First Time EVER real estate investing! NEED ADVICE/Guidance
Member since 2022 · 3 posts · 0 votes
Hello, I'm not sure how to start this...i am very intrigued on owning a residential property/rental property i have not yet decided due to my current living situation i am a 26 year currently living rent free and currently have a salary of $50,000 Annually and have accumulated about $40,000 in my savings account. I have been battling with myself on which route to take either a rental property or a residential but at the same time the area i am currently living in i would not be able to afford the 20% down on a investment loan unless if i go out of state/2-3 hour drive. i really am stuck and want to capitalize on any opportunity as soon as possible please i would love the feedback and guidance on how i can get my foot into the door of becoming a real estate investor.
Hello, I'm not sure how to start this...i am very intrigued on owning a residential property/rental property i have not yet decided due to my current living situation i am a 26 year currently living rent free and currently have a salary of $50,000 Annually and have accumulated about $40,000 in my savings account. I have been battling with myself on which route to take either a rental property or a residential but at the same time the area i am currently living in i would not be able to afford the 20% down on a investment loan unless if i go out of state/2-3 hour drive. i really am stuck and want to capitalize on any opportunity as soon as possible please i would love the feedback and guidance on how i can get my foot into the door of becoming a real estate investor.
Sultan -
First - read Brandon Turner's book on How to Invest with No or Little Down Payment. One of the best strategies (that I wish I new about when I was your age and had your savings) is house hacking. Find a duplex, live in one side, and get a low down payment FHA loan, build equity over a minimum of 2 years (to avoid capital gains tax), buy your next hack and rent the side you were living in. This will turbo boost your investment journey.
Go get it... you can do this!
Hello, I'm not sure how to start this...i am very intrigued on owning a residential property/rental property i have not yet decided due to my current living situation i am a 26 year currently living rent free and currently have a salary of $50,000 Annually and have accumulated about $40,000 in my savings account. I have been battling with myself on which route to take either a rental property or a residential but at the same time the area i am currently living in i would not be able to afford the 20% down on a investment loan unless if i go out of state/2-3 hour drive. i really am stuck and want to capitalize on any opportunity as soon as possible please i would love the feedback and guidance on how i can get my foot into the door of becoming a real estate investor.
Sultan -
First - read Brandon Turner's book on How to Invest with No or Little Down Payment. One of the best strategies (that I wish I new about when I was your age and had your savings) is house hacking. Find a duplex, live in one side, and get a low down payment FHA loan, build equity over a minimum of 2 years (to avoid capital gains tax), buy your next hack and rent the side you were living in. This will turbo boost your investment journey.
Go get it... you can do this!
I agree with Brent. House hacking is a brilliant investment strategy, especially if you're just starting out!
Hello, I'm not sure how to start this...i am very intrigued on owning a residential property/rental property i have not yet decided due to my current living situation i am a 26 year currently living rent free and currently have a salary of $50,000 Annually and have accumulated about $40,000 in my savings account. I have been battling with myself on which route to take either a rental property or a residential but at the same time the area i am currently living in i would not be able to afford the 20% down on a investment loan unless if i go out of state/2-3 hour drive. i really am stuck and want to capitalize on any opportunity as soon as possible please i would love the feedback and guidance on how i can get my foot into the door of becoming a real estate investor.
Sultan -
First - read Brandon Turner's book on How to Invest with No or Little Down Payment. One of the best strategies (that I wish I new about when I was your age and had your savings) is house hacking. Find a duplex, live in one side, and get a low down payment FHA loan, build equity over a minimum of 2 years (to avoid capital gains tax), buy your next hack and rent the side you were living in. This will turbo boost your investment journey.
Go get it... you can do this!
I really Appreciate the advice. I just purchased the book. After further doing some research finding a multi family home in my area that fits my budget assuming that if i dont find any tenants is alittle difficult to afford with my current salary and going out of state will be alittle difficult without getting a investment loan....
I agree with Brent. House hacking is a brilliant investment strategy, especially if you're just starting out!
I agree, i did some research on it but still coming down to the area i currently live/work in it would be alittle difficult.
Hello, I'm not sure how to start this...i am very intrigued on owning a residential property/rental property i have not yet decided due to my current living situation i am a 26 year currently living rent free and currently have a salary of $50,000 Annually and have accumulated about $40,000 in my savings account. I have been battling with myself on which route to take either a rental property or a residential but at the same time the area i am currently living in i would not be able to afford the 20% down on a investment loan unless if i go out of state/2-3 hour drive. i really am stuck and want to capitalize on any opportunity as soon as possible please i would love the feedback and guidance on how i can get my foot into the door of becoming a real estate investor.
Sultan -
First - read Brandon Turner's book on How to Invest with No or Little Down Payment. One of the best strategies (that I wish I new about when I was your age and had your savings) is house hacking. Find a duplex, live in one side, and get a low down payment FHA loan, build equity over a minimum of 2 years (to avoid capital gains tax), buy your next hack and rent the side you were living in. This will turbo boost your investment journey.
Go get it... you can do this!
I really Appreciate the advice. I just purchased the book. After further doing some research finding a multi family home in my area that fits my budget assuming that if i dont find any tenants is alittle difficult to afford with my current salary and going out of state will be alittle difficult without getting a investment loan....