How do you start in real estate as a 24 year old?
Real Estate Agent · New York City, NY · Member since 2018 · 18 posts · 6 votes
A: None. See previous answer.
If you aren't employed and don't have savings, you will have to get very creative to get started in real estate right now. Do your family or friends trust you enough to loan you money or partner with you? If not, rather than focusing on what property you should buy two or three years from now (the answer might change if the market does), you should focus on what you need to do today to position yourself later.
You can start learning as much as you can and going to local meetups to network. If you build up your network now, when you have the ability to purchase a property, you will have people you know to help you.
One of the biggest things you can do now is make money. You need two years of tax returns for conventional financing. If you want to try to flip a property you will need at least 10% down, fees and rehab. You can try to wholesale, which is mostly paying for marketing to find deals. You can see most investments require some money to start. I recommend getting some W-2 paying job but also working on a side hustle if you are really serious about getting started in real estate.
If you don't have a degree in some STEM related field, it will be harder to earn a higher starting salary without putting in years to work your way up. That's why it's important to have a side hustle. I have an engineering degree, but it was my side hustle that propelled me to FI within a few short years.
Good luck and if you have any questions you can always PM me.
If you aren't employed and don't have savings, you will have to get very creative to get started in real estate right now. Do your family or friends trust you enough to loan you money or partner with you? If not, rather than focusing on what property you should buy two or three years from now (the answer might change if the market does), you should focus on what you need to do today to position yourself later.
You can start learning as much as you can and going to local meetups to network. If you build up your network now, when you have the ability to purchase a property, you will have people you know to help you.
One of the biggest things you can do now is make money. You need two years of tax returns for conventional financing. If you want to try to flip a property you will need at least 10% down, fees and rehab. You can try to wholesale, which is mostly paying for marketing to find deals. You can see most investments require some money to start. I recommend getting some W-2 paying job but also working on a side hustle if you are really serious about getting started in real estate.
If you don't have a degree in some STEM related field, it will be harder to earn a higher starting salary without putting in years to work your way up. That's why it's important to have a side hustle. I have an engineering degree, but it was my side hustle that propelled me to FI within a few short years.
Good luck and if you have any questions you can always PM me.
All great advice!
Keep in mind that to invest, you need something to invest, be it money, or time, or even knowledge. You only have one of those right now, so you need to find people that want unskilled time, while building your supply of the other two. Networking is how to do that -- on here and in real life. Also make sure that you vibrate with your goals -- you will then talk to everybody about them and find help in seemingly unlikely places.
I'm not sure what your education is, or what you are going to be doing for work -- If you are not currently on a career path with high earning potential, I can recommend looking into a sales job with actual unlimited earning potential. Those will tend to be only commission, meaning you only eat what you catch. I got into selling Real Estate to get into the market, educate myself while helping others, and to grow my business.
And remember, we tend to over-estimate what we can do in a year, and under-estimate what we can do in five. If you can keep at a goal for five years, you almost assuredly will achieve it, and much more!