Awesome man and welcome to BP!! I wish I was as smart as you and your friend when I was your age! You are smart for asking these questions so early on and figuring out the nessessary steps to purchase a property.
I work for a local mortgage company and would love to coach y’all through what lenders look for, answer questions or offer advice where needed. Message me and I’ll give you my cell number
Good luck. You are doing it right coming to BP. Tons of info here to help you get started.
One of the quotes that helps remind me why real estate is the way to go was in a podcast I heard recently.
"The next ten years will pass if you buy a rental property or not. It will be one of the only things you buy that someone else pays for."
I may have butchered the quote but the jist is the same. A lot of people say they wish they started earlier. You get to avoid being one of those people.
@Bo McCraw , that is awesome that you are researching a lot on real estate investing. You are also in a great city to begin your investment careers! I know a lot of young investors in Lubbock who started out while in college. We have two REIA (Real Estate Investment groups) that have started in Lubbock after a lapse for a year or so. I will send you a colleague request and keep you informed.
Try reading Brandon Turner's How to Invest with Low or No Money Down next!
Also listen to the podcasts. They are awesome!
Welcome Bo. You are making the right steps to begin. Really spend the time to educate yourself. I recommend a few books to take care of you while you continue your search.
Millionaire Real Estate Investor - Gary Keller
Investing in Real Estate - Gary Eldred
Investing in Real Estate with low and no money down - Brandon Turner
There are a few good local guys in Lubbock and they are on here at BP.
I encourage you to go out and begin looking for deals. Spend time just getting familiar with the process and if you find the right deal, the mentor will be there.
Originally posted by @Bo McCraw :
Hi, I am 19 years old. My roommate, and best friend, have been doing a ton of research on real estate investing, both have read Rich Dad Poor Dad, and are very excited about getting our heads in the game of real estate investing. We both have almost no credit, so we are both getting credit cards (only to pay bills, groceries, and gas, which we will pay off every month) to build up our credit, which is probably the first step before trying to get into anything. We were wondering if there is anybody in our area that we could shadow/get mentored by, or if there is a community of fellow investors that we could get plugged into. We live in Lubbock, TX. Thanks! Thanks!
Hey Bo. I started my research when I was 19 as well. Invested at the age of 22. You don't need to take that long like I did, and you don't need a partner who provides nothing you don't already have. It's exciting to have someone else and share ideas, but if you're both new, no experience, lots of enthusiasm, no credit, no capital, lots of work ethic and hustle....I would recommend that profile of a person partnering up with someone who fills in some gaps. Most importantly, experience. Secondly, capital or credit.
Of course-- you know yourself and what would be a good setup for you.
When I got started, I took a lot of action when I was 21 and people saw me hustling. They would get so many letters from me and so many cold calls that they would say, "WAIT..... who ARE you?" And I would make friends with seasoned investors that way, because they saw my hunger and that I meant business. So just getting out there and being serious will help you attract the right mentor.