone show me the ropes and build a connection.
What advice do you have for me?
@Account Closed First move. Build up your saving and cash reserves. Put away 6 months of living expenses, plus a down payment, plus cash reserves before you should even consider buying a rental.
Your local REIA is where you're going to find someone who might be willing to partner with you. But with no capital and no experience, you're going to need to have the patience to build rapport with local investors .. or have one hell of an elevator pitch to convince someone to do so lol. Work on both.
Be prepared to answer: Why should i bring you on? What value would you add to my business or deals? What skills do you bring to the table?
Really know the area and especially the location you want to invest in. Identify market trends and do analysis such as population growth, jobs, and economics, in that area. This is especially important for buy and hold down the line as you want your property to be more valuable and appreciate more. Another advice is no one will care more about your investment than you do. If you rely on an operator and act as a limited partner don't expect the operator to be detailed. Lastly, understand your risk and where you possibly stand to lose
Education before investing but people do the opposite. Some do Well & others, not so much. Join a local REIA & / OR a Meetup Real estate group. Attend seminars , classes - Online Or local. Read books via Library Or Thrift Books. Consider taking Real estate Or Mortgage Loan Classes ( Not necessary to be licensed). If your handy buy a fixer upper & use sweat equity.