Updated about 8 years ago on . Most recent reply
28 years old and NOW starting in real estate
My name is Billy, I am 28 years old, I make 90k per year and am currently renting a 1 bedroom in Staten Island NY for $1100 monthly. I am looking to purchase my first home/real estate investment but have no idea where to start or if what I am looking to do is wise.
My Idea: Since I am renting for $1100 monthly, why not put enough money down on a small condo or coop so I am at least putting my money toward something that will eventually be a valuable asset.
Question: Any successful real estate investors out there? Would you do the same? Do you have any advice or wise words? Nobody has taught me a damn thing about real estate and I am going in sort of blind.
Most Popular Reply
@William D. If you have money for a downpayment, at least 3% plus closing costs, of course it would be a smart idea to invest in your own home instead of renting.
Also look for lease option to buy possibilities, where the seller will basically work with you on a seller's financing structure and you can cash him out down the road (by refinancing, once he puts you on title, also called a subject to.)
However if you are new to real estate investing, still have to learn and may be don't have enough money for downpayment or reserves, my suggestion is that you start with wholesaling, and you can do this virtually and outside of your area. You learn a lot with wholesaling while making money.
I have students who live in Manhattan and wholesale all over the US! :)
You are doing great and you are at the right place in your life (age and income) to really make things happen for yourself. I was 23 when I started in real estate investing (30 years ago ...) and I never looked back. Go for it!