Help a Young Buck Out! (21 Year-Old Newbie)

9 Replies

Hello guys! My name is Moe! I am pleased to meet everyone! A little about myself is I'm a young man looking to get into the world of Real-Estate, currently I am an I.T Network Technician as well as a Forex Market Trader who is aspiring to become a first generation millionaire from a poor family that lives in low-income homes.

I am hoping to move to Los Angeles, California in August! And wanted to dip my feet into Real-Estate investing and how I could possibly start.

I love to read and learn! So motivation and drive is out of the question! I love self-improvement and working on my knowledge in the world of finance/investing and hope that the wonderful community here can possibly give me a direction to start! 

I would also love to Network with anyone and everyone! So I am happy to share my information and stay in touch! 

Cheers!

- Moe

Hi Mumin , this is Dan. That's cool your into Forex , I know about the markets but never went into Forex trading , like to hear more about it. Also what advice you want on real estate ? , that's what I'm into now also my entertainment projects too. I'm a music artist and producer.

Originally posted by @Daniel Banic :

Hi Mumin , this is Dan. That's cool your into Forex , I know about the markets but never went into Forex trading , like to hear more about it. Also what advice you want on real estate ? , that's what I'm into now also my entertainment projects too. I'm a music artist and producer.

 It is nice to meet you Dan! Forex Trading as you may know is the trade in different currencies! I've been researching and reading books on the Forex Market and fell in love with the idea of trading money for money, I sort of feel connected with the world doing so as you should be updated on the countries you trade with and their politics/news!

That's so cool you're a music artist and producer! Hopefully I could get an autograph one day! Haha.

In terms of real-estate, I've never dealt with anything remotely to it, so I guess any helpful advice for me to start learning and getting me into the direction of possibly learning how to invest in real-estate! I'm a passionate learner so I wanted to start as early as possible being 21! No time to lose! Any good starter books or articles or even Youtube videos you may recommend would be amazing! 

Hey Moe! 

Getting started in real estate at a young age is a great decision. Stick with it through the years, even if you are not able to financially get into deals now, you can definitely build your network and start. 

You do not have to know everything, but surround yourself with people who do. Look on meet up. and research other real estate events in your area. 

There are a few different options depending on your financial situation. Wholesaling is a great way to get into the game and learn about curing title issues that come up, dealing with sellers and develop the ability to learn how to speak and deal with people.

Wholesaling is much less risky, and requires no money. Other than this, I suggest reaching out to some lenders to find out their criteria for qualifying for a hard money loan, percentage they lend at, the success rates of their borrowers etc. This would come into play when flipping or buying and holding a property.

If you find a deal, and if you buy it cheap enough you can borrow money and have closing costs and even payments rolled into the loan!

You can also buy a service that you can run your own comps to determine accurate ARV's, or get with an agent that you can work with in helping you.

I also suggest connecting with different wholesalers in your area, to get on their list, so you can start seeing and analyzing deals. 

I would also reach out and vet a few contracting companies and choose someone reputable and you can trust (Call references). This is a big part in the game!

My biggest advice for you is to research and learn as much as you can. Go to real estate events and network. Learn from people in the game that has proven success. Always do your own due diligence and start out with a project with a small rehab, so there are less things that can go wrong. There will be unexpected things pop-up, but take it with stride and keep moving forward. Do not get discouraged. Learn from your mistakes. There is only so much you can do to prepare, but the experience will teach you more than all of the education and learning can! 

Originally posted by @Austin Pool :

Hey Moe! 

Getting started in real estate at a young age is a great decision. Stick with it through the years, even if you are not able to financially get into deals now, you can definitely build your network and start. 

You do not have to know everything, but surround yourself with people who do. Look on meet up. and research other real estate events in your area. 

There are a few different options depending on your financial situation. Wholesaling is a great way to get into the game and learn about curing title issues that come up, dealing with sellers and develop the ability to learn how to speak and deal with people.

Wholesaling is much less risky, and requires no money. Other than this, I  suggest reaching out to some lenders to find out their criteria for qualifying for a hard money loan, percentage they lend at, the success rates of their borrowers etc. This would come into play when flipping or buying and holding a property.

If you find a deal, and if you buy it cheap enough you can borrow money and have closing costs and even payments rolled into the loan! 

You can also buy a service that you can run your own comps to determine accurate ARV's, or get with an agent that you can work with in helping you.

I also suggest connecting with different wholesalers in your area, to get on their list, so you can start seeing and analyzing deals. 

I would also reach out and vet a few contracting companies and choose someone reputable and you can trust (Call references). This is a big part in the game!

My biggest advice for you is to research and learn as much as you can. Go to real estate events and network. Learn from people in the game that has proven success. Always do your own due diligence and start out with a project with a small rehab, so there are less things that can go wrong. There will be unexpected things pop-up, but take it with stride and keep moving forward. Do not get discouraged. Learn from your mistakes. There is only so much you can do to prepare, but the experience will teach you more than all of the education and learning can! 

Good luck to you and feel free to reach out anytime! 

Austin Pool

Loan Officer at Catalyst Funding

Hi there Austin! Thank you for the information! I guess you could probably gage that I have 0 experience as I do not know the terminology yet! But! I also do not want to use my financial situation as a crutch or an excuse as to why I should lack the ambition to learn real-estate! I read a little seeing that I could possibly put a down-payment on properties and get a loan from a bank! I've got a lot to learn and would love to have a colleague request sent to you! 

Originally posted by @Tyler Faison :

@Mumin Abdulla I’d highly recommend the Bigger Pockets Podcast. It’s a great way to get a grasp on the jargon, concepts, strategies, etc.

 Thank you so much Tyler! I highly appreciate that! May I perhaps bother to ask for a link to this if you know of one? Or perhaps it is just on Youtube?

@Mumin Abdulla Check it out on your favorite podcast player thingy. I use iTunes, but Stitcher, CastBox and even SoundCloud all have them. Start with Show 1 and hunker down! You’ll learn a ton!! I’ve used a lot of the tips in my commercial investing and various audio and music-related businesses (which is how I found this thread — keyword alerts!) It’ll get your mind right, for sure. They’re pretty good about their shortlinks. Try BiggerPockets.com/podcast

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