If you ask any old man, he will tell you that the best time to invest in real estate was 20-30 years earlier. But the fact is that any time is great for investing in real estate. It becomes even better if you are young and in your 20’s or early 30’s. It is a fact that higher education has become very expensive and students have to do menial jobs to support their educational expenses. Most young men and women remember their student years for a long time to come as their struggle years.
However, this is also the best time of your life when you should think about investing in real estate. Most students are thinking about saving some money in their bank account rather than eating out in expensive restaurants. Many young boys and girls receive some amount of money to purchase a home as wedding gift from their parents. Rather than buying the biggest house that they can afford from this money, they should invest it into buying a fixer upper to earn a sound profit from their investment. By repeating this exercise a few ties, they can become proud owners of a house without having to pay EMIs to lenders for the next 25-30 years.
There are lots of young men and women who actually started to earn money by renting extra rooms in their purchased homes to other students and couples. You too can do the same provided you avoid the mistakes committed by other students and choose real estate investing rather than choosing to live in rented properties.
The best way to take a plunge into real estate investing as a young boy or girl is to look for a low cost fixer upper and slowly more to a duplex. You can hold on to this duplex for your own living as well as to earn rental income. Your next move should be to switch to a fourplex so as to increase the size of your asset and also the amount of money you can earn as rental income.
If you do careful planning and execute your plans wisely, you will find that you have registered your name on the property ladder at an early age in comparison to your friends who you will find living in rented homes for a long time to come.
If you keep investing a sizeable part of the rental income into real estate, you will find that you have become wealthy by the time you are in your forties. However, to achieve your financial goals at a young age, you need to start early and begin with a fixer upper when other people your age are thinking of ways to save money in their bank account. This is also the time in your life when you can learn a lot about real estate investing, especially carrying out repairs as DIY projects. You will get tons of information on tools, techniques, and hiring the services of professionals on internet to complete your improvement projects for your fixer uppers.
Your student life is also a time in your life when you can join investment forums. You also have enough time to think and decide whether you would be better off with a license as a realtor. By taking first few baby steps in real estate investing, you will have the confidence that you will not have to worry even if the economy tanks again. Starting early also means you will be able to move into commercial real estate investing to earn attractive profits at a comparatively young age. It also gives you a chance to retire early and enjoy the fruits of life.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
