Please help. I am a beginner and need some good advice :)

General Real Estate Investing
1

I want to be a successful investor. I just got my real estate license. How will that have an effect on my investing?

I am also trying to decide which to buy first…buying my first home or buying my first investment property. I have been an apartment renter for many yrs. and am finally in a position to buy my first home and can’t wait to detach my walls from other people around me!!, BUT am wondering if I should put that off and buy my first investment property instead.

I feel like the wise thing to do is buy the investment property because that will be an asset vs. buying a home will be a liability and an emotional purchase…but part of me also looks at it like…I can turn my first home into a rental later…you know what I mean?

Please get back to me on this. If any experienced, knowledgeable, successful investors out there could give me advice on this I would really appreciate it and be very grateful for your time!

Thanks.

2

Since you just got your license the best thing you can do is wait on both fronts.

Stabilize your income first.

3

I disagree… The best thing you could do is buy a profitable investment deal, structured with no cash down , high equity position and resell before taking title.

Do 10-12 of those first…

then you wont have to move twice… Once because you bought what you could afford and the second time is becuse you only bought what you could afford the first time.

I would rather wait until I stablized my income then buy a house with cash.

Set up you roth IRA as the owner of your investment business so you can have some tax deferred status and hit it…

Just understadn one thing… This isnt an easy business… You have to work your “donkey” off…

Good Luck

Michael

PS… Dont become a Realtor…

4

I disagree with Michael Quarles. If you are paying rent every month that is lost money.
Buy a duplex, 2 on 1, house with mother-in-law quarters. Live as inexpensively as you can while your tenant pays most of the mortgage.
If you have to pay for a roof over your head, make it your own roof.
It’s a good way to start.

FurnishedOwner

5
If you are paying rent every month that is lost money. Buy a duplex, 2 on 1, house with mother-in-law quarters. Live as inexpensively as you can while your tenant pays most of the mortgage.

I have an unlisted home phone number and a separate PO Box for my rental property companies so that the tenants won’t know where I live. While having a duplex and living in one half might make sense from a monetary standpoint, I don’t want to live with my tenants (or anywhere close to them). On the other hand, I don’t have higher income professionals as tenants like Furnishedowner does. I just have normal lower and lower-middle income tenants.

Mike