This is the guidance I’ve given to my kids and that they have started to follow, buying their first properties by 27. This is geared to an individual investor looking to buy a property every 5 years over 30 years. This assumes you want to be involved with your properties to some degree and are willing to work in your properties (for 5+ years) as you build your assets and then can hire property managers.

From the ages of 20+ establish good credit. If you like to travel, get a credit card that earns mileage (my daughter uses her miles to go to Hawaii every year during the off season.) or if you like the outdoors, get and REI card. Pay if off every month.
Carry as little debt as possible. e.g. < $1K - and pay if off. You may need the ability to borrow after you buy your house. Don’t get an expensive new car. Get something reliable and moderately priced. You can always get a better car in 5 years when the kids come along. (Our son’s friend bought a $40K A8 used. He was making $40K a year. - that is called instant gratification and buying a lifestyle. He does not own property.)
Save as much money as you can in your 401K. This will get you used to a larger housing payment while building your “cash reserves” which banks like to see. You can always reduce your 401K contribution later if the real estate stretches you. You can also borrow against your 401k or use it for your down payment with a moderate penalty.
A year before you start looking for a house to buy, apply for a loan at any of the banks or credit unions. They’ll give you a preview of what you need to do before getting the first piece of real estate and you start learning the language.
If you live in an expensive area, start looking for someone to help you out with the down payment. And / or start looking for loans where a low down payment is required. FHA, USDA, VA, local gov agencies with down payment assistance etc. Some banks have 3% down payment loans.
When if comes to spending money, stop and ask yourself if you’d rather have this item or have a rental. It is amazing how one can still live a good-life by not buying things on impulse or by shopping around to buy really good quality things. E.g. When I or my kids get a bonus, we have a rule to take 10% of the bonus and buy ourselves a gift as a reward for our hard work. Funny thing is that as time has gone on, our personal gifts have become less important because we are saving to build for something bigger.
Now this is where the advice will vary depending on the writer. There are a couple models each with their owns pros and cons. I am going to assume you’ve done all the math and can figure out what cash flows etc. I am also going to assume you’ve checked with local zoning laws and have interviewed a couple of property managers to get the language under your belt.

Some Options:

Living in my property. Buy a duplex, triplex or 4-plex. Live in one of the units (smallest one). Rent out the others. You get owner occupied pricing, you get the tax write off for the tools you buy. Consider getting a property manager to help you as you learn how to get tenant and property manage a place. This is valuable data for the rest of your life.
Living in my property. Buy a SFR. Live in it for 3–5 years. Move out and rent it with a positive cash flow, or sell it and go to point 1 above, buying a 2–4 unit.
Buy a manufactured home on land. In some areas of the country, the price differential is 10–30% less than a stick built house AND the rents are the same and the quality of housing is the same. Either live in it or buy it as a non - owner occupied. (My friend in NC has done this and has gotten about 10 properties in 5 years, all cash flow positive.) I like doing this and then selling the property to the tenant and carrying the paper on it after they give me a down payment, which I then use for another property.
Going in with a fellow smart buyer and getting a 6+ unit building. Live in 1 of the units and your fellow smart buyer (notice I didn’t say investor nor did I refer to them as a friend) and they live in the other. Make sure your have a detailed financial and responsibilities and buy out agreement defined before doing so. Live there for 5 years, then move out and buy yourself a house.
Between years 5 & 10 - repeat any of the above. If there is an economic downturn, buy a couple more of properties. If the market is hot, wait 2–5 years. The real estate market will turn. (This is a long term play.)
Lastly, for your personal residence, only upgrade once. Meaning, after your starter/first home, only upgrade your personal residence 1 more time and live in it for the next 40 years. This will save you a bunch of costs, and built your equity. In 10 years, you’ll be able to do a bunch of other life-experiences instead of being strapped or losing your home due to a downturn, because of always having a bigger mortgage payment because you’ve ungraded your home multiple times. Note: don’t use your house as an ATM. Buy your house to live in, not as an investment, and not as a social economic statement.

This is 1 of many models. Figure out the one that works for you and do it. Don’t lose money! Pass until you find a deal that you and your mentor / advisor and banker agree to do.

Enjoy.

https://www.quora.com/How-do-I-start...ael-DAntonio-7