Hello everyone! I am looking for advice on how to get started investing. I just turned 21 a week ago and have been a full time real estate agent for almost 3 years now(I started when I was 18 believe it or not haha). As you can imagine, being a young agent has been a bit difficult, especially once covid showed up so I am not rolling around in cash to invest. After listening to BP podcasts for months now I have a ton of good ideas in my head but wanted some personal insight. Given that I haven't done a personal investment deal yet and don't have much cash of my own to get started, it seems that partnership may be a place to start. My strengths mainly come from being an agent. I know the ins and outs of a real estate transaction from start to finish and what gets a deal closed and what can make a deal fall apart.
Any advice is extremely valuable to me, and if I have left out important details I apologize. This is my first post but figured I needed to start somewhere!
Keep it up as an agent and leverage your network here in BP! House hack if you can or live at home as long as possible!
Welcome to the show @John Lewis ! Happy to have you
Even with little capital, you can try to sneak your way into a property with creative financing (or finding a partner like you mentioned) - I'm sure as an agent and a BP listener you are pretty familiar with these strategies. Like @Stephen Brown said, house hacking is a great way to get that investment ball rolling.
Being an agent is cool and will give you an edge, but just keep in mind that there is a difference between the retail and the investment/off market world (i'm sure you already know that though).
For example, some of my deals I will only put down $10 EMD which most agents would laugh at. But from end, i see that $10 is enough to provide consideration for the contract so why would I put down $1000 when $10 will get the job done. (Market is ridiculous right now so I have been putting down higher EMD's but you get the gist)
I think the big advantage you have is access to data. Having the ability to see real, accurate comps is crucial. Data is the driver in this game and its what separates the ones who make, and the ones who don't.
Best of luck to ya. Feel free to reach out, i'm always down BS about some real estate.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you