[RyanRE]

@Dabosh ~ I really think that you should just talk with a local lender and real estate agent to set up a plan for the future. A good plan is better than any "get rich quick" scheme.

[jihni]

Originally Posted by RyanRE

A good plan is better than any "get rich quick" scheme.

I agree. Making any type of investment should be planned well so as to avoid financial loss, which could also be emotionally detrimental to a first-timer.

[escapeso]

Ryan is right. I would avoid the get rich quick books and videotapes.

I dont know about Canada but lending has gotten more difficult in the US. I think the two keys are downpayment and getting a good credit score. So basically getting a job that helps your credit score (this might mean avoiding a job where all your income is in tips and therefore doesnt help you as much in the loan process). And of course saving as much money as possible.

I would avoid tax sales for your first purchase. They can be kind of risky espically if you are not an experienced investor. Getting a straight up single or multifamily property might be safer.

[DenaDavis]

I think being young is an advantage in a way. If you are young you probably dont have kids. That means you dont have to shop school zones. You can buy your next house based on which property will yeild you the most equity. That means that you can buy a house, move into it no matter the neighborhood. Fix it up and move on. I think the key to investing is that you dont take money out of the bank to a riskier form of investing unless you are "making money by buying it." Getting a home under market value, moving into it, then upgrading it. Holding it for a year or so, then selling it for another fixer. People with a family cant do that. You cant just uproot your kids.

I agree with RyanRE. Most younger people dont have the income to qualify for a primary residence AND an investment property. ( debt to income issues)

The problem I see with young people is that they get so enamoured with that "New builder Home" and the lifestyle properties. They buy for lifestyle and they are foregoing a great opportunity to build up weath in real estate.

Just as you can build a handsome stock market portfolio by starting young. If you make the right moves in real estate at a young age-- you could do 2 -3 trade ups before you are 35.

I like real estate classes. I have taken many of them. If you can get a few concepts you can use-- then go ahead and incorporate the ones that make sense. Find a more experienced investor in your area and "make friends". Older investors LOVE to share thier experience with newer investors. It would be great to find one that knows your market.

[thataway61]

Go talk with a lender - see that you are going to need to be able to show stability and earning power. Ask them what it takes to qualify for the loan.

Now is a great time to be coming of age and seeking opportunity. By the time you stash away a good down payment the markets hopefully will have flatened out, stablized, and be on the way back up. Make sure you don't overleverage yourself.

Check for foreclosures and Bank Owned Properties. Go to the lower priced ones and you can see that there is opportunity that simply was not there a couple years ago.

Keep in mind, you make your money when you buy, not when you sell - meaning do not overpay just because you want to own something. Hunt down value, and be patient yet always on the lookout.

I highly recommend your reading Gary Keller's book "Flip". It will keep you on the right path and teach you to build a network to help you do what you seek to do. There are many people that called themselves Flippers that would not be in the sad shape they are in today if they would have heeded that book.

[20something RE Guy]

I'd start out small , building a foundation of rentals would be the best strategy as they're much more forgiving than going in and flipping properties.

In the past year and half I've bought a partment building and house with my brother and both have worked out pretty decently. The WORST thing that has happened has been getting ripped off by bad contractors. Since then i've started to do some of the work myself which was the best decision I've made.

[judithscott]

I got your advice must appreciate!

[AnnAnderson1015]

-work at building up your credit
-borrow and pay back over time on smaller loans
-get into a Contact for Deed if you can ( when you move out)
-Get roommates to help make the house payment

Tax liens only work in some states and mostly use by people with investment money.

[Ashishtis]

Definably for youngster the big problem is finance....so keep capital secure also so you don't find difficultly for down payments and other needs and expenditure...maintain budgets for initial investment and future expenditures.

[johndale]

A real estate agent or a money lender would be a great help for you at your age. Get a good job first, it will help you to have a good background and earn bucks from there.