I have been educating my self in real estate for some time now and am finally out of high school. I’m young and don’t have much money but know there are plenty of ways to buy a house even without money. What should be my first move and what should I be worried about in an area like South Bend, Indiana.
A good place to start is going to some local Real Estate meet ups and talking to some of the older people there.
Run your plans by them and see what they think, and ask of they can help you out with your needs.
Also, know how to run the numbers on a rental, and know about Class A,B,C and D areas.
Hey @Reed Gallagher! Congrats on thinking about investing this early in life! You really have the benefit of time on your side! I would encourage you to look at a house hacking type of strategy to get started. You can buy a duplex or up to 4 unit property, live in one of the units and rent out the others! What's great about this strategy is you can get into a deal with relatively low cost! You can go FHA and pay 3.5% down plus closing cost and be in your fist deal! Look in your local market and start to analyze deals with this strategy in mind. What will the units rent for? What will be your out of pocket cost? Can you buy a property and essentially live for free? Will the other units rented cover all expenses?
You could buy your first property and look to repeat this process several times. If you aim for 4 plexes every time you could do 1 new deal every year and in 3 years have 12 units! Not to bad to start!
Hey Reed, investment real estate agent here. Are you in the South Bend area? We have a couple investor groups you could attend to get a feel for the market!
I might be interested in attending an investor group.
@Jen Arizmendi Hey Jen! Yes I am in that area and would love to join and investor group to network and get advice/information. Thank you very much for answering my post.
@Stephen Akindona Hey Stephen! That is exactly what my plan was I just am looking to move forward with it.
@Scott Mac Hey Scott! Thanks for answering my post I appreciate your advice and am looking to do exactly what you said.
@Reed Gallagher I’ll message you the info.
@Josh Wing I’ll message you !