Fairfax, VA · Member since 2021 · 8 posts · 9 votes
Hello,
I am currently in nursing school and gaining an interest in RE investing for passive income. I still have 3 semesters before I graduate and currently have only a few thousand in capital. I was looking for advice on a path to start (certain books, webinars, or general advice for a starter)
Real Estate Agent · Austin, TX · Member since 2020 · 338 posts · 296 votes
5y
Welcome to BP @Ryan Baker! Great to have you. Definitely have a solid education basis before jumping in. You don't want to go in blind, because then you could be making an irrational and uneducated investment that ends up costing you too much to salvage. Podcasts, books, youtube, these forums, etc., are all great resources. Find a market that interests you, find a strategy that you think you could pull off, and begin networking. Meet Realtors/lenders/contractors/PMs in markets you are looking at, and continue to narrow your search until you find the right, first property
Los Angeles, CA · Member since 2020 · 10 posts · 11 votes
5y
@Ryan Baker do you have an idea as to your target neighborhood? Finding a low cost area in a higher wealth city can be a good region to flip in. If you'd like to explore different areas, would love to help you, PM me.
Real Estate Agent · Austin, TX · Member since 2020 · 338 posts · 296 votes
5y
Welcome to BP @Ryan Baker! Great to have you. Definitely have a solid education basis before jumping in. You don't want to go in blind, because then you could be making an irrational and uneducated investment that ends up costing you too much to salvage. Podcasts, books, youtube, these forums, etc., are all great resources. Find a market that interests you, find a strategy that you think you could pull off, and begin networking. Meet Realtors/lenders/contractors/PMs in markets you are looking at, and continue to narrow your search until you find the right, first property
Atlanta, GA · Member since 2016 · 17 posts · 9 votes
5y
@Ryan Baker It's great to hear your close to gaining your degree in the nursing field and wanting to dip your toe in the real estate industry! I personally am in a similar boat, as I have not invested as of yet, but I can recommend ways to learn via books and videos. I will post them below in an easy format.
- Rich Dad Poor Dad. This is so cliche, but this book gives you a different perspective on gaining wealth.
- Profit like the Pros. Ken Corsini wrote such a great book that has the best deals from investors all over different niches in real estate. This can show you a real-life application to what you want to do.
- Go to local REIA's. Here you can meet seasoned investors who can mentor or guide you in the right direction.
- YouTube is huge. Check out basics from BiggerPocket's channel, Mark Ferguson, and less popular content creators on more specific topics
Keep learning and pursuing your career and your side hustle of real estate and you will do just fine!
Real Estate Agent · San DIego · Member since 2019 · 177 posts · 185 votes
5y
When you graduate, you will have many excellent job opportunites and the time in school will count as time in the career, so it will be fairly easy to get a first time buyer home loan.
If I were you, I'd use this time to build my down payment and savings buffer, and target your future job market location. I'd also scout the first time home buyer incentives available. A good lender will help you with that. Then, when you get your job, buy a home or condo with a minimum of 2 bedroom. Live in one, rent out the other(s). Your roomate will help you pay the bills.
Two years later, regroup and decide if you're staying or getting another. At the two year mark, you will have fulfilled your owner occupied lender requirement and be eligible for capital gains exclusions by satisfying the residency requirements of 2 out of 5 years as your primary dwelling.
Real Estate Agent · Kansas City, MO · Member since 2018 · 262 posts · 250 votes
5y
@Ryan Baker
I read a ton of financial related and real estate focused books my last semester of nursing school. Dug into BP podcasts and the forums a lot as well.
Bought my first SFH when I had about 2 months left of nursing school. It will be hard to get a loan if you don't have any income currently but wholesaling or getting your license are two options.
House hacking 100% should be your first move. I house hacked for 8 months while I was in nursing residency in the ICU. Then went and bought my second. Now I’m a part time nurse with 4 rentals and a full time realtor. Nursing is a great profession for the flexibility it gives.