College Student 19 wanting to start

[Chris Stephens`]

Hello,

I am currently a freshman still at home with a lot of free time. I have been interested in real estate since middle school and am certain it is something I want to do. I know I can be a little ambitious and anxious but I really want to start now. I have done much research and reading and have even interned at a commercial real estate bridge loan firm. I do not have a job and have about 1000 cash. I really want to get started in the business but am unsure of the right approach/path. Any help or advice is appreciated. Thanks

[Roger Vi]

One thing that can't hurt is to start building your credit. It takes time to establish credit (3+ years) but once you can prove that your able to pay back debts the banks will want to lend you more and more; which means more opportunities in real estate.

Here's a few rules you should keep in mind...

1. Never miss payments. Preferably, never carry a balance over to next month on your credit cards. Don't charge anything you don't have the cash to pay for right away. If an emergency happens, make sure you at least pay the minimum payment.

2. Do not not have any bills. Your credit score will not build just by not missing payments. You need to have payments that you can potentially miss to prove that your credit worthy. If you are on your parents phone bill, ask if they are willing to switch it to your name to start building your credit. You can do this with utilities, Internet, cable, etc... It's likely your parents don't need to build their credit at this point and would not mind giving you a head start.

3. Find some source of consistent income, or at least plan on it. Eventually you will need more money to get into real estate. If you have a way to accumulate a lot of cash, great! Go for it! If not, you will need to show income to be able to get a loan for your transactions. Parents/ relatives can help you if you have them but if you want to get money from anyone else you will need to prove you can make money. Even a part time job at the grocery store can help you qualify for a loan down the road. You will need 2 years income at the very least.

Good luck in your journey!