When’s the Right Time to Start Investing? (Age, Money, Lifestyle)
When is the right time to invest in real estate? We’ve all asked ourselves this, and if you’ve been thinking about buying rentals, you probably have, too. Whether you’re 20 or 50, have a little money or a lot, that first real estate deal can seem so...scary. You’ve never done this before, and things can (and will) go wrong, so how do you know you’re ready? Have you read enough books, saved enough for emergencies, or looked at enough houses? We’ve got three investors who all started in different positions to help get you an answer.
Dave started investing right after college when he was waiting tables and had barely any money in the bank. Henry began to invest well into his working career, but with a family to take care of in the near future, he had to invest differently. On the other hand, Jonathan Greene was born into real estate, with an investor father who taught him the ropes from childhood. Each expert started from a different place, but they all agree on when it makes sense to invest.
How much money do you need to make? How much free time should you set aside? What should your bank account look like? Do you need to know how to renovate and repair? Each investor will share where they think you should be to successfully invest in real estate. Good news—you might already be there!
In This Episode We Cover
The right age to invest in real estate (and can you ever be too young/old?)
How much money you should have in case your first deal goes wrong
Growing your confidence to buy and how many houses you should view before bidding
The time it takes to invest in real estate on the side (do you have the schedule for it?)
Financial signs that you’re NOT ready to buy a rental (and how to fix your finances)
Is it too late to invest with high home prices and interest rates?
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1124
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