Advice For a Young Investor to get started.

[RealEstateDreamer]

 

I would like to start investing in real estate really soon. I'm 25 years old and Have only a car note. I don't have any money for a down payment. My first investment will be a home for myself. Can anyone tell me so good books to read and any advice on where I should start?

[MichaelQuarles]

I would first change my name to RealEstateAchiever

[RealEstateDreamer]

I like my name everything starts with a dream.... 

Now thats thats out of the way.

Does anyone have any other advise other then a comment on my name.

[Bluemoon06]

First a home that you buy to live in is not an investment.  It is shelter.  I would look at my investments as a business.  I would buy properties that make money where you are.  In other words if what sells rapidly where you are is a 3 bedroom-2 bath with 2 car garage over 1500 sqft, I would buy that (that is what makes money here).  To find out what makes money where you are I would join and attend your local real estate investor’s club and attend.  I would find out who is actually making money and I would find out how they do it.  I would then do EXACTLY what they are doing.  I would not reinvent the wheel.  What that does is puts you in position to start investing in an environment where you make no mistakes. 

[phlemboy]

Can we call you RED for short? ,

Seriously, there may be some 100% LTV programs out there. But it may be hard to do it without ANY money out of pocket. You'll need to provide more info about your situation to get better advice.

1. What's your credit score?
2. How much house can you afford?
3. What are your rehab skills like?

There are a few RE investment books I've found helpful.

1. " The Millionare Real Estate Investor" by Gary Keller ($25).
2. The "Rich Dad Poor Dad" series books. ($15-$20 ea.)

There are a bunch more that are cheap. But you can also go on ebay and pick up the Carleton Sheets program for about $40 - $60. I got one for $40.
Also, you can purchase a duplex or 4plex and live in one of the units and rent the others. This way you have both a home and an investment property. It's not a bad start. Then you can use that property to purchase another. but getting educated on the way to invest properly is the key. Luckily, the education is cheap but it takes a while to learn the basics. Good luck.

[Neg]

Are you talking about the Carlton Sheets "No Money Down" program?  I think I saw a couple different programs, but I could be wrong. 

[abinvestments]

I agree with phlemboy.  Since you said you are looking for a home for yourself, buy a multi that you can live in and rent out.  Had I known better at the time, that is what I would've done. (still kicking myself for that). You get the home and experience being a landlord.  Not to mention other benefits.
I got the books he mentioned.  And I got the Carleton Sheets program ($19.50 on ebay).

[phlemboy]

Are you talking about the Carlton Sheets "No Money Down" program?  I think I saw a couple different programs, but I could be wrong. 

Yes, the program is a great starter for the money.Just don't get caught up with the coaching and other stuff they sell. The program is fine by itself. I'm waiting for Prpertmanager's book that he has out. I should have it shortly. It looks like a great book.

[ericmedem]

My best word of advice for a newbie investor is to look within yourself for what your intentions are as an investor,

What are your goals?

Why do you want to be an investor?

Where do you want to be in 1 year, 3 years, 5 years, etc

Basically if your going to climb the ladder to investment success, be sure it's leaning against the right building.

One more tip, don't mistake investing in courses for investing in real estate.  It seems elementary but many times  newbies don't achieve any level of success because they are more into saying that "I am going to be an investor" than they are into being an actual investor.