New investor looking for advice

[Lia Veit]

Hello BiggerPockets community!

I’m a 21-year-old college student majoring in physics and economics, I am the president of the Commercial Real Estate Club at my University, and am preparing to enter the investment banking industry after graduation. I am very eager to start my real estate investing journey — I have a large amount of capital that I am looking to invest into single or multi family homes. My long term goal is to start a real estate investment company, and I am hoping to purchase my first investment property within the next six months. 

In an ideal world I would start with a house flip, but I am tentative about starting out with this kind of project given than I have zero experience with buying real estate or managing a commercial real estate property. I would start with purchasing a multi family investment property, but I have heard different theories about whether one can make above average returns in a real estate market without making significant upgrades to a home. I have read many books, listened to many podcasts, had a few networking calls with real estate investors, and am currently taking a LinkedIn Learning course on real estate investing, but I am not sure about what to do as a next step. I have narrowed down five different US cities where I would like to begin my investing journey and plan on picking one in the near future. I’m not sure when to decide that I “know enough” to make this kind of investment, or if I should continue educating myself before pulling the trigger on a property. 

I would greatly appreciate some advice on the following topics:

1. House Flipping vs. Multi-Family Properties — is it wiser to start with a turnkey investment for ease of entry, or should I pursue house flipping at the get-go?

2. Does anyone have insight into specific investment strategies or markets favorable for beginners?

3. How should one determine when they are ready to take the first steps in real estate investing? What signs or knowledge can help someone feel confident at the very beginning?

4. Are there any books, courses, or mentors anyone might suggest for someone in my position?

5. Does anyone have recommendations as for how to get "experience" in the industry without necessarily taking on a project entirely on my own? One idea I have is to "shadow" a real estate investor (although I am not entirely sure how to go about asking for / finding this kind of opportunity), but I am wondering if anyone has insight into other ways to gain a comparable level of experience.

If anyone has insight into any or all of these topics, I would greatly appreciate the feedback. Thank you in advance for your time!