Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Lewis Jerico
  • Ypsilanti, MI
0
Votes |
3
Posts

A few questions from a young investor

Lewis Jerico
  • Ypsilanti, MI
Posted

I am a young adult and I have been pondering on real estate for quite some time. Recently, though, I have been more indulged in it than ever. I want to take my first steps towards being a landlord. Being a young, ignorant college student, I just want to know if the timing is reasonable. Obviously I don't have a lot of money, I didn't grow up wealthy and I pay for everything myself at school.

Is it reasonable for me to want to own an apartment building within the next 24-36 months? Saving money is a difficult task for me, not due to a lack of discipline, but rather being a student and not being able to properly save money due to necessities. 

What percent down payment should I be looking to put down on a loan? I have very limited knowledge on this area, as you can tell. I guess I'm not even sure if getting a decent sized loan is even in my option wheel because I am young. 

The truth is I could use just about any information anyone with experience has to offer. One this is for sure, I am dedicated to this, but I also want to be realistic. I apologize for the wide array of questions and sprawled out thoughts I spewed into this post. I look forward to being an avid member of this community; likewise I look forward to being an information sponge. Thank you.

Most Popular Reply

User Stats

1,473
Posts
1,993
Votes
Omar Khan
  • Rental Property Investor
  • Dallas, TX
1,993
Votes |
1,473
Posts
Omar Khan
  • Rental Property Investor
  • Dallas, TX
Replied

@Lewis Jerico Congratulations! Being self aware is step #1. You are on the right path. What size of apartment building are you looking at? You don't have to invest all the money yourself. Through partners and private/hard money lenders you can work towards getting a share of a deal. In your position, it would be better for you to become a bird dog for a more experienced investor and bring them deals. They can either pay you $, teach you or give you part of the deal in exchange for bringing the property to them/helping to manage it. 

Have you looked into networking in your local real estate meetups? You can look for mentors and other professionals who will be willing to guide you. 

Loading replies...