Real Estate Finance Student, Agent, and Future Developer

[Garrett Forthuber]

Hi everyone! My name is Garrett Forthuber and I’m currently a Real Estate Finance student at the University of Texas at Austin. I recently completed the education requirements for my Texas Real Estate License, all I have left is the state mandated exam before I can obtain my license. I’m planning on working as a sales agent for student housing until I graduate. My mission is to become a full time real estate developer and investor

I’m currently in the process of saving up for my first investment property. The plan is to buy a house at the Hidalgo County foreclosure auction under $75k. For a little background, Hidalgo County is where I grew up and my mom buys houses at auction, fixes them up, and sells them via owner financing for a living. I’ve been talks with her agent recently who specializes in these types of sales. My mom is willing to finance 70% of the property, and the plan is to refinance with a local bank after a year of proven rents.

I’ve met with a couple developers over the past month and they recommended I work at one of the big commercial real estate firms before going off on my own. Their reasoning was I would see a high volume of deals and would build the reputation needed for raising OPM for developments.

I'll be graduating in a couple years and want to take advantage of the FHA loan for a house hack. Plan is to stay in Austin.

Any suggestions and/or guidance for someone in my position?