What’s the Best First Step for a Young Investor?

Question

Hey everyone, I’m 19, new to real estate, and already licensed as an agent here in Utah. My big-picture goal is to build wealth through investing and eventually own my own brokerage. I’m curious — for those of you who started young, what was your very first investment move? Did you house hack, buy a duplex, partner with someone, or do something different? I’d love to hear what worked (and what didn’t) so I can learn from your experiences.

Oleg Donets · Answer

@Ky Perry perhaps one of the best ways to get into wholesaling is to join some active wholesaler in your area and start getting your reps in. Once you mastered every aspect of wholesaling and deeply understand what it takes to be successful in this, you can go on your own if you want.

Sultan Ali · Answer

No matter which route you take (duplex, house hack, or JV), make sure the numbers make sense and leave room for mistakes. At your age, you’ve got time on your side, which is one of the biggest advantages in this business.

John Litz · Answer

I always suggest to start with a good foundation. That means your budget, DTI and credit score. You have to be disciplined enough to manage your own finances so you can manage a business. You’re already an agent so you will be putting in the work on the RE side of things. BTW yes house hacking is a great step on that foundation and can be done with as simple as having roommates. Whatever you can do to lower your largest expense- housing. This will super charge your budget and savings.

Oleg Donets · Answer

@Ky Perry I'd suggest starting real estate investing by getting in to wholesaling. Wholesaling requires minimal capital but the upside is limitless. Not only your risk is minor with wholesaling, but you 'll also benefit in the process from the following:

1) Acquire essential skills of sourcing off-market deals and negotiating with sellers

2) Get access to nice chunks of cash through your assignment fees

3) Have an opportunity to tap in to any market throughout the US

4) Build a network cash buyers and other industry professionals

And perhaps more. From there, you'll be able to naturally transition into other investment models and expand your business.

Ky Perry · Answer

@Oleg Donets How do I start getting into wholesaling?

Aaron Zimmerman · Answer

House hacking in an a more expensive market like salt lake is the way. You'll be able to maximize your down payment and get plenty of leverage. I would recommend learning as much as possible about house hacking as you save up for your down payment

What’s the Best First Step for a Young Investor?

What’s the Best First Step for a Young Investor?

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