Hello guys, Im 20 years of age and currently i have pretty decend paid job (more than avarage sallary) plus im still leaching of my parents so i live rent free, i will live with them few more years so i wont need to pay rent and i will be able to save some money. Currently i saved some money (not alot tho) and i will continue saving it. I save 90% of my sallary every month im cheapskate and i rly dont spend alot im satisfied with thought that that money will go in investments later but the real question from me to you guys is WHERE DO I START ? How would you guys start if you were new in this game with all your knowladge or how did you started and worked out for you ? Should i try flipping houses, go to auctions, buy and hold, lend money from bank or from people, what would be a first step for me. If anyone can give me any usefull advice what is probbly the smartest way to go on beggining i will be rly thankfull.
That's awesome that at 20 yrs old you're more interested in saving/investing instead of going out partying or buying expensive cars/clothes/etc. I think the best way for you (and most others) is to save as much as you can, then use a FHA loan and put 3.5% down plus closing costs on a 2-4 family home. You can live in one unit and rent out the other 1-3 units and hopefully live rent free yourself. You can even rent extra rooms in your unit for more additional income. It's called "house hacking" here on BP. Do a search and you'll find a ton of info on it. Until you're ready to buy, consider reading RE/business related books.
@Luka Friganovic lol i like your introduction it was real and honest. i know a couple people that did what youre doing, stayed with parents and bought a couple properties (conventional financing because you need to occupy fha). eventually im sure youll want to move out though so if i were in your boat, if you had the down payment id buy a couple rentals while still living at home for free then utilize an fha loan in a couple yrs to house hack a multifamily. make sure youre working on that credit score if you need financing. good luck!
Thank you for answer sir, yep that would be a best option probbly i was thinking on that one as main but aswell laws in croatia are bit different so there is some hack with auctions ill try that aswell thanks alot :)
Thank you for compliment and advice and yeah i would like to move out ofcourse but im not in big rush thankfully would be smart to stay with parents that would support me even if i want to live with girlfriend, alone or something like that but there is time for that. Its rly good advice thank you for it every advice helps me alot :)