The best time to start investing in real estate was yesterday. But if you missed the boat, today’s as good a day as any.
So what do experts say? How old should you be to begin investing in real estate? This guide explains.
How Old Should You Be to Begin Investing in Real Estate?
The sooner you can begin investing in real estate, the better off you’ll be. That’s because you have more time to watch your investments grow. Additionally, it’s important to remember that real estate properties build equity over time; the more time you give them, the more equity you can build.
However, many people feel that investing in real estate is more difficult when you’re younger. And to an extent, that’s true. But you can overcome the challenges and become the investor you know you can be.
Is Investing Harder When You’re Younger?
Some people feel that investing is harder when you’re younger. That’s because you may not have as much money as your older counterparts do. Even if you have a good job, you may have student loans and other obligations that keep you living paycheck to paycheck. Additionally, you have less life experience than your older counterparts do. However, this is easy to overcome if you align yourself with the right mentors. Another big challenge is credit. You haven’t had as much time to build up a solid credit score as older investors have, and that can make it tougher to get approved for loans that help you kickstart your real estate investing career.
However, you can overcome all of these obstacles and become a wealthy, young real estate investor if you play your cards right. That involves:
- Looking for the best deals. You need to work with a real estate agent who can help you find amazing deals on properties that may be right for you. Your agent will be on the lookout for things that meet your needs, and she’ll let you know as soon as something pops up. She can take you to tour properties that interest you and help you write an offer that the seller can’t refuse.
- Using technology to your advantage. Anyone who understands the Internet knows how to use it to search for great deals on properties, contractors and so much more – so if you have that going for you, capitalize on it.
- Enjoying the cushion of time period the younger you are, generally speaking, the more time you have to invest. You won’t have to scramble to find a great investment so you can retire, because you can find them now, when you are still decades away from retirement age.
What’s the Best Real Estate Investment Strategy for Beginners?
There are a number of real estate investment strategies you can choose from as you begin your journey into real estate investing. However, many brand-new investors choose to start off with multi-unit properties. That’s because they can live in one unit while renting out the others. That’s generally a great idea because that means you are more likely to bring in enough money to cover your monthly mortgage payments; then you can use other money, or even additional profits from the rents, to improve the space or buy another property.
Of course, that doesn’t mean that this is the best investment strategy for you. You should sit down with a financial planner and a real estate agent to start learning about your options and the different types of real estate investment strategies before you make a decision.
Are You Buying or Selling a Duplex, Triplex or Fourplex in Silicon Valley?
If you’re selling a duplex, triplex or fourplex in Campbell, Cambrian Park, Los Gatos, San Jose, Santa Clara, Saratoga, Willow Glen or another community in Silicon Valley, we’re here to help. Call today or fill out the form below to find out about our innovative marketing plans that can put your investment property in front of all the right buyers.
If you’re also looking for a new multi-family property for sale or another type of home, check out our: