Introduction and my plan

[Jaxen Farrell]

Hi everyone!

My name is Jaxen Farrell I am complete beginner to real estate investing besides listening to the BP podcasts and reading multiple books on the topic. I am currently a rising junior attending Boston College for engineering. My currently plan is to save at least 30k by the end of college to purchase a multi unit to house hack using an FHA loan. Besides saving and continuing my education are there any other steps I could be taking to put myself in the best situation to buy my first property?

Any advice is greatly appreciated. 

[Nicholas L.]

go to REIA meetings and ask lots of questions

[Alecia Loveless]

@Jaxen Farrell Depending upon what type of career path you want to take once you graduate consider looking at alternative markets to take a job in because there’s tons of great opportunities in locations that just have a much less expensive cost of living and a way cheaper point of entry into the world of real estate.

For instance I have a business degree from NYU and ended up moving to northern New Hampshire where I ran my own business for 24 years. About 8 years before I sold it I started a job in social work for various reasons. It’s a 3rd shift job and I’ve since switched companies, still on 3rd shift, but now I have about 9 hours of each of my 10 hour shifts to focus on my real estate or whatever I want. It’s a perfect job! It doesn’t earn huge amounts of money but it qualifies me for mortgages and allows me to search for new properties, analyze deals, read books, etc.

[Richard Dale-Mesaros]

Quote from @Jaxen Farrell:

Hi everyone!

My name is Jaxen Farrell I am complete beginner to real estate investing besides listening to the BP podcasts and reading multiple books on the topic. I am currently a rising junior attending Boston College for engineering. My currently plan is to save at least 30k by the end of college to purchase a multi unit to house hack using an FHA loan. Besides saving and continuing my education are there any other steps I could be taking to put myself in the best situation to buy my first property?

Any advice is greatly appreciated. 

 Jaxxen, take other successful investors out for breakfast, offer to help them out and pick their brains - productive use of $30!

[Julien Jeannot]

I'd echo the group. Network and get plugged in the local investor groups.

[Russell Brazil]

Quote from @Jaxen Farrell:

Hi everyone!

My name is Jaxen Farrell I am complete beginner to real estate investing besides listening to the BP podcasts and reading multiple books on the topic. I am currently a rising junior attending Boston College for engineering. My currently plan is to save at least 30k by the end of college to purchase a multi unit to house hack using an FHA loan. Besides saving and continuing my education are there any other steps I could be taking to put myself in the best situation to buy my first property?

Any advice is greatly appreciated. 

Welcome to BP @Jaxen Farrell. What market are you planning on purchasing in?

[Jonathan Greene]

Good advice here already, but I would second and third attending local meetups. I would look for meetups with no pitching and no lenders, just investors, so you can make some connections. While you are still in college, you may be able to help other investors with your skill set in exchange for getting some real life training and viewing. I would not offer to take investors out to coffee, etc. because that is a one way, they don't need that. Formulate what you can bring to the table over time and use that to find win-win situations with others after you attend the same meetups over and over. Good luck!

[Richard Dale-Mesaros]

Quote from @Jonathan Greene:

Good advice here already, but I would second and third attending local meetups. I would look for meetups with no pitching and no lenders, just investors, so you can make some connections. While you are still in college, you may be able to help other investors with your skill set in exchange for getting some real life training and viewing. I would not offer to take investors out to coffee, etc. because that is a one way, they don't need that. Formulate what you can bring to the table over time and use that to find win-win situations with others after you attend the same meetups over and over. Good luck!

 I'm still doing deals with investors I took out to breakfast, 20 years later! 👍💰🏡😁

[Abbey Humphreys]

Quote from @Nicholas L.:

go to REIA meetings and ask lots of questions

 Going to meetings is definitely important! Also, nice job getting started with research and developing a plan.

[Jonathan Pratt]

@Jaxen Farrell 

Congrats! I'm 35 and started my real estate investing journey at an early age in a tough sellers market.  Finding Investor meet up groups is crucial. Spending the time up front learning scenarios and experiences from other investors may prevent a big hurdle you avoid on your first property.  Highly recommend to find a meet up and ask to shadow another investor once you get comfortable.  You show them your serious and willing to learn they will take you for coffee or golf.  Good luck! 

[Jeff S.]

@Jaxen, learn the laws regarding managing properties. Some areas are tougher than other and tenants can be trying. Don't take in sob stories.

[Austin Plough]

Hello Jaxen!

Sounds like you have a good plan in place – way to go!

As you are working through engineering school, you are positioning yourself to start your career with a handsome salary out of the gate. My encouragement to you is to not allow your lifestyle to change too much upon graduation. Keep your monthly expenses low, get out of debt (if any at all), and keep dreaming!

Good luck out there. I think you are heading in the right direction!

Austin