Investing in real estate is no longer just for the older generations. With the rise in technology and information sharing, more and more young people have successfully been able enter the market as investors. Make no mistake: it can be a tough game to
play. It takes determination, strategy, and a constant willingness to learn. With those things however, any young person has the ability to become a successful real estate investor.
Think you're ready to invest? Here are a few tips:
Use your youth as a tool for real estate investing.
This is the time in your life to learn the ropes of the business, not while your finances are most likely tied up later on. By entering the industry at this age, you have the ability to learn the area and gain knowledge your superiors early on. This will
give you a competitive edge in time, which will contribute to your longevity and success in this business.
Be prepared to face some challenges.
Investing in property can be hard when you have very little disposable income. Trying to start a family, getting married, poor credit, and changing jobs only complicates the process. But remember, you can see some serious ROI in real estate investing.
While it may take some time and money to get started, once you do, your investments can really take off. If you have the motivation, you can make it happen.
Invest in your primary home.
If you purchase a home with the intention of “flipping”, or reselling for a profit by renovating the property, living in it could significantly reduce your costs. Redo, remodel, and rejuvenate the property from nothing to something. You’ll get you hands
dirty and get a taste of the flipping market if that’s something you could also see yourself doing. And the best part of living in a home like this is the absence of holding costs for you to live somewhere else.
Invest and live in a multi-family.
This fantastic option allows you to live rent free, rent out the other units, manage your own property, and get your feet wet in the investment and management side of real estate. And when you’re ready to move out, you have your first investment property
prepped and ready to lease.
Use your knowledge of technology and social media to build relationships with other real estate investors.
They can offer property investment advice and insight into the market that can help you in the long run. Additionally, reach out to local investors as well. These people have experience in the exact market you’re working in. They know the trends, the
popular neighborhoods, the companies and contractors to work with and more. Take their expertise and find the best real estate investment for you.
Don’t let your age and inexperience hinder you from investing in real estate.
Utilize experts in the market to your advantage so you can craft a successful property investment strategy. They hold knowledge about this practice that can guide you in the long run, but learning that information will only get more difficult the older
you get. Think of your age as an asset, not a liability. You are young, but not incapable of real estate success.
Want to know more about real estate investing? Speak with one of our agents for a free consultation at 512-897-0009!