24 Year Old - Looking to Start Investing
Hey guys, I am a 24 year old looking to invest in a duplex. I am currently living in Charlotte, NC. My plan is to invest in a duplex within 8 months, and live in one unit while renting the other out. I am a COMPLETE beginner, and I was hoping you all could point me in the right direction in regards to some questions I have:
- Why do YOU choose to invest in real estate vs passive investments (i.e. stock market / REITS)? I think I can manage doing the property management on my own (and it seems pretty exciting), so that along with the potential for higher ROI is why I'm interested in it.
- Is it possible to time the real-estate market? I know trying to time the stock market is a hopeless task, but what about the housing market? How do you determine if it’s the right time to buy?
- How can I determine which areas in Charlotte are the best areas to purchase property in? From what I understand, I need to be in a place that’s safe, with good schools, good neighborhood, etc.
a. Are there any other indicators I should look for when determining which areas to invest in?
4. What constitutes a good deal? Is it as simple as finding a property that is listed for a price that is cheaper than what it’s actually worth?
5. Are there any must read / must listen to / must watch resources that can help me with my goal? I’ve found a few good articles on Bigger Pockets – but honestly it seems like there is way too much information on this site to shift through
6. Are there any other pointers you can share with me? Like I said, I am an absolute beginner and I’d appreciate any insight at all!
Thanks in advance for the help!