Updated almost 9 years ago on . Most recent reply
Let's get real about starting out
There are so many positive stories about people starting their investment careers on here and online that aren't painting a completely accurate picture.
Most people are living paycheck to paycheck. The statistics on people even having a savings account, let alone 10-20k to put into real estate, are abysmal at best. Most people don't have a parent that can lend them the money either. And if there is a relative or friend with that money willing to take that kind of risk you need to be able to sit on that money long enough so the bank doesn't question it and then be able to find the right deal for it after that. The stories of college kids buying houses is great, but let's not pretend you made that money working in the student book store. And if so how?! My point is there's a big piece missing from these "rags to riches" stories.
I think it'd be much more helpful to share how folks honestly and actually got to a point where they could make that first decision. Did your parents help? Was college free? Did you work three jobs and save for 2 years? Were your job earnings large to start with? How did you actually get there?
Most Popular Reply
It's all about the Hustle. I believe that's why so many folks use the house hacking strategy to get started. Most Americans have the ability to qualify for some type of a low money down loan (USDA, VA, or FHA), which makes getting into their first property as an owner-occ and then converting to a rental pretty easy. I spent a year in Iraq to make the cash to get started in Real Estate; it sucked being away from family, but if you want it, you will find a way.