Millennials are starting to invest in real estate in large numbers. Individuals aged 36 years and younger accounted for the largest group of the real estate buyers over the last four years, according to the National Association of Realtors. It’s no doubt that this age group is now realizing the power that real estate investments has to make a lot of money.
Proper financial management
It’s important to realize the burden that loans have. Right now set a plan to manage your finances appropriately. Once you can stop accumulating additional credit card debt, car loans, etc., you can take a plan of action to start paying down debt as soon as possible. The less debt you have, the more real estate you can purchase.
Start now by putting aside a small portion of each pay check. Depending upon the size of your salary, it may be as much as 40% or as a little as 20%. However, if you get into the habit of setting aside this amount of cash each week, then you will be able to purchase a home very soon.
Make your first real estate purchase
There is a tremendous amount of information about how to invest in real estate. While there are certainly some good information, don’t fall for courses or classes that cost thousands of dollars. Seek out a reputable book or blog and start learning as much as possible. I recommend The ABCs of Real Estate Investing by Ken Mcelroy as a first book!