College sophomore hoping to invest ASAP

Bellingham, MA · Member since 2023 · 8 posts · 4 votes

Hi all, I recently joined the BP forums and am hoping to get some guidance on what I should do now as a college student to prepare myself to begin investing in real estate as soon as possible. I have spent lots of time learning about different markets and asset classes through various resources for a while now but I certainly am far from being able to say that I feel confident in my ability to go through with any sort of investment (if I had the $). If anyone has any advice at all for me or would be able to find a time to chat with me it would mean the world and I'm certainly willing to work/assist in any way in trade for experience.

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Erin ChurchPro Member

Real Estate Agent · North Augusta, SC · Member since 2017 · 254 posts · 233 votes

Hey Dan,

Glad you've decided to get started! I would recommend wholesaling as it's a low cost to entry. You'd be able to make some money and provide value to other investors by delivering them deals. :) Also, see if there are any meet ups in your area. Starting to network has a ton of value!

How expensive is real estate in your area? Could you buy something to house hack?

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Erin ChurchPro Member
Real Estate Agent · North Augusta, SC · Member since 2017 · 254 posts · 233 votes
3y
Hey Dan,
Glad you've decided to get started! I would recommend wholesaling as it's a low cost to entry. You'd be able to make some money and provide value to other investors by delivering them deals. :) Also, see if there are any meet ups in your area. Starting to network has a ton of value!
How expensive is real estate in your area? Could you buy something to house hack?
3 Reply
Dan Gaudet
OP
Bellingham, MA · Member since 2023 · 8 posts · 4 votes
3y
Quote from @Erin Church:

Hey Dan,
Glad you've decided to get started! I would recommend wholesaling as it's a low cost to entry. You'd be able to make some money and provide value to other investors by delivering them deals. :) Also, see if there are any meet ups in your area. Starting to network has a ton of value!
How expensive is real estate in your area? Could you buy something to house hack?

Erin thank you for your response. I have been looking into wholesaling as I've heard it's pretty low cost, any advice on where to learn other than BP? I also am very interested in house hacking however real estate is pretty expensive in my area.
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Erin ChurchPro Member
Real Estate Agent · North Augusta, SC · Member since 2017 · 254 posts · 233 votes
3y
@Dan Gaudet
I’d find wholesalers in the area (that have legit operations) and see if you can work for one. They’ll train you and you’ll be able to make money while you learn. John Martinez and Chris Voss are great when it comes to learning how to negotiate!
3 Reply
Corby GoadeBusiness Member
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
3y
I started investing in college too- my first investment was a SFH house hack, but I wish I had done a small multi. Do you work? First things first- if you aren't working, I'd get a job so you can start working towards being able to get a mortgage.
What is your end goal? That will help determine where you start.
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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
3y
I would say another unorthodox piece of advice would be to start establishing a social media presence for yourself as a real estate professional - it takes a long time to get it established, but if you can post consistently and build up a track record and account of your real estate journey it will put you lights ahead when you graduate and be on track to add a lot of value to a lot of different real estate operations
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Dan Gaudet
OP
Bellingham, MA · Member since 2023 · 8 posts · 4 votes
3y
Quote from @Corby Goade:

I started investing in college too- my first investment was a SFH house hack, but I wish I had done a small multi. Do you work? First things first- if you aren't working, I'd get a job so you can start working towards being able to get a mortgage.
What is your end goal? That will help determine where you start.
Corby, thanks for your reply. I am working I make $20 an hour at a moving company and work 20-30 hours a week. I’d say my end goal looking very long term is to have a big portfolio of cash-flowing assets. However I’m definitely interested in exploring things other than rentals.
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Dan Gaudet
OP
Bellingham, MA · Member since 2023 · 8 posts · 4 votes
3y
Quote from @Robin Simon:

I would say another unorthodox piece of advice would be to start establishing a social media presence for yourself as a real estate professional - it takes a long time to get it established, but if you can post consistently and build up a track record and account of your real estate journey it will put you lights ahead when you graduate and be on track to add a lot of value to a lot of different real estate operations
Robin thank you for the response. What are the best platforms for building this kind of presence?
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Nolan Chandler
Investor · Southeast North Carolina · Member since 2021 · 61 posts · 31 votes
3y
Hey, @Dan Gaudet! Great that you are planning ahead with goals. I would say that the most stable way forward is to house hack while in college or just after college. I agree with others who have already posted that continuing to grow in education and getting your name out there can help in being able to partner with others. Once you get some footing established in wither house hacking, sweat equity with partners, or both, then you can branch off and build your own portfolio or continue to grow with others.
There are a million ways to go about growing, so just keep learning and soon begin to take action. Best of luck, and happy to go more in detail on anything if you ever would like.
________________
REALTOR® CalDRE: 02221003 | CA Bar: 322013

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Dan Gaudet
OP
Bellingham, MA · Member since 2023 · 8 posts · 4 votes
3y
Quote from @Nolan Chandler:

Hey, @Dan Gaudet! Great that you are planning ahead with goals. I would say that the most stable way forward is to house hack while in college or just after college. I agree with others who have already posted that continuing to grow in education and getting your name out there can help in being able to partner with others. Once you get some footing established in wither house hacking, sweat equity with partners, or both, then you can branch off and build your own portfolio or continue to grow with others.
There are a million ways to go about growing, so just keep learning and soon begin to take action. Best of luck, and happy to go more in detail on anything if you ever would like.
________________
REALTOR® CalDRE: 02221003 | CA Bar: 322013

Nolan, I really appreciate your response and your tips!
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Vaughan Moody
Rental Property Investor · Corona, CA · Member since 2015 · 16 posts · 7 votes
3y
@Dan Gaudet I wish I had started investing in property when I was you age. Property investments really compound over the long term, so you are lucky to be focused on property from such a young age. You will be so much better off by the time you’re in your forties.
Save, save, save!
When you have enough saved, you don’t necessarily need to buy in your own area.
Don’t get sucked into other ways of investing, like short term stock or options trading. Property is the way to go. You can benefit from leverage on something worth hundreds of thousands of dollars. Eg. Put in 20% but benefit from the growth of the whole property value.
There are plenty of good books on Amazon and plenty of videos on the Bigger Pockets YouTube channel (and also another another one called ’Get Rich Education’) to devour. Good luck!
1 Reply
Ran Iarovich
Real Estate Agent · WA · Member since 2021 · 254 posts · 173 votes
3y
Quote from @Dan Gaudet:

Hi all, I recently joined the BP forums and am hoping to get some guidance on what I should do now as a college student to prepare myself to begin investing in real estate as soon as possible. I have spent lots of time learning about different markets and asset classes through various resources for a while now but I certainly am far from being able to say that I feel confident in my ability to go through with any sort of investment (if I had the $). If anyone has any advice at all for me or would be able to find a time to chat with me it would mean the world and I'm certainly willing to work/assist in any way in trade for experience.

Hey Dan,
Glad to you have you in the community.
Like you, I am also a sophomore in college trying to go towards the same path of asset ownership as soon as possible. Engaging in this community, listening to podcasts, and constantly reading material are great ways to start. Real estate is exactly like a game of Monopoly. Every small step you take may seem small but compounds to unstoppable levels if played consistently enough. The next big step to take is to start developing your dream team in your area and see what opportunity you come by. Getting a mentor, lenders, agents, and contractors, will all push you towards crafting a community that you can engage with on a daily.
With that being said, you'll learn everything you need to know if you stay persistent and disciplined with your practice and pursuit of knowledge.
I wish you the best of luck
Ran
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