Best Strategy to Use for My First Deal?

Question

Hello All!

My name is Harrison. Im 23 and I live in Carlsbad, CA.  I just finished reading Brandon's book on real estate investing with low or no money down.  I am super excited and passionate about getting into the game! Im feeling like finding a way to househack a 4-unit would be the best way to get started.

Does anyone have any suggestions (especially for North County, San Diego) on the best way to raise money for a down payment or mortgage and also the best way to structure my first deal/ find deals?

I am also super interested in networking here in North County!

Thank you!

Harrison

Greg Rollins · Answer

@Harrison Hodson,

First off, welcome to BP and congratulations on getting started as early as you are. I wish I had started at your age. Very awesome!

If I were you, I would spend some more time reading as much as I can. That is awesome that you finished Brandon's book, but what other books are you reading? There are plenty of books that have plenty of different views that will give you plenty of options for how you will structure and attack your real estate investing ventures. Brandon is not the ONLY investor that has succeeded and his views are not the ONLY ones that work.

I would also spend time learning your area, and talk to local investors about what they've seen and what works for them, (what you're doing right now, which again, so awesome that you're doing so young) but take the time to do your due diligence and research before you jump in head first. While the framework of what Brandon talks about are general plans that DO work, the DO NOT work in ALL markets.

I get it man, I honestly do, but I would highly suggest you try and temper that desire and attitude into a solid game plan with solid goals backed by knowledge, numbers and if you can, experience (working with another investor on your first couple deals to get your feet wet).

Having said all that, I want to commend you again for attacking this straight on and the desire to be aggressive. I honestly wish you the best of luck as you move forward and I would trade places with you in a heartbeat if I could. If you need anything, I'd be more than happy to help you out with anything I can North County as I am just starting out in that area as well (having read and studied everything I could for over a year).

Best,

Greg

Kevin Fox · Answer

Hey @Harrison Hodson

Welcome to BP!

There are a ton of San Diego based investors on the site, so you should have plenty of resources to reach out to.

Having said that, I try to advise people to stray away from the whole "no money down" strategy. While it isn't impossible that you can find someone to partner with you and provide the down payment, it is rather unlikely (unless you have family willing to provide funds).

Feel free to reach out if you'd like to chat about San Diego REI or would like help assessing the best way for you to get started.

Best of luck!

Kevin