Real Estate Wise
When I was younger, the mere thought of being broke at an old age terrified me. I’m glad my mother taught independence at an early age. She emphasized learning basic car repair and investing in real estate. Looking at the world today, I’m glad I listened to mother’s advice.
I started investing in real estate at the age of twenty-three. Her help was essential because finding a like-minded friend was almost impossible and real estate software was not invented yet. You truly need to surround yourself with those you want to be like and that’s no myth. Your social circle is as crucial to your success as are your professional ties.
Time Waits for No One
Once you turn twenty-five, the aging wheel starts to turn really fast. Real estate investing is a trade that will never go out of style. You can perform most duties in the comfort of your own home, providing you have the right real estate software or you can drive to an office. Nevertheless, you will have a few stumbling blocks when you are attempting to buy real estate at a young age.
Overcoming Stumbling Blocks
I don’t care what the “old lady” did, you can’t live in a shoe. If you are serious about real estate, you should invest in a contemporary real estate software program. Being a newbie, you can use all the help you can get. In the meantime, let’s go over two top common stumbling blocks many young people will experience.
- You say there’s no money. One mistake I see so many young women make is blowing their income tax refund on instant gratification. Put away tax refunds for a few years and save that money for a down payment. Continue to manage as you have.
- You have no credit. Building a good credit rating is hard. Often times, creditors will ask for a co-signer for beginners. Nonetheless, spend time accumulating small lines of credit and pay on time to establish creditworthiness.
What You Do Have
While times have changed, making ends meet can be difficult. We are constantly looking for ways to pull off bills and manage savings. There are a few reasons why you should invest early in real estate. Let’s go over three significant factors.
- You’re healthy and full of energy. When I bought my first house, it was a fixer-upper. It was charming, but needed work and since dad taught me how to lay carpet and hammer a nail, I could do most of the work myself. The other, I could get done for cheap by hiring family members.
- At twenty-something, you have time in which to build your dream home. Sit down with a professional and come up with a renovation plan. Start a savings account specifically for home repairs, go over budgets and guidelines.
- You have resources! When you consider teenage millionaires who have made it using their PC, you have the same resources such as using real estate software. Join a group of business minded individuals, however, if that’s not possible, start a club of your own.
Always consult with your elders who have “made it” in their line of business. One couple helped me to own a home (no money down and an outrageously low repayment plan), plus a rental because they saw I was different. I bought both properties for $20,000. After renovations, it sold for $96,000.
An Elder’s Advice
My advice is to live just below your means until you are extremely comfortable within your finances. There’s no dishonor in living down. Invest in yourself like purchase a worthwhile real estate software program that will assist you in making money. Later on after you have enough equity, you can purchase another dwelling and treat yourself to a luxurious weekend.
The market is such today that buying a multifamily unit is bargain-priced or as expensive as buying a single unit home. DIY projects are usually low-budget, but have amazing results. Items that contractors discard are useful and will help offset the cost of repairs. By doing this, you’ll have enough cash to meet mortgage obligations and some to set aside for a vacant unit.