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Updated almost 8 years ago,

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Kevin Kwan
  • Charlotte, NC
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In college now, looking to get started in real estate. Help?

Kevin Kwan
  • Charlotte, NC
Posted

Hi everyone, I'm a 19 year old college student attending college at the moment. I have a total of about 10,000 dollars in my savings account and around 4 grand in my checking and I'm looking to start investing, and I really like the idea of real estate. My rent (for a year), car, and tuition are all paid off, so I don't have to worry about other expenses for some time. I'm currently working on building a credit score since I don't have one, but I'm not sure what actually going into real estate entails in the future. I'm honestly pretty clueless about the subject, but I was just thinking something like:

After living a year at my apartment next year, I was thinking that I put a down payment on a house/condo near university and living in it while renting the place out to either my friends or other college students. I think this should generate enough revenue for me to live virtually cost-free in my house while I save more money up for more properties. I'm thinking, since I'll probably be working next year, I'll have even more money to put down on my first house as well as an established credit score. I've seen many houses around my university area (UNCC) for around 100~130k total for 3-4 bedrooms, and if I can find a house with <10~15% down payment, I can begin there. so I think this is feasible. Especially because the city of Charlotte is growing rapidly, and people need houses to stay in. This is even more true in the college area, because from my experience of talking to other college freshmen/sophomores, almost everybody's looking to move out into a house or apartment instead of the dorms. 

I could be being dumb about this, and it's probably not as simple as I think it is. But I heard this forum is a great, no BS-type place, so I'm turning here for help. Is my idea feasible? 

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