Real "estate" School
If you are interested in pursuing real-estate as an investment tool then the best way you could spend your money is by going to Real "estate" School.
Even if you don't become a real-estate professional (especially if you don't become a realtor) you should have some education in the field so you can speak intelligently about your questions and concerns.
Remember: you don't know what you don't know, and Education can help you find out what you don't know.
Housing is going to look differently for everyone. There are pros and cons to all housing options. The general consensus regarding millennial's is that they will forgo single-family detached properties and instead seek out rent/condo options that allow for flexibility and reduced responsibility. Many are looking for areas where they can work, sleep, play all in one convenient space (think: Gateway Mall/ City Creek). These two spaces (each having a different ratio of the three elements) have shopping/work opportunities on the ground floors with housing on the upper floors. While both provide easy access to the airport (via trax) so residents can go see the world. In the case of City Creek, a resident can work, shop (even buy groceries at Harmon's), have (limited) entertainment, and travel to see the world and only walk outside for about 20 feet. No need to own a car or even a coat!
If you are looking to rent, you may need to start with a room-mate or two. This map shows the amount of money you need to earn per hour to afford typical rent by State.
Signing for your first apartment is a big deal. While the emphasis of your day is moving in, there are a few things that you need to do to prepare to move out. Always start with the end in mind:
If you don't already have one, get a gmail email account and download the Google Photos app.
Video your "walk through" inspection of the apartment with the Landlord in clear view. If there are areas that have damage, take additional photos of these issues.
Upload the video to Google Photo for safe keeping. If the Landlord claims that there was damage to the apartment and that damage was already there, you will have date/time video evidence with the Landlord in the video of the condition of the apartment before you moved in.
Take pictures of all your signed documents.
Upload the pictures to Google Photo for safe keeping. If the Landlord claims anything that breaks the contract you have date/time photographs of the contract to reference.
Remember to get Renters insurance. You're surrounded by people who may not have your safety at the top of their priority list.
The above may sound a bit paranoid, but apartment complexes are properties that are bought and sold just like houses. You may have ownership or management changes while living in the complex and paperwork may be lost in the transition.
Renting while saving money for your first house? You need to pay particular attention to your food budget. Avocados, specialty drinks, and $9.00 salads can put a serious dent in your ability to save for a down payment on a house.
Questions:
1. What factors should you consider when deciding if you should rent or own?
2. Pretend you are looking for a place to rent. Go to this link and click the Price button, then type in $850 as the Max. Where did you find an Apartment, what is the name of the complex, what is the price, and what amenities did it offer?
3. Look at this website on Section 8 housing. Are there any options here that sound interesting for your first apartment?
Resources: