Omaha, NE · Member since 2020 · 611 posts · 665 votes
5y
Start setting aside money now. Real estate is great in that you can find creative ways to invest with low or no money down, and you'll be so tremendously limited in the beginning if you only have the mindset of max leverage.
We bought our first property as a primary residence, lived in it for five years, rehabbed it, and rented it when we bought a new primary this past June. All I did was save a little and pay debt, but in December, we bought our second rental and next week our tenants are moving in. From June of 2020 to March of 2021 my net worth jumped from about 60k to 253k. I went from holding 120k in assets to now about 592k in assets. In total debt, we have only about 20k more than I did the day I bought my second primary.
I say all this to illustrate that its okay to start slow. Maybe your first purchase is a house hack and you build resources from there. But get started as soon as possible and study voraciously. Listen to every BP episode. Check out the BP Money channel too. It's amazing. Read Rich Dad Poor Dad, and Landlording on AutoPilot. Read whatever you hear recommended. Most of the titles can be found for free at your local library, on their digital apps as audiobooks or e-books.
Lender · Phoenix, AZ · Member since 2018 · 440 posts · 256 votes
5y
@Collin Smith Glad you're starting early Collin! For learning, my biggest piece of advice is to listen to the Bigger Pockets podcast. I had started listening to it way before I was ready to make any moves, but I learned a ton. I always took mental note of books recommended in the 'Famous Four' and would read books that I heard mentioned often. And as Jody said, save save save! That will help you be best prepared for when an opportunity presents itself to you.
Investor · Hot Springs Village, AR · Member since 2018 · 112 posts · 56 votes
5y
Any realtors/investors in Little Rock who would be willing to show this kid the ropes? Contact him and help him understand how however you are involved in RE works. We are friendly in the south...right?
At 17 you're ahead of 90% of investors and your in the best platform to learn, continue to learn and most importantly start taking action, there's no perfect time to get in real estate and you'll never know enough so just go for it.