Full-Time College Student

[Niko Nomura]

Hello

My name is Niko Nomura and I'm currently a freshman in college. I have been listening to the bigger pockets podcasts and watching their youtube videos for about a year now trying to educate myself as much as possible. I would like to invest in a SFH as a long term rental property in my area. I am also open to trying to pursue a MFH so I would be able to apply for an FHA loan since my current capital is limited to $6000 with separate money aside as an emergency fund. I'm on track to have $12,500 saved for a downpayment by the end of the year and would hope to make a decision by the start of my junior year. Just looking for any advice on what route to go considering the current market and my limited income as a full-time student.

[Brenden Mitchum]

Hey @Niko Nomura, welcome to the BP Community!

My advice largely depends on where you're located. $12.5k should be enough to lock up a house hack in an affordable area with home values in the $200s or below. If this sounds like where you're at, great! Then, my advice would be to get yourself into a house hack as soon as possible. A small MF would be ideal but don't be afraid to hack a SF if it has an in-law suite. If you can find one close to campus, it may even be a good move to rent by the bedroom to your fellow students. Just make sure you understand your municipality's occupancy laws before doing so!

If you're in an area where finding something under $300k would be nearly impossible, just sit tight and focus on saving, learning & networking. You could get into wholesaling but that takes some real time commitment to do it right. Don't even think about starting down that path unless you're committed, or else you'll just waste your time. 

Getting started should be your focus but don't worry too much if that just isn't in the cards with now. After graduation, you'll be younger and have more knowledge than most of us had at the beginning. Just make sure you're ready and have a plan to get started shortly after graduation. 

And please, feel free to reach out anytime if you have other questions or just want to chat RE!