All Forum Posts by: Liam Nichols

Yes!

Hello, my name is Liam Nichols. I am 20 years old, and a freshman in college. I have been committed to investing in Real Estate as my main form of building wealth since realizing its wealth building powers a few years ago. To say the least I have been educating myself about real estate for some time now, I also have been working as a contractor and have shown some apartments for my real estate "mentor". I have a plan to use my 529 plan to help me get started. 

Im here to ask for advice, and to hear what people have to say about my current plan. Here is the plan. 

1. I plan to find and vet a small and cheap single family home that would cashflow in a traditional real estate buy and hold method (find a good deal). 

2. I will then find another investor and buy the property as a joint venture under these terms. They will put up the 20 percent down payment and take the title of the home. I will then utilize my 529 plan to pay rent to them. This will cover the mortgage payments. all of the additional expenses I will cover out of pocket (escrow account). This will build my equity in the property for the next three years while I attend school. a good estimate would be $24k/year x 3 = $72k equity.

3. When I am done with school, we will refinance the mortgage, pull out all of my joint ventures principal payment plus an additional 10-15 percent for them to keep as a term of the deal. After that we will transfer the ownership of the property to me, then I will rent it out and I will own a cash flowing property right out of college. 

Any thoughts? The more constructive the better!

Thanks

Thanks for the insight, I really do appreciate it. I definitely am going to house hack during college. You said to partner with my parents. I actually don't have financially savvy parents, they are actually a lot like the "poor dad" from Rich Dad Poor Dad. My college is being paid for by my grandparents. That being said I plan to stay in my dorm which will be paid for and buy a rental property while I'm in my dorm. I read your advice for buying a property. You said that for my first buy I should House hack and make it MY primary residence for a lower down payment.(FHA?) I cant do this while living In a dorm right? Do you suggest that I buy my first property and still live in my dorm for free rent or wait and have my first buy be that House hacked Primary residence, Or something different than what I said.

Let me know what you think about this. During my first year of college. I would like to purchase a short term rental/vacation home near my college and airbnb it out for high cashflow. Then after my first year I would like to buy another property ( multifamily, single family something like that) and house hack that. While continuing to have the first property. Then I will just keep the ball rolling from there. 

Hello, My name is Liam Nichols. I am a 17 year old future real estate investor with lots of options. I am fairly educated in real estate. I have read multiple real estate related books, and I am an avid listener to the Bigger Pockets podcast. I am also a close with a successful full-time real estate investor who I have spent time working for as a contractor, which has taught me a lot. The best way to describe myself is driven. 

Here is my situation: My goal is to be a full time real estate investor by the time I'm out of college. So in approximately 5 years I want to to be living off of cashflow. I will be taking a gap year in between high school and college, so I will be staying with my parents. Which means that I will have more than a year to work, and raise capital for future investing. My college will be paid for by scholarships and my family's college fund.( I will not be paying for college which I am extremely grateful for). Through my years of college I will start building my portfolio. 

Here are my questions: What general advice would you give me? What specific advice would you give me? What state/city or area should I go to college near for the best chance of success? Any Life/Non-Real estate advice? 

Thanks to everyone who leaves there 2 Cents.