College Graduate Looking to get into Real Estate

[Samuel Pascal]

Hello BP Community,

I am here today to seek advise. I graduated college back in 2015 and left with debt of $48,000. Doesn't sound too bad really. I was able to learn financial intelligence through books and common sense.  I currently work for a coffee trading company and make a crummy 35k a year in NYC, does not really do anything for me. I became extremely interested in real estate because I got tired of working a 9-5 job, and seeing my future becoming a desk job. Do you have any tips for someone that only makes 35k is paying tuition and is trying to get into real estate? is it even possible? I really do not want to lose hope because i have family and mentors telling me i basically have to be 40 years old and have accumulated some money to do real estate. Thank you for your time, and comments.

[Eric Swope]

@Samuel Pascal as a recent college graduate I understand partially where your coming from....but right now I am in the process of closing on my first rental property within two months out of college. Using a FHA loan with 3.5% down and seller assist on 5K of closing costs...I am purchasing a duplex in a "house hack" situation. Per FHA rules I need to provide my college transcript/diploma and 30 days of pay stubs to qualify. I recommend you read Scott Trenche´s book Set For Life and Brandon Turners book on buying and managing rental properties for more tips and advice on your situation. I was fortunate to have paid off all my student loans in college while working multiple paid internships part time jobs and being a RA. I am also fortunate enough to live in Pittsburgh Pa which is a very affordable market for some one fresh out of school with an engineering degree. However, I would be more than happy to share my lessons learned as I close in the coming weeks and provide some sort of value to your situation. Feel free to shoot me a message and we could chat. Best, Eric