Age 24 .. where to start??

7 Replies

Where would you guys recommend to start? I’m barley starting out definitely have my mind set to wanting to invest into real estate and progress into it i have no savings currently . Should i get into a mobile home and build equity from there ? Or Be patient and wait to get into a actually house ? Any books or anything I should read into or research?

Hi @Anthony Grepo ! Welcome to the BP family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

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@Anthony Grepo I'm not sure what you mean by building equity from mobile homes but from my limited knowledge of them I doubt you will make money with a mobile home, they are generally terrible investments ... But if you are taking about a mobile home park that might be different. Learn as much as you can from podcasts, books and talking to other pros (as mentioned by the first reply. Search for podcasts on your podcast player of choice. The obvious one is the BP podcast. There are tons of others. I would recommend Keith Wienhold's Get Rich Education. While you learn use that time to try and save up money. There are options like house hacking that you might be able to do with less money...

Really Amit?  Because Mobile Homes and parks are some of the highest returning investments in all of real estate! That is why Sam Zell & Warren Buffet are two of the biggest home and park owners on the planet.  Buffet even owns Clayton homes.  Check out John Fedro's blogs and site here on BP. His model is perfect for those with little cash to get started.  

Amit, please keep scaring folks away from MHPs b/c we're buying and they are the golden needle in the haystack!

hey sorry about my previous post for some reason I'm finding it hard to message on this app. I'm 24 as well and I've been looking into buying real estate. I've never bought real estate and I'm not an expert but from what I can see it looks like the best option is to save up a bit of a down payment and use an FHA loan to buy a multi-family. the other tenants would be paying down the mortgage so you could live in one of the units and rent out the rest. from what I hear FHA Loans make it possible to buy a house with a 3.5% down payment. One thing I haven't done is build my credit. the best way to start doing that is with a secured credit card. this is just all from what I've heard but it's what I'm going to try! good luck it is possible!

Hello and welcome to BP.  I think you should read everything you can get your hands on for right now.  Make a budget to save for a down payment.  Read deals that people have on here and find out the why and why nots that people are telling them. Then go look for a property.  Write out the numbers here and get advice.  If you have the downpayment for the loan then you can go to a lender for the money and then you will be investing.  If you can start looking for amazing deals that are home runs and then find someone else to equity partner with you or to wholesale it to.  Wholesaling it to someone will help you get some cash up fast if you can do this.

Good Luck! If you have any other questions tag me in the question. 

Hey @Anthony Grepo , first of all, congrats on making the decision to begin investing in real estate because this is IMO the best way to invest your money. 

1) Start saving. If you plan on doing this yourself you will want to have a stable income, good credit, and a good amount in your savings depending on what type of asset you want to purchase and your strategy. Or you can find other ways of funding by asking family, friends, etc. 

2) Get educated (books, podcasts, videos, etc). You will want to get a general overview of what it means to invest in real estate and then dive deep into the niche that you feel most interested in. **Tip: ANYTHING can be found online and ANYTHING can be learned through the web. Don't underestimate the power of the internet. 

3) Know everything you can about your market through online resources (county website, local newspaper), local investors, real estate agents, etc. 

4) Learn about the different financing options and requirements for each. Get pre-approved and begin your search

5) Network with real estate agents, brokers, and banks. Get to know the network in your community and the importance of each. 

6)  Once you feel that you have a good grasp on what you want to do, take action and go physically see and make offers on properties based on your own criteria. 

Good luck!!