Starting from the bottom- where to go from here? CA
Hi folks,
I'm new to the site and I'm really interested in real estate investing. I don't have consumer debt, and I have a little cash saved up. I don't have my own home yet. Lately, I've just been focusing on reading books that can raise my financial and real estate education, as well as working on listening to the BP podcasts from 1 on. Where should I start? Should I go for a real estate license? Should I save up for a good down payment on a small multi family and househack it? Should I buy a personal single family and then go from there? I keep hearing about a crash- should I wait for the crash in hopes that I can catch a good deal? I would really appreciate your feedback.
Most Popular Reply
Hi Calah,
Welcome to BP. I'm in Santa Ynez.
I have my real estate license and don't recommend it until you're well into buying and selling multiple deals a year. You really don't learn anything about investing, and it mostly teaches you about contracts, agent relationships and ethics. Once you're doing multiple deals a year, you can look to see if it's worth it. Some say yes, some say no.
I'm not sure about the real estate market these days. Crash? Probably not. Will we get some softening, it's possible and many think the market is due for a correction. But you'll also get as many people that say no, there are many more years.
The best advice, in my opinion as an investor, since I'm not a financial adviser, is don't buy a personal house. Do something that will allow you to get some income. A duplex, four-plex, etc, and live in one of the units. And number one rule, make sure it cash flows, and you won't need to worry as much if it's the "right time to buy".
Allen