College Student trying to begin career in real estate

New York, NY · Member since 2022 · 8 posts · 8 votes

I've been listening to the BP podcast and finally decided to hop on the forum to try and expand my knowledge. I'm attending college in Manhattan, NY and I'm looking for ways to get started in real estate investing, aside for REIT's. I have around $9,000 that I can afford to invest (I understand isn't much considering where I live). Does anybody have any ways that somebody in my position could get started?

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Scott TrenchPro Member

Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes

Quote from @Christopher Piazza:

@Michael Dumler, Thank you for the advice and for mentioning that book to me. I'm going to read it as soon as possible!

Please send me a DM and I'll send you a free copy of the book! And, when you finish it, let me know if you want to chat about it!

Thanks for joining the BP community and love that you are getting into this while still in college!

Podcast Guest on Show #223

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Shiela R.
Investor · Boulder, CO · Member since 2017 · 304 posts · 347 votes
4y
Hi @Christopher Piazza. Welcome :) There are many ways to get started. What are you good at? What is interesting to you regarding REI? Answer those questions and then familiarize your self with the market you are going to invest in (not necessarily your own neighborhood). Becoming an expert on the market is an absolute must. And you can do that a few different ways. Once you learn the market, you will know what is a deal and you can do many things to earn money (short or long term) once you find a deal. Feel free to DM if you have specific questions.
2 Reply
Christopher Piazza
OP
New York, NY · Member since 2022 · 8 posts · 8 votes
4y
Thank you @Shiela R., I really appreciate the advice! I'll be sure to take those steps and shoot you a DM if I have more questions.
0 Reply
Michael Dumler
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Christopher Piazza, I recommend you read Scott Trench's book, "Set For Life" and familiarize yourself with house hacking. Moreover, what do you want to do in life? To be upfront, it's difficult/nearly impossible to jump into real estate investing full-time. For your practical/boring but basic advice; secure W2 employment once graduating from college, build your credit, save religiously, limit unnecessary debt, etc. To reiterate, I would definitely advise researching house hacking in your market. It can be a powerful investment strategy when building your portfolio. Lastly, visit and stay connected in the forums. Hope this helps!
3 Reply
Christopher Piazza
OP
New York, NY · Member since 2022 · 8 posts · 8 votes
4y
@Michael Dumler, Thank you for the advice and for mentioning that book to me. I'm going to read it as soon as possible!
0 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
4y
Quote from @Christopher Piazza:

I've been listening to the BP podcast and finally decided to hop on the forum to try and expand my knowledge. I'm attending college in Manhattan, NY and I'm looking for ways to get started in real estate investing, aside for REIT's. I have around $9,000 that I can afford to invest (I understand isn't much considering where I live). Does anybody have any ways that somebody in my position could get started?

When I got started investing my sophomore year of college, I had $500 to my name, My grandmother lent me $12k for the downpayment on a duplex on the OSU campus in Columbus. Over the course of a year, my wife and I fixed it up, rented to friends, ate peanut butter and jelly, and did everything we could. We then refinanced the property and it has given us $140k in cash back and continually produces $1,800/month in cash flow.
I would be going to as many real estate meet-ups as you can in college. I still keep in contact with my professors from college. I would look if they have RE mentor programs. A good way to start out is to start cold calling. Our brokerage requires everyone to cold call. I cold call weekly sometimes daily. It is a great way to get some deals under your belt and get a feel for the market.

Get started and it will be only good things for your future!

2 Reply
Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
4y
Quote from @Christopher Piazza:

I've been listening to the BP podcast and finally decided to hop on the forum to try and expand my knowledge. I'm attending college in Manhattan, NY and I'm looking for ways to get started in real estate investing, aside for REIT's. I have around $9,000 that I can afford to invest (I understand isn't much considering where I live). Does anybody have any ways that somebody in my position could get started?
Hi Christopher

The power of words:

Trying vs. decided to do it....two different things.
Trying means you can stop if it gets uncomfortable...or etc...
Decided to do it, is a whole different level.
Here is some Tony Robbins for you: https://www.youtube.com/watch?v=_fLl9aMkdqA
Good Luck!
1 Reply
Bradley Dosch
Real Estate Agent · Seattle, WA · Member since 2019 · 301 posts · 188 votes
4y
Hey Christopher, it's awesome that you are jumping in and learning as much as you can. Depending on where you do it, $9k is a great start for down payment and closing costs on a house hack. I would just keep saving up money, learning more about house hacking, and then going for it! Good luck Christopher!
2 Reply
Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
4y
Quote from @Christopher Piazza:

@Michael Dumler, Thank you for the advice and for mentioning that book to me. I'm going to read it as soon as possible!

Please send me a DM and I'll send you a free copy of the book! And, when you finish it, let me know if you want to chat about it!
Thanks for joining the BP community and love that you are getting into this while still in college!
Podcast Guest on Show #223
3 Reply
Christopher Piazza
OP
New York, NY · Member since 2022 · 8 posts · 8 votes
4y
@Scott Trench, @Bradley Dosch, @Scott Mac, @Steven Foster Wilson,
I really appreciate all the support and advice!
Thank you!
1 Reply
Billy Daniel
Rental Property Investor · Russellville, AR · Member since 2014 · 688 posts · 509 votes
4y
@Christopher Piazza great job taking some action! As others have said, define a goal for yourself and then work towards it. Get educated! @Scott Trench is willing to send you a book AND chat about it! Jump on those opportunities. The knowledge that comes from those that have been there and done the work is priceless!
As for your $9k (Congrats on that by the way. I don't know many college students who can afford to do that, much less in NY), my goal would be a house hack. That could be a decent down payment for a place with multiple units (such as a duplex) or multiple rooms (rent-by-the-room).
Whatever you do, continue on your current path. Maybe the best answer now is to study, attend meetups, and continue to grow that $9k to $20k. The possibilities are endless!
1 Reply
Thomas Higgins
Investor · Pittsburgh, PA · Member since 2016 · 78 posts · 45 votes
4y
Some ideas:
1. Get your real estate agent's license while still in school
2. Try to rent apartments & maybe even work for a team that does a sale | Maybe get a w2 job in Real Estate and do this on the side
3. Investing in other (non NYC markets) where the money you have can go a longer way and there isn't as much red tape to trip you up
4. Find a market (not NYC) that you really want to know... try to find some off market deals and either raise money or wholesale
5. Rinse repeat and keep reading
Good luck!
1 Reply
Pego Jean-Paul
Real Estate Agent · Norwalk, CT · Member since 2021 · 22 posts · 7 votes
4y
@Christopher Piazza have you decided what your plans is after college? You should take that into consideration on where you want to invest. As you continue to save, you can work on your post school plan. Identifying if you want to stay in NYC or move to more affordable areas like upstate NY or even CT. Relationships are a factor too. I have been trying to get my wife to move to a more landlord friendly state but she is not interested. So, we have to figure it out here in CT or do distant land lording. You don't have to everything planned out but give it some thought and work on it. $9,000 is a great start.
1 Reply
Quentin Jivery
Member since 2022 · 92 posts · 11 votes
4y
Quote from @Michael Dumler:

@Christopher Piazza, I recommend you read Scott Trench's book, "Set For Life" and familiarize yourself with house hacking. Moreover, what do you want to do in life? To be upfront, it's difficult/nearly impossible to jump into real estate investing full-time. For your practical/boring but basic advice; secure W2 employment once graduating from college, build your credit, save religiously, limit unnecessary debt, etc. To reiterate, I would definitely advise researching house hacking in your market. It can be a powerful investment strategy when building your portfolio. Lastly, visit and stay connected in the forums. Hope this helps!

I need house hacking advice, how can it be used as a tool to build your portfolio. I’m looking for a duplex or 4 plex to house hack
0 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
Quote from @Christopher Piazza:

I've been listening to the BP podcast and finally decided to hop on the forum to try and expand my knowledge. I'm attending college in Manhattan, NY and I'm looking for ways to get started in real estate investing, aside for REIT's. I have around $9,000 that I can afford to invest (I understand isn't much considering where I live). Does anybody have any ways that somebody in my position could get started?

Read "Set for Life" by Scott Trench or "The House Hacking Strategy" by Craig Curelop. That's probably the best way for you to get started.
The DIY Landlord Book4.7247 Reviews
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2 Reply
Quentin Jivery
Member since 2022 · 92 posts · 11 votes
4y
Quote from @Thomas Higgins:

Some ideas:
1. Get your real estate agent's license while still in school
2. Try to rent apartments & maybe even work for a team that does a sale | Maybe get a w2 job in Real Estate and do this on the side
3. Investing in other (non NYC markets) where the money you have can go a longer way and there isn't as much red tape to trip you up
4. Find a market (not NYC) that you really want to know... try to find some off market deals and either raise money or wholesale
5. Rinse repeat and keep reading
Good luck!

Why do you think getting your RE license is a good thing? I’m considering getting it.
0 Reply
Thomas Higgins
Investor · Pittsburgh, PA · Member since 2016 · 78 posts · 45 votes
4y
Depends what stage of the real estate investing process you are in. I got my license was I was 18 and it provided a lot of learning opportunities, additional income and networking avenues. It can help people get moving.
If you have 100 units and are asking if its valuable at that point probably not.
0 Reply
Reilly Barry
Real Estate Agent · Milford, CT · Member since 2020 · 25 posts · 12 votes
4y
Hi Christopher! Welcome to the BP community. $9,000 is a great start for someone just looking to get started. A great way to start would be to "househack" a multi family using a FHA loan for the 3.5% down payment. Live in one unit and rent out the other side. After a year move out and rent the other unit out.
If moving outside of the city for a year isn't realistic for you, that may not be the best option. If you aren't looking to move into your investment, I would recommend finding a partner in a nearby market to split cost.
1 Reply

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