New member. Just starting out...

[Gavin Reynolds]

Hi everyone! I realize there are some other "just starting out" threads and I plan on checking those out but I wanted to throw this post out there first as an introduction.

I'm brand new to real estate. Until now I have just been paying down what little credit card debt I have and contributing to a Roth. I've thrown around the idea of buying a primary residence that I can spend a few years fixing up and then sell for a profit (I'm an electrician) but then after listening to Dave Ramsey I abandoned that idea for the short term to concentrate on eliminating debt and saving up a 6 month emergency fund first. However, lately I've been listening to podcasts like the Radical Financial Planner and others from the Mr. Money Mustache crowd and have become very interested in renting properties. I think I would really enjoy doing that and the passive income generation appeals to me as well.

Would anyone have any advice for someone just starting out? I have about $1K worth of credit card debt that I am paying down and am looking at moving to a cheaper apartment to save some money. I want to get into the REI world but I want to be prepared and do things right. I make about $475/week and that will go up to $1000/week over the next five years as I progress through my union's apprenticeship.

What are your opinions on leveraging properties? Should I pursue that or try to save and pay for most of it in cash? What kind of interest rate should I be looking for?

Does anyone have any suggestions on where to go to research areas of town that are looking to improve over the next few decades?

What other things should I be considering?

I know this is a lot and I appreciate any suggestions anyone wants to throw at me. Great site! I'm excited to look around and meet others interested in responsible investing. 

Thanks!

Gavin

[Hattie Dizmond]

@Gavin Reynolds 

They are all great.  I've listened to many of them twice or more.  I highly recommend the recent (I think it was 91.) episode with Brandon Turner.  If you search the site for house hacking and starting out, you'll get results that show up in Podcasts.  That's where I would start.