hi, i'm 22 years old and fresh out of college with a mid-range paying job in california. I want to get started in real estate investment as soon as possible, but don't know the best way to go about it and what types of properties I would be able to afford and what types of loans i would be able to get. can anyone help me with advice/tips/whatever you can to get me started asap? i'm particularly interested in flipping and interest only loans, but am also looking long term.. thanks!
myang83 said:thanks.. is it feasible to get started this early? with such little capital?yes people your age have done it...
but its not "early" any more....you are coming in very LATE in the real estate runup...look how old the threads linked above are. getting in now could be getting in on the wrong side of the curve
Don't let the NEGs scare you off. Their hissing is no worse than... (pause)... ah, it's no worse than a leak in a gasbag. (Lost my train of thought there, just for a moment.) You can learn a lot at FWF, so hang in there! myang83 said: hi, i'm 22 years old and fresh out of college with a mid-range paying job in california. I want to get started in real estate investment as soon as possible, but don't know the best way to go about it and what types of properties I would be able to afford and what types of loans i would be able to get. can anyone help me with advice/tips/whatever you can to get me started asap? i'm particularly interested in flipping and interest only loans, but am also looking long term.. thanks! My only real estate is a REIT currently growing at a rate of 8% or so. While you are accumulating funds and looking for suitable property, you might investigate growing your nest egg with a REIT. If the real estate market does burst, you'll want to be in position (cash, connections). California is a rough market. Have you considered working with a real estate company in some capacity? Maybe even taking real estate courses? I've heard some folks get connected by handling open houses, picking up some extra income on weekends and making the sort of connections that might well be useful. At 22, you are doing the right thing, to look into owning property. You don't say what your job is. Is it a career or just a job until you find your metier? -Zer
Okay, so I don't own any REAL real estate myself, but there are people on FWF who are no older than this chap and who might well share some info about how they got started. No harm in encouraging someone who recognizes the value of real estate, even in California and the inflated market that may or may not burst and prove all the dire predictions that are floating around. I think it's nifty that anyone can imagine building his own Home REIT at an age when I was not at all aware of my own capabilities. I like to see initiative like this. Don't you? -Zer unknownshopper said: Zer92780 said: At 22, you are doing the right thing, to look into owning property. -Zer
Read thatwhole thing, take 2 aspirin, and get back to me in the morning.
When everyone wants a piece of the action (" i'm particularly interested in flipping and interest only loans, but am also looking long term.. thanks!")....is it time?
Zer92780 said: I don't own any REAL real estate myself ... No harm in encouraging someone who recognizes the value of real estate, even in California and the inflated market that may or may not burst
The terms "expensive" and "too late" should be based on the future, not the past. If you had a crystal ball which told you that real estate will go up another 50% within the next 5 years, then it is good to buy. If the CB says that it will go down 50%, then, it's time to sell (or short). Nobody knows the future. Don't you guys have friends who thought that 2001 was the peak of real estate and sold their house? How about in 2002? 2003? 2004? Past performance is no guarantee of future results. Real estate prices are dictated by the Law of Supply and Demand. As long as there are more willing buyers than willing sellers, prices will go up. Or course, the contrary is also true.
My friend's friends and family told him he was crazy when he bought his house in California in 2000. They told him that prices were too high and that he's too late and he should wait for prices to drop. The rest is history.
My point is this: Some people will tell you that you should buy and others will tell you not to buy. A year or two from now, half of them will say "See? Didn't I tell you prices were going up (or down)?". And you know what? Half of them are going to be correct and those are the ones you will hear from. The other half (the incorrect ones) will remain silent.
The rest isn't history until the time he sells and we see if he came out ahead or behind. Right now, he's looking good. But, just like in a casino, your early wins encourage you to think "hey, easy money" and get greedy.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
