Advice on purchasing my first property!
Hello,
I am currently 23 years old, renting a townhouse with some buddies and tired of throwing my money down the drain and gaining no equity. Conveniently, my mom is a real estate agent, but she doesn’t have much knowledge of actually investing in real estate (She’s a great realtor, don’t get me wrong). I want to buy my first property. I got qualified for a 30 yr with $0 down for a USDA home loan. I was told by my mortgage lady I was approved up to $160,000. I am looking for advice on what I should do. I want to buy a home that I can eventually, sooner rather than later, turn into a rental property. What techniques should I look for? I don’t have much, if any, experience fixing up houses or anything along those lines, but would love to learn because I am looking to get into real estate investing and building my portfolio maybe eventually with flips.
I have a 9-5 job making around $40k a year and save about $500 or so a month. (Probably could save more) Im really just looking on advice on how I should continue to best prepare and set me up financially for investing in real estate. Would it be a bad idea to keep renting and just try to save as much as possible? Should I try to purchase a home and rent a room or two out. (House hacking I believe its called).
Clearly Im a big rookie but really looking to get into this and hopefully make real estate investing a full time job.
Ps. I am also currently working on getting my real estate license here in WV.
I would appreciate any comments or messages! Im all ears.
Thanks,
Ben Capriolo
Personally, I would find a mentor to help shepherd you through the mine field of real estate investing. It took me many, many years to hone my craft and I am still learning every day. There are a lot of pitfalls that come with real estate investing that you will run into that you don't expect. It will take time to learn and you will make many, many mistakes. Consider them "tuition", but having someone with a lot of experience and a great reputation that you can bounce ideas off of will be more valuable to you than anything. Congrats on taking action.
@Doug Smith
Thanks for the reply, Doug! How would one go about finding a mentor? Are you saying it should be someone local?
