Welcome to this forum and the world of real estate.
Your questions are broad, but lucky for you there is a ton of information on this forum, you just have to look a little bit. I suggest using the search function and the sidebar to answer your questions.
You have a great advantage compared to many investors and that is that you are young and are starting young. Time is money and if you fail, you have time to recover. However, the drawback is there is a lot to learn, but as long as you have the desire and are willing to work hard you will do ok. Good luck.
I strongly urge you to read AT LEAST these two books:
The Road to Wealth and Nothing down for the 2000’s by Robert G. Allen.
I’m young myself (only 22). I’ve inhaled both of these books and all of it’s information in 2 days. A lot to learn, yes. But, if your truly in love with real estate then you will welcome all knowledge about it.
Welcome to the forum and your start in RE investing. Like they have said in prior post, you have alot to learn, but if you really have a passion for Real Estate, it will be fun studying and learning.
Where in Michigan are you? That way we can try to point you in the right direction for a REI club.
Read all the articles you can and ask questions, you will learn alot. After you feel like you are learning, go take action!
For starters, narrow down your focus. You can’t start out in this business being all things to all people. You know, the old “jack of all trades, master of none” syndrome. So settle on one investing technique to begin with. Learn it well, get some experience and cash under your belt, then you can move on to other areas of real estate.
For what it’s worth, the safest and simplest way to start is with options and lease options.
Yeah it is definitely a good idea to narrow down exactly what I want to do.
I’ve read a lot about lease options, and I think that would be a good thing to start with.
I’m also really interested in Renting because of the monthly income, but I understand there are a lot of undercover expenses, taxes and other things that may not make it worth my time.
And of course flipping, which people say is a lot harder than it sounds though.
Thank you ShortSalesChris for the book suggestions, there seem to be thousands of them, I’ll check these two out.
I live in Saint Clair Shores Michigan, right down the street from Detroit and near one of the richer cities in the Michigan, Grosse Pointe.
So there is a large range of prices for the properties. From $50,000 houses to $120,000 houses to $500,000+ houses.
I’m stationed in maryland right now ( in the navy). But, I get honorably discharged in dec of this year! Can’t wait to be a free man, hehe. Then I’ll be going back home to california. So right now I’m mainly just educating myself with everything I can get my hands on. Let me know if you find out some interesting information about lease options or anything about real estate. I’ll do the same for you