Ill give you a brief summary of my situation. Im 20 years old, 21 when i plan to invest. Im currently in college right now and researching real estate at the same time. Ive been reading books and reading forums like these. However when i plan to get my feet wet this summer when schools out, i doubt I will be able to get a loan. I dont work, and i just recently started establishing credit. I intend to rehab and rent to get an idea of teh process, maybe even sell. Is HML m only option? Will they even give me a loan? Thanks for any responses
You may want to consider a partnership on a few deals to get your feet wet. I even make mistakes and I have bought almost 100 houses and rental property. Perhaps a mentor or consultant may work as well. It takes more than money and credit to do deals.
Hey,
Ted, THE Man, is right - partner up or find a mentor. Be a birddog. Purchase a duplex - live in one side rent out the other build equity and use the cash flow. There are lots of ways to do rei but it is spelled c-a-s-h which is best spelled OPM.
Peace,
Richard
I would love to purchase a duplex, but I couldnt afford the rent, I live with my parents and do college full+ time. My only time to make an investment would be this summer.
Would getting my friend to help be a no no? I’ve read partnerships are best done solo, but he is valuable. He and his father run an AC business, and knows electrical. He also know a ton of handymen friends. This would cut the risk, by half.
I just started investing 5 months ago with a partner. We don’t always see eye to eye but the good thing is we both WANT to get out of the rat race. We learn from each other when we do disagree. Two minds, create a third mind, that can provide a wealth of knowledge.
One recommendation, write-up an agreement before hand, that you’ll both sign, on what will happen if/when the partnership doesn’t work out (an exit plan). It may sound selfish but it’s always best to Cover Your A$$ (CYA)…and never quit educating youself about real estate…either of you.
Hey, I’m new to this too. I’m 22, college business BBA graduate and working in a very low-paying job (my passion). I want to get into REI. I’ve thought about buying a duplex coming up soon. I’m willing to rehab a building, but I just don’t know where to start… I need all the advice I can get!
