I m 19 years old and I have read too much information about real estate (for 8months now) and I am so eager to start. I only have 1k saved for now and I work at a bank. Should I wait for more savings to get started or should I start Now!? If I were to start now, where would I start. I want to buy and hold. I just want to get my feet wet and start but money is the only thing holding me back.
You are deluded. You are far too young to get a mortgage and you are not earning enough. 1K is not enough to put down as a deposit. Most lenders want 10% of the asking price. Do some research.
...but money is the only thing holding me back. Well, it's a big thing but it's not the ONLY thing. Should I wait for more savings to get started... What other choice do you have? You can't buy with cash and you can't borrow either. ETA: No, you can't borrow. You will NEVER get a mortgage as a teenager and only 1k in cash. You have ZERO down payment. ZERO cash for closing costs. ZERO cash for pre-paids. And I doubt you have an adequate credit score, income or two year work history.
Age 20. Why? Because a lender requires the borrower to be employed full time for two years to consider the income regular (counted upon). Plus you need time to develop a credit history (even alternative forms of credit) too. Plus you will need to earn more money to cover your down payment. But be proactive and talk to the loan officers at work. Find out from them exactly what you will need to acquire the loan amount you feel comfortable repaying.
You start with enrolling in a real estate course. If you pass, then you need at least 6 months of savings set aside for personal expenses as well as a a few extra thousand for all the expenses regarding the business. It could be 3-4 months before you have any income from sales IF you sell anything. In the meantime your realtor expenses continue. Failure to have the above, is why most agents cannot afford to continue. Wasted years.
