I am 21 and I want to get into real estate investing

5 Replies

I am 21 I live in Miami Beach and want to start making money off the real estate market. Of course I want to gain the knowledge and experience as well, I am so lost on where to start

Hey Zach, I'm 20 and i am kinda in a similar boat as you. Currently i am in the process of trying to purchase my first rental property. I have prequalified, i have seen the home (it is pretty distressed and needs some remodeling) and i am close to making an offer. The owner is asking for $120k but i believe the property should be bought at $80-90k in order to generate cash flow. Currently i am stuck in how to make the offer or if i should purchase the home.  At least i got a start and figured out what house im interested in and what my strategy is.

I agree 100% with @Christian Bermeo Start with the podcast, get the Out of state investing book, read rich dad poor dad if you haven't already, and then just analyze a deal and be ready to pull the trigger when the deal looks good!

Also, realize you are young so making a mistake, even if it seems like it could be a big one, is going to teach you more than it'll cost you. Make sure the risk won't kill you (start small) but remember that if you stick to this, keep coming back here for advice, and continue to buy according to the goals you'll win in the end. You are going to have a not-so-great success story eventually, everyone has one (if they don't they are lying to you and trying to take your money) so you might as well do it now rather than in 5 or 10 years when you work up the courage to do it.

This forum is full of too many people that never attempted anything because they just keep talking and analyzing things.

Originally posted by @Mario A. Vara Jr. :

Hey Zach, I'm 20 and i am kinda in a similar boat as you. Currently i am in the process of trying to purchase my first rental property. I have prequalified, i have seen the home (it is pretty distressed and needs some remodeling) and i am close to making an offer. The owner is asking for $120k but i believe the property should be bought at $80-90k in order to generate cash flow. Currently i am stuck in how to make the offer or if i should purchase the home.  At least i got a start and figured out what house im interested in and what my strategy is.

 If you don't think it's worth more than 80k I'd make that offer and be ready to walk. I've had deals that I've offered on at least three separate times and every time the owner says it's too low, gets another investor on the hook, then I watch the deal fall apart wait for it to come back on the market and then make another offer at my "too low" rate, sometimes lower. Don't fall in love with the properties, fall in love with the deals when they make sense.

@Zachary Yawn read Set For Life by Scott Trench and research House Hacking here on BP. House hacking is the best strategy for beginners imo. Also, ask every single person you know and trust if they know someone who invests in RE that they can connect you with. Good luck!