I am currently 17 years old. I turn 18 next May and have been trying to decide what I should should do. I was first thinking of buying a duplex, living in half, and renting out the other half.(To cover mortgage and what not). This comes with it's pros and cons but I don't see that as a bad option.
I was also thinking of staying with my parents another year or 2, stock piling cash from the house flipping I do with my parents business, and then save up enough to buy a 8+ unit building to rent out. Then at that point, once I have income flowing in, find somewhere cheap to live and still continue to pour a great chunk of my income into real estate.
What do you guys think? Any pointers?
Option 1) is the safe and easy babystep version and Option 2) is the risky and sizeable version. If I was in you shoe, I would go with Option 2). Why do I say that? You have this amazing thing on your side called Youth. With that, even if you fail miserably (Not that you ever will), you can easily dust yourself off and jump into other ventures. So take risks. Do major deals. Reap Great rewards.
Option 1) is more for guys like me with wife and kids who would like to invest but not rock their financial boat. If I knew the level of wealth I would have attained in real estate investing, I would have started right around your age.