Updated almost 10 years ago on . Most recent reply
New Member
I am a 19 year old student at UCSB who wants to get into real estate buy and hold investing as young as possible to have time on my side.
I would like to be able to invest in a year and a half before graduating but not sure about house hacking as local real estate is expensive.
The high prices of local real estate dwarfs the $10,000 that I have saved and makes me intered in out of state properties as well.
Most Popular Reply
From what I've read (which is important because I am a newbie myself) it may not be ideal for your first property to be purchased and managed remotely. There are a not of nuances to this business and without eyes and ears on the ground to help you when you are gone -- you may not be as successful as you could be.
With an FHA loan you could get away with just 3.5% down -- that still buys you a lot of house.
Also, if you wanted to save more money you can start off by househacking even when you're renting. Lease a house, sublet out the rooms to friends or people you'd be okay living with, and live for free or cheap! Sleep on the couch, rent out your room, and you are now MAKING money for living in an apartment.
Good luck! I'm just getting started myself and I'm 10 years your senior. You'll do fine if you are persistent and careful.