High School Senior Trying to Learn the Basics

[Michael McMullen]

Hello BP!

You can definitely say that i am "newbie" to real estate investing and BP. I am currently a high school senior and I have recently been introduced to the world of real estate investing. I will be attending the University of Akron in the fall for Mechanical Engineering and hopefully one day i will be able to work full-time as an engineer while I gradually grow passive income through real estate to a point where I don't have to work anymore. That sounds like a good goal right? What really intrigues me and what I wish to do is to buy-and-hold rental properties. This brings me to my first question. What is best for starting out, single family or multi-family complexes?

My second question is, how can a kid fresh out of college who comes from a family with nearly no money be able to afford some of the down payments and beginning costs of most properties?

And finally, any advice on what i should be doing now to prepare for the world of real estate?

Sorry for the "newbie" questions I'm just trying to learn if real estate investing is right for me. I still have a lot to learn. Thank you!

[Kiersten Vance]

Hi @Michael McMullen

Congratulations for getting started now. Your best bet is to look for a real estate investment that you can owner occupy at first to minimize your downpayment. How are the prices around University of Akron? Do you have anyone that can co-sign with you? I assume you will have no credit and no work history graduating high-school so if you were looking to buy in the near future, you would need a partner of some sort. If you are going to wait until after college, within 6 months or so you should be able to save up a small downpayment and accumulate work history to be able to buy a place. Make sure you do good in school, get a credit card and pay it off every month to accumulate credit, and get a part time job to minimize your school loans! 

Best of luck!