Quote from @Kristine Ann:
You're not going to want here this, but this is what I recommend. I would focus on consistent, steady income and building an amazing credit history. Maybe get some hands on experience painting or staging.
Find a w2 job that you don't hate and you can keep for years. When you are working steadily at the same place for more than two years, you are seen as stable and responsible and a better candidate for loans in the future. I made pizzas on Friday and Saturday nights all through college and it didn't even feel like work.
I would also sign up for one (and only one) credit card, not use it that much, and make sure you pay it off every month. Keep this credit card forever, as the longer you have an open account, the better your credit score is.
In real estate, you are better off "house hacking" by renting a large apartment or house and renting out your extra rooms to roommates.
You can also learn how to paint by painting rooms in your parent's house. Painting houses a neutral color is the easiest and least expensive way to get houses rented or sold. It is a skill that is learned through practice, though. Spackling, caulking and painting are all important skills if you are planning on owning property in the future.
I would highly advised from borrowing from your uncles until you are much farther along in the process. If you borrow from them early on and mess up, you won't be able to tap them as a resource when you are more experienced.
Hey Kristine,
Thanks for the reply, I totally understand where you are coming from. All freshmen at WashU have to stay on the dorms for the first year, but after my first year my plan was to move off campus and put 3.5% down on small multifamily (2-4 units) and rent it out to the other students. I also have no debt and I am on a full ride for school. Until then, my initial plan was to try and grow my capital (20k from a car flipping business) and get experience now so I can later focus more on cash flow down the line.
I have a a decent amount of construction experience as well. My friends dad has a construction company and I used to work on jobs with them: building patios, painting, putting drywall up etc. I can also consult that friend who does construction full time now. I am not too worried about the basic lipstick rehabbing but I will definitely need to hire contractors for the more complicated repairs: plumbing, electric, roofing etc.
I also had a W2 job as a car wash "team leader" for a where I made about 2k/month. It was tipped pay though so it was not super consistent, but it usually averaged out to about 20/hr. Also as far as credit goes, I have been on authorized user on one of my parents card for 2 years, and I got my own as soon as I turned 18 so im 760+.
