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Updated about 4 years ago on . Most recent reply

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David Gatlin
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New investor here, would like any friendly advice you can give.

David Gatlin
Posted

I am 19 years old I live in Virginia. I just recently stumbled upon Bigger Pockets podcasts and Robert Kiyosaki books which completely changed my mindset and sparked my interest in real estate. Any information about how I can work my way up to getting my first deal would be much appreciated. 

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Jody Sperling
  • Omaha, NE
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Jody Sperling
  • Omaha, NE
Replied

Without knowing how much money you have saved, it's hard to be specific, but I'll share what works for most, and what's worked for me, as well as what I wish I knew before I started investing.

1. Don't be in a rush to pay off school debt or primary home loans. You'll benefit more from putting energy into asset acquisition than debt paydown.

2. Housing will never be cheaper than it is today. Don't try to time the market or wait for a crash. You'll only waste valuable investing time. Buy at the earliest date you can.

3. Don't be afraid to partner. Brandon Turner says it all the time, and it's true, 50% of a deal is better than 100% of no deal.

4. Create a place for liquid money. I use a HELOC, but if you don't have a home to put a HELOC on, you could look at Whole Life Insurance, credit cards, or high-yield savings accounts. The point is, you don't want to sit on cash. Make cash always work, even if it's not much. Nothing is worse than 0% return.

5. Give. Give. Give. Probably, I should have started with this, but no one likes to see it and they stop reading. Give time, give money, give hope, give answers. If you give, even when it seems not to be paying off in tangible ways, something happens in your core that enables you to succeed, so give and don't doubt it's worth every effort.

Best of luck!

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