Investing in Multifamily Homes While in College

[Taylor Stamm]

Hello BP, I am currently 23 years old and will be entering graduate school next year in Tallahassee, FL (FSU). I have been researching REI and practicing analyzing potential deals over the last year. With all of this newly built knowledge, I am itching to start buying and renting out multifamily homes so that I can build practical experience in the field and start my journey to building a large portfolio. I have analyzed several deals that I would have potentially went forward with if I had the money, so it is a little frustrating to see these deals slip by while I wait for a "real" salary after graduating. I have been looking online at 2-10 unit multifamily homes to start, which I see typically cost about $50k - $100k per unit in my area (Tallahassee or Melbourne/Palm Bay) without any negotiation.

I do not want to wait to start this journey, but I understand the necessity of money in REI; so I wanted to hear some opinions on whether it would be too ambitious or not to start REI so soon, and especially without a large income. I currently have about $10k invested in the stock market that I can pull out, and will be working in a research lab making about $20k next year. I will be graduating August 2020, and will be expecting to be making a salary between $70k and $90k in Florida.

So my question is: is there any feasible way that I can start getting funding and investing in multifamily homes now without a decent income, several consecutive years of full-time working experience, or previous REI experience? Should I wait until I make a consistent salary starting in 2020 and can save more money for this, or is there a feasible and sensible way that I can start sooner?

[Jerry Padilla]

@Taylor Stamm 

Right now is going to be tough trying to purchase an investment property. I would save money and make sure to keep your credit score up. 

The good thing I see here is that when you graduate from college - the 2 year income history includes college education. So as soon as you start working and have 30 days of pay stubs you will be able to close on a new property.