Hey everyone hope you and your family is going well. Glad to be in this awesome community
I am currently 17 as I stated. I have about 5 months till I am 18. I am saving up to buy the first rental property. Currently I am reading books from bigger pockets. And doing listening to the podcast and taking notes.
What’s yours advice on a beginner. And maybe even your young self starting out. Any action that I could take right now?
Anyways I am happy to be here and would love to talk to some people and any help would be appreciated thanks
@Roshan Khadka read Rich Dad Poor Dad if you have no already. If you can, get qualified to get a home loan, even if you have to get a co-signer, and find a property you can house hack. A house hack is where you live in one portion of the house and rent out the other. It could mean living in one side of a duplex and renting the other or buying a house with a mother-in-law suite and renting that out like I am currently doing. Or you could rent rooms. There are several different ways you can do it but they all allow you to live for cheap/free/maybe even make a little all while learning how to manage a rental.
I would read Rich Dad Poor Dad as well. Get in a good local Real Estate Investing group where you can learn the local areas. I would take a "job" with someone where you can learn and earn some money at the same time. You are not too good to get someone's coffee if you can learn from them instead of paying for the education.
Thank you for the advice. I just started to read rich dad poor dad recently. What do you mean by real estate investing groups? I tried looking for Facebook groups I couldn’t find any. Where would you go to find these groups?
Hey Blake thanks for the advice.
I really like that idea of living for free while renting a part of a property out. My original plan was to either live with my parents and buy my first rental property or move in with a friend who is also doing real estate investing so it’s cheaper. You said you are doing that right now that’s awesome. What kind of challenges have faced so far?
@Roshan Khadka splitting the costs with a friend would be viable as well, as long as one of you can qualify for a mortgage (if you don't plan on paying cash).
My biggest challenge was getting my wife on board, so you shouldn't have that problem yet. She is awesome with it now and even helps turn the unit because we rent it on Airbnb. Other than that its just being flexible and dealing with guests and tenants and dealing with issues as they arise.
We were thinking either cash down, hard money lender or getting a partnership. Don’t know exactly which one to go with though! It’s definitely good to have people supporting you especially family for sure.
How did you buy your first rental property?
Network. You can find meetups here, on meetup.com any number of places. Build your network and you'll have people you can lean on to find resources, answer questions, etc. Set up your keyword alerts and spend time on these forums
@Roshan Khadka I used the VA loan which was huge for me starting out with little out of pocket.
This may be a dumb question but can I go to these meetup as I am not 18 yet? I am definitely on the forum watching stream or reading blogs.
I really want to find a mentor though as I know that will help me for the long term. Did you start with a mentor or by yourself beginning out!
Thanks for the advice odie
That’s nice. Thanks for serving the country.
@Roshan Khadka I don't see why you couldn't. Some are held at bars which may be a problem but there's so many now (I don't know where you are, but you should probably add a location and photo to your profile) that you can probably find a few to get started. No I did not start with or seek out a mentor. I tried to organically make myself useful and meet people along the way and now have people I can reach out to depending on the situation.
Hello everyone, just getting started as well. Read rich dad poor dad and cashflow quadrant and now reading the bigger pockets beginners guide to investing. currently working on a plan to get started. I was wondering would some of you suggest establishing an LLC or conversing with a real estate lawyer prior to getting started in topics such as wholesaling in order to protect you and your assets?
I don’t have a answer to that. But I am also wondering the same. I am leaning more towards single family house during this time though. Lets connect and we can chat
Ooh okay I will do that and look at the bigger pockets event site. Right now there probably aren’t much events but I feel like zoom calls or meetings are the new thing for a while haha.
find a mentor......ready books....listen to podcasts....always be a student......Always find a way to add value....
Awesome advice thank you. Do you have a mentor? And how do you find mentors?