Real estate investing is an attractive occupation for many people, especially those who don’t want to sit in an office all day. Being out in the field looking at properties, managing renovations, and networking are all activities many people love. For the young people who want to get into real estate, you can start at a young age, get your foot in the door, and work at it until you get to where you want to be. Everyone has to start somewhere and starting young is a definite perk. Don’t dismay if you have a bit more life experience under your belt, becoming a real estate investor can start at any age.
In your Twenties
- Being young has definite advantages. For example, you are able to live on much less than when you have a family or more responsibilities. You will see young people buying properties and living in them so they are making a house payment but it is an investment. Consider buying a property where you can live as well as flip, such as a duplex or small apartment complex. Even a single family home can be called home for a young person or couple for several months during renovations and investment. This is a great way to get started in real estate investing.
- After the property is renovated and ready for sale, you should already be searching for the next one. This is why when you’re young, it can work to move around from house to house, essentially flipping it while you live there. You can have a postal box and never have to even change your address! As your family grows, you won’t want to be moving around as much to create stability for them. By then, however, you could have several properties renting out for a monthly income and you are able to get into the perfect house for your new life situation.
In your Over-Twenties
Anyone can become a real estate investor. This is a well-documented fact; look at many of the successful investors and they may have learned a great deal at a young age but were finally at a place where they could invest, later on in life. The money is not always the first hurdle but as you get older, you are less willing to take risks, even profitable ones. The great thing about becoming a real estate investor is that many times your own personal network will yield the necessary funds to invest and all you have to do is make money off of it. It’s the basic concept of someone trusting you with their money and your promise to make them a profit from that money. Be sure you can deliver and after you get them higher return than they expect, you’ll be building your business right away.