What is it about 20-somethings? The 20s are a black box, and there is a lot of churning in there. One of these is the cravings for financial freedom.
This is one reason cryptocurrency has been having a bit of the moment. However, you can still be at the risk of cyberattacks, which could alleviate your investment.
To satisfy this craving for financial independence, real estate is the perfect choice to make. This is so because the twenties are a great time to learn how to build one’s portfolio and pump up other real estate investment benefits for you.
Whatever way you choose to invest in real estate, investing in real estate early helps you build wealth and freedom to live the life you’ve always wanted.
If real estate still sounds like an impossible investment to venture into in your twenties, due to capital intensiveness, let these tips serve as your roadmap;
You need to understand that you must make saving a priority to become a real estate investor in your twenties. For this to be, you should put some thought into how to save some of your income. This might imply changing your spending habit.
However, first, see how much you can afford to save after deducting your bills and estimated expenses. Then, automatically transfer that amount into a savings account each time you get paid.
Over time, you will be able to save up enough to make your first real estate investment.
- Pick a Strategy
When most people think about real estate investment, they picture buying a rental property and collecting regular rental income, which often comes with unexpected maintenance costs. Unfortunately, the perception of this high up-front cost is a major factor that has caused the restraint of investment in the twenties.
Meanwhile, an in-depth look at options for real estate investment in your 20s can also be an investment in Real Estate Investment Trusts. You can buy shares of the REIT in order to get exposure to real estate investments and have that real estate be part of your investment portfolio, without having to actually manage a real estate property yourself.
- Research and learn
After all, you don’t want to spend a significant amount of money to discover later that the result of your investment decision isn’t exactly what you wanted. In your 20s, you probably would go for an option that is the easiest or most appealing from the get-go, out of inexperience.
While it takes time to understand the ins and outs of real estate, especially in the early stage of investment, adequate research would help you weigh your options for investment.
It’s therefore pertinent to make research a priority before making a real estate investment decision. Some of the best ways to educate yourself are to read books, listen to podcasts, watch videos, and attend online events and webinars. As you dip your feet deeper into the ocean of real estate, you’d be able to tell what’s attainable and measurable at a mere glance of events
- Set specific goals
Will you fail to achieve sustainable wealth as a real estate investor in your twenties? Not with this advice!
To keep you from being overwhelmed in the beginning, set realistic goals that you know you can achieve before you get started.
Before getting started with real estate investing, it is important to set clear investment goals, both long-term and short-term. After defining your goals, share them with your network to get advice, and possibly a clearer vision of what your goals are.