All Forum Posts by: Celine Rechyy

I agree with what everyone has been saying, but also. One problem that many people can run into especially at our young age is funding! So from a lenders perspective, 

1. Make sure you have enough saved up not only for the down payment but also closing cost, plus some reserve in bank accounts or in other investment accounts!

2. Credit score can help you secure a great rate so make sure to get started on that if you aren't already. If you don't have a credit card, I would recommend Discover's credit card for college students. And if you have a parent or an older sibling that can add you as a beneficiary to their cards, you can assume their credit (of course you only want to do this if they have good credit, lol). Also never max out your card!

3. Work History. For most loans especially for first time homebuyers, your lender wants to see a 2 year work history of the same job that you are or will be working (same thing if you are self-employed). If you get a salaried job after college that would be best possible situation as you wouldn't necessarily need the two years of work history.

My last two pieces of advice is of course watch Bigger Pockets Podcast as much as you can to learn! That's how my brother and I learned and now we invest at 20 and 24 years old. And eventually or even now, go to Real Estate Events all around Chicago, most of them are free and you can find the events on Meetup.com or Eventbrite.com (my company also hosts a lot of events every month that are free @A&N Mortgage which you can find on Meetup.com).

Good Luck!

Hello @Celine Rechyy ! It’s awesome to see that you’re already interested in real estate as a high school student! I wish I had started earlier but better late than never.

 House hacking is a great way to start off. I’ve been doing it for the last 6-7 years and acquired a handful of properties this way. 

Make sure to read as much as you can on the topic. There are a few good ones - I personally like Craig Curelop and Ben Leybovich’s books. Stay engaged on the BP forums and listen to podcasts regarding house hacking. 

In college, work on the basics - get good grades, don’t get into debt, build your credit, etc. Having a stable income and good credit will be foundational in qualifying for a loan. And having good habits and being disciplined will help you be a good investor, property manager, landlord, etc. 

DM if you want to hear how I got started. Hope this helps! 

@Celine Rechyy

From my experience, to start investing in real estate, focus on learning through resources like audiobooks and BiggerPockets, while networking with experienced investors. Maintain a credit score of 620 or higher, save for a down payment, and research markets carefully. Use tools like the BiggerPockets House Hacking Calculator to analyze deals, get pre-approved for a mortgage, and begin with a manageable property to build your experience.

Good luck!

One way to learn is to become an assistant to a Real Estate Agent who works with Investors and House Hackers. With the right agent, you'll learn how to run the numbers and establish a network of lenders, investors, other agents, contractors... In Illinois, the minimum age to officially become an unlicensed assistant is 18. An official unlicensed assistant has access to the MLS.

+1 to what was mentioned above. I would also add that you would find value in attending real-estate meet ups. 

@Celine Rechyy

The primary rule of thumb is you can never start early enough in real estate. That is not true, if you start too early and lack experience and then have a deal go bad, it can set you back 5 to 10 years.

My recommendation is to not only read books, but just continue to educate yourself in anyway possible in network with others who have been doing it for a very long time.

Read some books. Make sure you understand the basic math, what qualifies as a good investment, how to manage your investment and prevent losses, etc.

I would start with Set For Life by Scott Trench. Good financial information and he explains how he started with house hacking.