General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated about 6 years ago on . Most recent reply
Beginner real estate investor
Thoughts on best way to start out in real estate financially.
I’m a college student with a little money saved up but I know real estate could give me a huge boost. Just not sure what route to proceed in.
Thank you in advance.
Most Popular Reply
Hey Adam!
You are on the right track and it's great to see you starting early.
I think one of the best ways for you to get started would be to House Hack.
If you aren't sure what that is, picture a Duplex. You live in one side and rent out the other, making your cost of living there, basically free. Plus you would benefit from them paying down the home loan and from potential appreciation. You would be able to save up money A LOT faster as well.
It doesn't have to be a duplex either. It could be renting out the extra bedroom to a friend, etc.
If you can't yet qualify for a loan, and let's say you are renting a home/apartment from someone, and you had an extra bedroom, you could ask your landlord if it'd be OKAY to rent out the extra bedroom to someone, while you live there as well.
But if you could get someone to help you get a loan to begin with, I think living in a duplex or a home and renting out the other sides or bedrooms, would be a GREAT way to get started.
For now, dig into all the awesome resources on this side and LEARN as much as possible!
Hey Adam!
You are on the right track and it's great to see you starting early.
I think one of the best ways for you to get started would be to House Hack.
If you aren't sure what that is, picture a Duplex. You live in one side and rent out the other, making your cost of living there, basically free. Plus you would benefit from them paying down the home loan and from potential appreciation. You would be able to save up money A LOT faster as well.
It doesn't have to be a duplex either. It could be renting out the extra bedroom to a friend, etc.
If you can't yet qualify for a loan, and let's say you are renting a home/apartment from someone, and you had an extra bedroom, you could ask your landlord if it'd be OKAY to rent out the extra bedroom to someone, while you live there as well.
But if you could get someone to help you get a loan to begin with, I think living in a duplex or a home and renting out the other sides or bedrooms, would be a GREAT way to get started.
For now, dig into all the awesome resources on this side and LEARN as much as possible!
I think we need to know a little more to give advice, right? Like how much $ is a little money, what city Adam intends to buy in, is there continuous income to pay mortgage, etc.
If I have to comment in general (as a fellow investor), especially for young people starting out, first consideration is affordability. Save up enough for down payment, then select a growth area, and buy something within means.
@Adam Leonti I second Roberts advice. Keep life affordable. Right now, you are able to live simply because you have not yet reached the point where many fall into lifestyle inflation. Keep your living affordable as your earnings increase. If you are able to do that, then you will begin accumulating money to invest. If you are going to be buying a property to live in, keep the long term goal in mind. Buy something that you are happy to live in, in a decent area, that will cash flow when (if) you move out. An affordable lifestyle will give you a nice advantage, and an easier start, to investing.
Welcome to BP!