Getting Into Real Estate with no Knowledge or Money?

Question

The title speaks for itself...I'm trying to figure out how to get into real estate and be one of those people who has 10s or 100s of properties or even people who own hotels...but I'm 26 working a job at a local hospital make 45k a year and also a volunteer first responder...and I'm not sure what to do to get there...I'd like to at least have 2-4 properties in the next 5 years...maybe try house hacking? I'm not sure what to do

Chris Seveney · Answer

Ambition is great but start with what’s real. At 45K a year, your best move is probably house hacking or buying a small multifamily where you live in one unit. Focus on one good deal, learn the ropes, and build from there. You don’t need to figure out how to own hotels yet, just figure out how to own your first property.

Ned Carey · Answer

@Cameron Taylor House hacking may be the right strategy, but the next steps i recommend next are

1) learn how to evaluate deals.

2) learn your market.

3) live within your means. There will be lots of hidden costs to owning your first house and  you will certainly need cash reserves to do a second deal.

Keep reading and listening here and the path forward will start to become more clear.

Eric Gerakos · Answer

Cameron, welcome. I would advise that you think less about the number of properties you want to own and more about the quality. Owning a lot of cheap properties can be less profitable than owning a few better properties. Best of luck to you.

Brendan Mullenholz · Answer

Welcome to the BP community! House hacking is definitely the way to go in your shoes.  You can live in the property and get your mortgage paid down.  It also gives you an opportunity to get a feel for being a landlord.  Focus on one and then grown from there.

Micah White · Answer

For someone in your position, I would definitely recommend house hacking! That way you can leverage a low down payment and hopefully get some cashflow on top of that. Happy to help you talk through strategy any time!

Joey Banasihan · Answer

Hey @Cameron Taylor - If you haven’t already, house hacking is 100% the best entry point, especially for someone making under $50K/year. It lets you live in the property while offsetting your mortgage and building equity — but set your expectations right: the goal isn’t immediate cash flow, it’s learning, reducing expenses, and setting up for your next move.If you can repeat that every couple of years, even 2–4 properties in 5 years is doable. Combine that with smart saving, getting to know lenders and agents who work with investors, and treating every deal like a learning opportunity — and this stuff snowballs.It’s not overnight success, but it can become long-term wealth and freedom. You got this.

Getting Into Real Estate with no Knowledge or Money?

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