Starting Out (House Hacking, Raising Money)

[Cole McMahon]

Hello Everyone,

I am currently 24 years old and about 8 months into my first corporate job working as an analyst for a multifamily lending firm in LA. I am a very frugal person and have been dumping what I have left over into my roth ira but want to start saving for my first real estate investment. My goal has always been to own real estate and am fascinated by the idea of house hacking.

What little steps would you guys recommend I do to start making this a reality. I know that this is a process and I am prepared to take the slow and safe route. but have many doubts/questions racking my brain in this early stage. My job takes up a lot of my time (50-70hr weeks) and I don't have the capital to fund deals passively so I'm looking for inspiration as to how I can bring other things tot the table (I've heard you either need time or money). I also find it quite daunting and to invest in such an expensive market like Los Angeles. Is it possible to invest in more affordable markets if I don't live in the area? Any recommendations on how to find mentors, meetups, and begin networking in general would also be much appreciated.

I know I can do this and am very excited to join this forum. Thank you!

[Wale Lawal]

@Cole McMahon

It’s great that you’re planning strategically while balancing a demanding job. Focus on saving aggressively, improving your credit score, and exploring down payment assistance programs to build a solid financial foundation. Educate yourself through books, podcasts, and meetups, and consider house hacking in LA or investing out of state for cash flow. Use your expertise in multifamily lending to analyze deals and start small with a manageable first property. Take consistent steps, like attending meetups, analyzing properties, and reaching out to mentors, to build momentum toward your goals.

Good luck!