Fountain City, WI · Member since 2016 · 2 posts · 1 vote
I'm currently a 20 year old sophomore in college majoring in Electrical Engineering. After college, I plan on investing around 20k of my income per year into real estate using the BRRR strategy and living off the other 40k of my income (assuming I am making the average starting salary of Electrical Engineers). My parents own college rental properties so I grew up helping them rehab houses so I have an idea of what I'm getting myself into. I plan on doing as much rehab as I can in my spare time and hiring contractors to help with the rest because I'll also have a full time job. I also don't want to buy any properties while in college because I probably won't end up living in the city my college is in so ideally I'd buy my first property after college. My goal is to buy a million dollar building by the age of 30 with the refinance money from my residential properties, but I'm not sure if this is too lofty of a goal. What are your thoughts? Is this feasible?
Yes it is possible. Congrats on learning and educating yourself in REI at 20-
I would reccomend focusing on learning your market and how you will get your first deal. Focus on your purchase when you are out of college.. so how do you plan on financing this deal? Down the line you will want to figure out if you want to owner occupy and use FHA etc
Yes it is possible. Congrats on learning and educating yourself in REI at 20-
I would reccomend focusing on learning your market and how you will get your first deal. Focus on your purchase when you are out of college.. so how do you plan on financing this deal? Down the line you will want to figure out if you want to owner occupy and use FHA etc
Detroit, MI · Member since 2017 · 2 posts · 0 votes
9y
Hey I'm new here. What are some books I could read to educate myself on the financial side like refinancing a house etc. Im not quite familiar with all these terms and process. Thanks for the help!
Real Estate Agent · Sonoma, CA · Member since 2016 · 46 posts · 17 votes
9y
@Jeffrey T. Hey Jeff! I'm in your same boat, although I don't have great book rec's coming to mind, I've asked 3 lenders recently to lunch and learned SO MUCH. Ask for lender rec's on BP in your area as I did and take these people to lunch and pick their brains - I went with a residential lender, a commercial broker and a lender who specializing literally in BRRR and knew a ton about this strategy. Good luck!
Rental Property Investor · Saint Louis, MO · Member since 2016 · 162 posts · 53 votes
9y
Good that you're thinking about your goals now. I suggest writing them down. Have immediate, short term, mid-range, and long term goals. Review them periodically and adjust if necessary. Good luck!