I am a 20 year old university student and I would like to know how to start as a real estate investor? Where do I start? I mean from the very very beginning. What should I know? Where do I get the money to buy my first investment property? If youre a real estate investor, how did you start? What is the process of investing a property to getting money out of it? Im new to this so it would be like explaining real estate investing to a martian. Please tell me because I really would like to do this in the future. I want to be successful please.
Before buying any investment property you need to have an experience residential or commercial home inspector. Income properties are notorious for being Money Pits and you need to know your costs of repairs and maintenance prior to buying property. A savy inspector will be able to warn you about lack of building permits, illegal apartments, dangerous wiring, asbestos, galvanized plumbing, vermiculite insulation and mould.
If you plan to invest in rental property, I suggest that you start by getting a job as a resident manager of an apartment building or as a property manager. That will give you a taste of the property-management aspects of owning rental property. There are also the deal-doing aspects of real estate. For that, you might get a job as a real estate agent. I did that for two years to learn about the business when I was 26. But since real estate agents are only paid on commission, you may want to take a salaried job in the business instead---for example: real-estate-brokerage secretary, salaried assistant of a top-producing agent, real-estate attorney, title-company employee, or mortgage-company employee.
