how do I start out in real estate at a young age to become financially free?
Hi Joy - there are many ways to get started in real estate that will vary depending on your personal circumstances. I recommend picking up the book Set for Life as an introductory book that will give you insights into how to get started with a purchase of a living space/investment property. This will give you options down the road when you're ready to move somewhere else and can keep your house hack as a cash flowing asset while contributing little of your own funds. What's important to keep in mind is that the path to financial freedom is often long and winding - do not get discouraged when results are not immediate, and build a 5-year plan for yourself. Whether you're flipping houses with partners, house hacking or investing your IRA into a rental property, there are options out there for everyone.
The easiest way is to save money and buy some rentals over time. Start with one per year at 20, have 10 at 30 and so forth.
If that doesn’t do it for you, then you can wholesale (check local laws), flip or rehab or become an agent. That’s really just the beginning
Thank you, I am 25 getting older and I want to get closer each year to becoming financial free. I will be checking that book out. Thanks!
Please do not get a job at some low paying place. Time management is just as important as money management. Working at some fast food place, retail store, super market, etc is just a flat out waste of time. I would much rather be learning skills that I can benefit from in the real estate industry. You need to become as liquid as possible. That means being as fiscally conservative as you can while making as much money as you can at the same time. It takes a lot of sacrifices to start up if you want to be successful. Why not become a realtor? That will get you some cash flow while working with a firm and will get you inside the mls to be able to hop on deals. Once you get some properties going and can quit being a realtor then do so. If you are too young to be a realtor then look for some form of under the table hustle. When I was 17 I started buying and selling cars, also parting some out. I was making 50k+ cash a year until 20 when I got my first property and phased out of the car deals. I was living at home with my parents and saving all that I could. Try to find some niche. Working for yourself and creating your own money is going to build much more character for you than working at any fast food place, customer service place, retail place, data entry place, etc. Remember.... Time management and money management.
Edit- just saw your age. I would look into becoming a realtor if that interests you at all.
Thanks Ms. Kelly, Ive been thinking about doing that. Are there and books or DVDs suggestions on how to start out getting financial free I can read I now the one set for life Mr. Stephen mentioned are there another's I can start to put on my to read our watch list to becoming more knowledgeable
I'm going to throw a curve ball into the mix here...
Everyone is suggesting "investing" books with tips and strategies on how to be successful. And it's all great fantasy. But in reality you need to know the Law, and rules and regulations involved with real estate investing in your area.
So after you even have an inkling of an idea of what you may want to do, instead of going into this venture filled with fantasy of how you're going to become very successful. Learn the rules and regulations of the very business you're planning to get into.
Would you want a mechanic to try and fix your breaks first, then only after you complain that they don't work to do the research on how to do the job?
Roll up the sleeves, talk to the necessary branches of government you need to, get the information you need so you're on the right side of the law. (I have only been on BP for a short time and I'm shocked to see so many people ask questions that they should have already known the answer to BEFORE getting into this!)
It's dull, drab and boring... but get through all the paper work first, THEN learn how to make a deal.
Wish you all the best luck!
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