If you were 20 years old again, what would you do diffrent?

**vijendrasnv** · 08-27-2009, 05:20 PM

Hi,
Well that's great idea to invest in the real estate.But you should have some basic knowledge about this like market condition.
So get the full knowledge and then start investing.
Thanks.

**Hollywood Landlord** · 08-31-2009, 02:38 PM

Everything takes time, but you are definitely on the right track asking questions and getting a vision of the landscape before making any financial moves. Many people here have great advice and the best I have read is to TAKE YOUR TIME. Perhaps seek out a mentor: someone that is doing what you want to do... it could be a RE investor, an agent (you can learn a ton) or an REO specialist - it just depends on what most intrigues you.

Save your money, learn, slowly enter the market and master one area of the landscape. You get really good at ONE thing and that along can make you very wealthy.

If you can combine owning a nice portfolio and renting out your properties, Mr REO is right, passive income is paramount to living comfortably.

**TaxLienGuru** · 09-10-2009, 05:18 PM

Originally Posted by boatboy

I'm 20 and have a good amount of money saved and want to get into real estate investing. It doesn't matter to me, commerical or residential as long as the return is there. I will graduate college soon and willing to move anywhere to get into real estate.

I always thought about packing up and heading south and buying a double where they would pay the mortage. While this goes on, I'd like to buy a property I could probaly flip within 6 months and use that cash to build my real estate portfolio.

What suggestions or advice do you have for me? I'd hate to repeat common mistakes.

Ahhhh... to be 20 again and know what I know now. I am envious of you. If I could send a letter to myself back in time to when I was 20, here's what it'd say:

1. Get out of debt (The rich rule over the poor, and the borrower servant to the lender)

2. Stay out of debt

2. Pay cash for "cheap" properties. If you can't do it now then wait to invest until you can.

3. When you buy a larger commercial property only buy with your own cash or with the seller financing the deal with NON-recourse debt.

4. When temped by "leverage" to get rich quick, see rules #1 and #2

**BSS2T** · 09-10-2009, 06:34 PM

I'm not far ahead of you, at 23. I got my license when I was 19 and would definitely do that first. Learn the market and make the contacts. Oftentimes, at least in my market, getting in on great deals is more about who you know and who knows you will deliver what you say you will.

Pick an area of investing that you want to be king of. It may be flips, building, or it may be buy and hold, but choose one, and become an expert.

Anything I can do to help you, let me know.

Brad.

**VAInvestor** · 09-11-2009, 01:43 PM

Great Topic!

My one piece of advice and also my one regret in not having done is this: find a good mentor - someone that really knows their stuff. It must be someone in your area who you can shadow and learn from, even if that means you working for free for them for a while. This experience will be invaluable. You will shoot up the learning curve much faster than someone learning by trial and error.

I am 29 and a fairly experienced investor, but even now I am still seeking out mentors - people that are doing bigger deals than me to learn from.