How can I invest if I am broke?

[Francis Kiely]

I am an incoming college freshman and I would like to buy my first rental property next summer. However, my largest concern is my lack of personal funds (less than 3k in savings) as a safety net for a necessary expense early on (a broken boiler, leaky washing machine, etc.). Are there any stories or solutions to buying a rental property with very little money in the bank? 

[Jon McCarron]

Hi Francis

With out any real knowledge of your goals or areas, price points of homes, etc., I would have to agree with some other comments and that you might not have the funds yet. However, this is a great time to learn. I would read as many books as you can on the subject. Read until the major points in the books all kind of sound the same and you can almost guess what the next chapter is about. It will help to be that immersed.

Since you are going to going to college (hopefully on campus), you might be able to get a job at a property management company. That could give you some hands on experience in the rental space, or at least see how to take care of property. This will also give you some income throughout the school year.

Keep saving, keep learning!