Suggestions for college students to get started in RE

[Will Clark]

Hi, I am a student-athlete at Vanderbilt University. My time and funds are limited, but surely there are ways for a broke & busy college student to still get involved. Any suggestions? 

[CJ M.]

@William Gordon Clark III

It's great you're starting young! Took me until 39 years of age to begin. Here's my standard advice to newbies:

1. Read “Rich Dad Poor Dad”

2. Read “The Millionaire Real Estate Investor”

3. Understand the BRRRR method!

4. Listen to as many BP podcasts as humanly possible. The first one I listened to that got me excited about REI was podcast 197 - Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren.

5. Talk to any REI's you know. Buy them lunch/coffee and pick their brain! Understand what it means to add-value to someone. People are generous with knowledge, but most aren't out there looking to spend their valuable time being a mentor.

6. Visit the BP and mrlandlord.com forums every day for at least a few minutes

7. Join your local REIA group and network, network, network!

8. Download Zillow, Trulia, Realtor, Redfin, etc. and watch the listings and what they sell for in your target area. I tend to focus on B/C neighborhoods. Set up alerts for when a property lists that meets your criteria.

9. Find a couple properties and practice running the numbers on them. Know how to calculate Cash-on-Cash Return and Capitalization (Cap) Rates…as well  as Cash Flow (seems many folks on BP still get that calc wrong).

10. Talk to a lender(s). Have a discussion about your goals and visions. Build a relationship with them. Trust me, finding deals is only part of the battle. Funding them is a completely different story.

11. Pay attention to conversations where you uncover someone is a contractor or works in a specialized trade. Introduce yourself and ask them questions. Add their contact info to your phone and start building your rolodex of contractors now!

12. Trust but verify. There are a lot of people out there that will give you advice and try and take your money, but only you know whether it brings you closer to your goals. I tend to ignore the advice of anyone who hasn’t done a deal yet, or who is overly pushy trying to sell something.

13. Get your mind right and “think” that you are a real estate investor! I was telling people I was an investor before I bought my first property last year. Now I have 20 and am still growing.

14. Be comfortable being uncomfortable. The sleepless nights will come, and come often!

15. Prepare now! As the Chinese proverb says, “The best time to plant a tree was 20 years ago. The second best time is now.”

Hope all of this helps, and best of luck on here!