Rental Property Investor · Charlotte, NC · Member since 2018 · 15 posts · 2 votes
So I've been saving for a little while now and I've been studying real estate investing for about a year, I've read 10-15 books on investing. I'm looking to get started soon and I haven't been able to come up with a solid start up plan. I'd like to BRRRR ASAP and long term I'd like to invest in multifamily, do you have any advice for a 24 year old with $15k?
So I've been saving for a little while now and I've been studying real estate investing for about a year, I've read 10-15 books on investing. I'm looking to get started soon and I haven't been able to come up with a solid start up plan. I'd like to BRRRR ASAP and long term I'd like to invest in multifamily, do you have any advice for a 24 year old with $15k?
I'd definitely consider all of the advice people have mentioned so far, with house hacking as a great option starting out.
While you do that, or instead of, network your *** off. Meet wholesalers, meet private lenders, meet fellow investors in the same area, meet potential partners. House hacking is a fantastic option, but even going that route you can only grow so fast and can only do so much before you run out of money. Look at how you can work with other people and get involved in their deals, or grind it out to become the expert yourself and bring deals to people.
House hack for a year. Use down payment assistance and seller credits to lower what you have to come out of pocket for. You can BRRRR this property and keep doing so until you have enough capital to make bigger moves. Or, find a way to partner with a more experienced investor and scale that way.
@Cole Brunet in North Carolina you can house hack a duplex using an FHA loan with as low as 3.5% down. If we're talk NC suburbs that might be 7 to 9 grand in down payment.
I would find a good lender in your area to sit down and evaluate where you stand. If your DTI will sustain a loan, find one to flip. You will likely have to play general contractor and put sweat equity in.
So I've been saving for a little while now and I've been studying real estate investing for about a year, I've read 10-15 books on investing. I'm looking to get started soon and I haven't been able to come up with a solid start up plan. I'd like to BRRRR ASAP and long term I'd like to invest in multifamily, do you have any advice for a 24 year old with $15k?
I'd definitely consider all of the advice people have mentioned so far, with house hacking as a great option starting out.
While you do that, or instead of, network your *** off. Meet wholesalers, meet private lenders, meet fellow investors in the same area, meet potential partners. House hacking is a fantastic option, but even going that route you can only grow so fast and can only do so much before you run out of money. Look at how you can work with other people and get involved in their deals, or grind it out to become the expert yourself and bring deals to people.
I totally agree. This is why I’m in the process of getting my real estate license. I will have it by the end of October/early November. I plan to find deals for investors and add value that way in order to gain access to their network of people and “rockstars”. My only question is what would be the best, first, thing that I should buy, should I save up to brrrr my first house or do the first time home buyers loan and rehab while living in it or go for a small multi like 2-10 units? I like the idea of the first time home buyer loan with 5% down then house hack and rehab idea
If you can find a local portfolio lender, usually a small local bank, you can place a down payment on a rental that you buy at a discount, and then cross pledge that equity to buy more properties over and over again (and never have to bring cash to the table again). Also, as you buy more properties under market value, you can then cross pledge that equity simultaneously to buy more than one property at a time.