How To Be a Millennial Real Estate Investor
Investing Tips for Young People
You want to be a Millennial real estate investor but, I get it, you have bills to pay and debts to pay off which means you don’t have a lot of disposable income. This is the case for many young people but it doesn’t mean that you can’t invest in real estate. Now is the time to start learning and researching how to start investing.
First of all, you need to be motivated and I can tell that you are already motivated or else you wouldn’t be here. You’re in the right place. You have dreams and goals and nothing is going to keep you from reaching them.
And let me tell you, you’ve got something on your side that older and more experienced investors: experience with technology.
Bill Lyons is the creator of Revestor which is a search engine for real estate investors that provides information and data that will help you evaluate properties. Lyon explains the benefits of Revestor this way:
“In the past, real estate investors needed access to the MLS, rental income data, expenses like HOA fees, occupancy rate, insurance, taxes, mortgage calculators and the sale price of homes sold nearby Then they would have needed to input all of those numbers into a spreadsheet to analyze the potential value of a property. Now you can do all of that with a few simple steps online.”
You don’t have to be a real estate professional to get this type of data anymore which is all the more reason to get started now. All you need to do is educate yourself, strategize, and focus in on a specific area and amazing opportunities will come.
Finding data for real estate investments has never been easier than it is right now. Even if you’re not ready to start investing, this is a great place to start learning and educating yourself.
If you don’t start today, a year from now you’ll wish you had started a long time ago.
You also have another aspect of technology that you can use to your advantage: apps. Apps and websites like Airbnb, HomeAway, VRBO, Roomorama, and Stayz provide plenty of opportunities to rent out your property. Buying a rental property may be a lot of work but you have plenty of opportunities to rent out your property using these services.
It’s never been easy to own a rental property.
Here’s something else that you have that older investors didn’t have when they started that millennial real estate investors have: internet forums. There are plenty of forums that you can join that are all about real estate investing. Networking and being a part of a community of young professionals is a great way to get advice and tips from investors just like you.
You can discuss and share ideas and thoughts with likeminded individuals. Also, getting to know people who are in the same boat as you may prove beneficial down the road. Knowing the right people is a big aspect of real estate investing and the bigger your network is, the better.
Check out these forums:
You may feel that, at this point in your life, you’re not at a stable enough place to start investing. You may think that you don’t have enough money or that you’re not experienced enough. Every experienced real estate investor has to start somewhere. Stop doubting yourself and start educating yourself.
You don’t have to buy an investment property today or tomorrow but when the time comes, you need to be ready.
The preparation process is the longest and most arduous part of real estate investing but it is the most important aspect of it. You don’t need experience to start investing, you just need the knowledge, information, and data. Start investing in your education before you start investing in real estate.
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Bonus Real Estate Tips From Yanni