I have student loan debt, a car note, rent, and some savings I'll be adding to shortly. Is it wise for me to purchase a rental property? I have read about how you can purchase a property without money but still...I'm trying to be realistic. In my situation I don't want to pursue this and completely mess up but I know something needs to change rin my finances right now. I need to start building wealth. I have to do this now. Any help or direction would be much appreciated.
I would suggest getting into wholesaling first. Wholesaling is desirable because it requires the least financial commitment and can help you build money for your other investments, such as rentals. This way you can build up a down payment and perhaps build an emergency fund in case you screw up. Not to mention the fundamentals of wholesaling are good skills to learn whether or not you actually become a wholesaler.
@Andrea Pulley - I think a owner occupied duplex is a good way to start. This calculator will tell you how much of a house you can afford - just add up your student loans, car payments, and minimum credit card payments and it will tell you.
Thanks...I might look in to the duplex idea. I don't know about wholesaling but I'll keep researching and add that to my list. Thanks guys!
I second the owner-occupied duplex idea. I am a musician as well, and I want to strongly encourage you in your idea to pursue real estate investment! I started with a duplex and built (in fits and starts) from there. I'm actually looking at a pretty comfortable "retirement" in a few years while a lot of my contemporaries are starting to panic and look for second careers.
Seems like you're in a pretty good area for getting started with a limited amount of funds, too. You can learn tons on this site, and folks are very helpful. Make sure you check out everything under the "Learn" tab at the top of the page. Good luck!
Hi Andrea, and welcome to BP! I'm a 'fix and hold' investor from the Bay in CA, and loving it! But you'll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the 'vote' button if you like someone's post or is helpful, and there are 'awards' to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!
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