So I’m 22 never invested in anything before. Hence why I have a good savings account. I’m passionate about real estate and am buying my first investment property in the next 2 weeks and studying to get my real estate license. I make about 70k annual salary with about 750-1k to invest a month even after my rental purchase. My question is should I keep saving and go for property number 2? Or put that extra investment money elsewhere?
Also I don’t have a 401k or pension. My job doesn’t offer it.
Get your first property and hang tight. There’s going to be expenses you didn’t foresee. And you can’t be sure you’ll truly have that 1K a month. Get the property and get it situated. Then reassess on if you should be saving for second prop or investing.
4 Likes
Ok I’ll take that into consideration. But what if I revaluate after the purchase. And in a few months I still have that 1k a month to invest then what?
Like what James suggested, hold on for a while. Operating on limited knowledge, (ie: your liquid assets, how much debt you will have with this house, if you’re renting or flipping the property), just allow this property to be a source of secondary income for a bit. You should likely have a sizable amount of cash for a property emergency (AC or water-heater busts). Around the year mark of saving and managing your new income, look around and see if you think you could handle another property on top of getting your real estate license.
2 Likes
Hey @Dwayne0716!
I agree with @James_Fletcher and @dgurgan. Make sure you get your property all set up, stable, you’re not cash strapped, etc.
Once you’re there, I’d recommend opening a Roth IRA and filling it up with index funds. Wealthy people generally have a few lines of income/investments going. Rental properties and index funds are two of the best! You’ll be in great shape if you invest early and often in both 
1 Like