College Student with a plan

[Isacc Lightbourn]

I plan to house hacking right after i get out of college. This is because i really want to focus my attention on learning computer science. However, i feel like i’m just using this as an excuse to let myself off the hook. I have about 5k in capital and feel like i should be doing something and just not waiting the 4 years to execute my plan. Maybe partner and wholesale.. i have the knowledge but little money and time. Should i wait or act?

[Jon Q.]

Originally posted by @Isacc Lightbourn:

@Jon S.

Thank you very much! I like your advice, I’m actively read and educate myself. The more knowledge i obtain though the worse I feel about not putting it to work! I currently save 50% of my income as well (i’m 18 freshmen in college ) Once I get out of college i will have more than enough to house hacking to ease my way into landlording. Then again, i’m thinking of house hacking sooner because i’ve been building my credit for about a year now (i’m about to be 19). I can always get my mother as a co signer. We shall see though! Thank you for the reading list!

You sound like you got the motivation.  I read over 100 books the year before I acquired my first property.

The name of the investment game is risk.  Your (1) first goal should be to understand yourself.  What are you good? What special skills do you have that you can apply to real estate?  What skills must you learn?  BIG: what specifically is your life goal, long term goal and short term goal, and can/how will real estate help you accomplish that?  Then, what specific strategy is best suited to that.  Real estate is a subjective game. No investor had exactly the same goals, and therefore each does something different and in a way that’s different.  It’s a solo endeavor.

Your second goal (2) is to learn about and understand what the risks are.  your (3) third goal should be to learn how to mitigate them.

When you’re young, you often have more motivation than experience, so realize that. Don’t take undue risk or risks you’re not comfortable with.
 

It is equally as hard to KEEP / NOT LOSE wealth as it is to MAKE IT.  Many make it, but many also lose it. Don’t let that be you.

Ultimately, be positive, have faith, believe in yourself, know that you can and will accomplish your goal if you want it bad enough, then go after it.

If you are, you’ll have the energy and drive to overcome any obstacle.  Then the only question will be how quickly you will accomplish what you’ve set out to.

I wish you the best.