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

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.

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.

harder than it looks but I hope you do well

Unless you're already very well off, I wouldn't recommend making real estate investing your only means of income.

I'm sure you're incredibly bright and passionate about this, but even the best fall upon hard times or miss on investments.

As klinckphilip said, it's not easy.

I'd suggest buying a personal residence you can rehab while living in it. Live there for 2 years and sell for a profit with the tax benefits. Bring on a roommate if you need too.

Your double idea is right along these lines and a good idea too. But until you can afford to lose on your investment, I'd avoid trying to flip in this market.

Ease your way into it and don't rely solely on RE investing to pay the bills. You have plenty of time to strike it rich!

Great idea.. But first, I suggest that you must enrolled your self in a university that teach real estate business.. This will help your knowledge to become wider about real estate business... After this.. You next teacher will be your experience... good luck!!

Hi there real estate business is really a very place to invest and also to earn a lot. But at the same time it is also a very bad place to vanish your money. Without having a clear idea about real estate one should not get into this business.

I think you are taking the first step that I would suggest and that is educating yourself. By asking the very questions you did, you show me that you are not a person to jump in without preparing.

Do not pay to gain knowledge. Network and join local real estate investor associations. Consider becoming licensed as an agent to gain experience and training from your broker and association.

Read everything you can about real estate investing but remember one thing: there are plenty of gurus out there saying their "system" will make you rich. It is not easy. Spend as little as possible and learn as much as possible. Many great real estate investing websites are FREE and have no sales pitches.

As far as the moving South and buying a double, it might work but investigate the area first to see how the economy and real estate market is doing, especially the rental market.

That's a good thing to hear from a very young like you, who wanted to spend their money wisely, but before anything else, before you enter into some kind of investment be sure to have knowledge about it, you should learn all the techniques on how to be successful on it, you might want to have a training session from someone whose experts in real estate matters.

If I were you I would focus on wholesaling houses until I built up around $200,000 cash. This would give you some real estate experience, important contacts and build up your people skills plus confidence. At this point I would start to ask around for private money to focus on buying some more houses and dive into some commercial deals. I would also get my real estate license, mortgage broker license, and appraisal license and take some investments courses and really learn this business inside and out.

My advice is to take it slow... don't rush into anything. There are plenty of houses and deals out there. Don't fall in love with one or your emotions could cloud your judgement.

Wait, are we talking about houses or relationships here? Just kidding... do take your time and buy only when you're 100% confident it's the right deal.

First, I'd learn how to spell the word "Different!"
Just razzin' ya.
But all seriousness aside, I would go into rental investing, and invest with one goal and only one goal: cash flow. The idea is that you eventually want to live solely off of your investments, with passive income generated automatically each month.
A few tips on rental agreement investing:
1. Multi-unit buildings are king.
2. Cities with growing populations (and growing job markets) are best
3. Stick with "working class" neighborhoods (this means that border area between lower and middle class).
4. Don't invest anywhere you wouldn't feel safe driving through after dark
5. Read the Slumlord blog for some great laughs.
Cheers, and best of luck!
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