Beginner from Western Massachusetts

10 Replies

Hello All,

I just recently graduated college, and will be starting my first full-time employment opportunity this upcoming July.  As a finance undergraduate student, I've always been captivated with investments, and real estate has been my favorite type of investment opportunity.  I don't foresee myself buying a home in the immediate future, seeing as I'm currently broke and just graduated, but ideally I see myself buying and renting out multifamily properties.  Brandon Turner, one of the main contributors to this website, always talks about how his first property was a duplex that he lived in, and I personally think that's a great way to introduce oneself to real estate.  I see myself hopefully taking that same path.

As a broad question, is there any advice anyone could provide for setting myself up for success?  I don't foresee myself having enough money to make a down payment on a property for at least another 6-12 months, so in the meantime, I feel that probably the best thing I can do is educate myself as much as possible.  I've attended a few of the live seminars on this website, and they've been exceptionally helpful.  I've also been reading a few business books, and have just recently started collecting real estate specific books to read over.  Ideally, I want to be as confident as possible when purchasing my first property, and would love to do whatever I can to get to that point.  Any and all advice would be much appreciated!

Best,

Brandon

I am pretty new to this and don't have alot of money for a down payment either. But you should look into the 203k FHA loans, they have very low down payments, (as low as 3.5 percent). explore this option, for a multi family unit. defiantly better than renting

I had heard of FHA loans before, but I've never heard of 203k FHA loans before you mentioned it. I just read a little bit, and those look very promising as well. Thanks for the tip Ivan!

@Brandon Smith hello and welcome to BiggerPockets!

First, congratulations on graduating college recently. That in itself is an accomplishment you should be proud of!

The best advice I can give to any new investor on here is this:

First, BP is a treasure trove of information for new investors. Take advantage of the free blogs, articles, and podcasts on here. Be a sponge and take notes.

Second, consider joining a local real estate investment club in your area to network with other real estate investors and professionals locally.

Finally, bring your deals here so the more experienced investors can help you get your deals done right.

Happy to help in any way I can, Brandon. Feel free to PM me at your convenience.

I wish you all the best in your real estate investing career.

Welcome Brandon, I’m pretty new here as well but have owned a few small multi family investment properties for years. My advice would be to look for a small duplex where you can live in one side and rent the other. I did that for my first house in 2000 and lived there until we had kids and grew out of the space. I turned it into condos and made more 3 x what I paid for it. I’d look for properties that you can add value to, perhaps expanding the number of bedrooms or units to get more rent or possibly splitting the land if there is enough for a developable lot.

Best of luck.

@Brandon Smith

Welcome to bp! If you are able to house hack, it is an excellent start. To set yourself up, the forums are great, also the podcasts are great to listen to as well if you have a long commute. You can also attend local meetups in your area or REIA's. Also, analyze deals now so you can really understand what looks good when you are ready to roll on your first deal

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