College Student w/ Little Savings Wanting to Buy First Property

[Easton Curtis]

Hello! I'm a newbie to Bigger Pockets (I'm currently reading How to Invest in Real Estate: The Ultimate Beginner's Guide). I am a 21 year old college student based near Nashville, TN. My fiance and I are wanting to find a house to put a low down payment on, live in it for about 7 or 8 months, and then start leasing the property since we plan to move out of state. We are currently looking into the 3.5% FHA loan, considering we are educators and have very low savings built up. I also have some potential investment money sitting in my Roth IRA that I'm considering pulling out for a down payment. Any tips/suggestions for working out initial finances? I'm wanting to make sure that beginning our investing journey is financially feasible for us before I start building a team and looking for deals.

[Jaron Walling]

@Easton Curtis I'd watch a lot of Dave Ramsey videos on YouTube. You know he lives in Tennessee actually. Jokes aside the plan that you described is full of pit falls. Trying to be a OOS investor with no experience? Borrowing money from your retirement to buy property? No thanks.

The best thing you can do is hustle. Start a second job and learn as much as possible. Real estate is hyped up right now but give it a few years. All the social media and news channels will be telling you the opposite. The goal should be a stable investment that can ride the waves. Find the niche of REI that makes the MOST SENSE and narrow down on it. Talk to older investors and see what made them successful. It's a relationship business. If you connect with the right person you could even find the first deal. There are tons of investors just sitting on properties. It's more common than you think.