Entry into Real Estate

New to Real Estate · Schaumburg, IL · Member since 2023 · 23 posts · 18 votes

Hello, I am a 19 year old college student majoring in engineering who wants to start making money within real estate. I have about 20k saved up and want to buy a house to house hack within the next 3 years but am not totally sure what my next move would be. I currently do turnover inspections for a property management company which I enjoy, but need to start increasing my income if I want to afford a house in the near future. Any recommendations on side hustles within real estate to help build my income for my first property?

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Aaron ZimmermanBusiness Member

Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes

You're off to a great start. I'd consider residential leasing but you're kind of missing the season at this point. Perhaps you could do that next year

Perhaps you can get in at a property management company in some additional capacity as an assistant property manager.

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Drago Stanimirovic
New to Real Estate · Miami, FL · Member since 2024 · 1k+ posts · 456 votes
1y
Luke, you're off to a strong start. With your $20k saved and experience in inspections, you’re building a solid base for house hacking.

To boost income, consider expanding your role at the property management company or getting your real estate license to close occasional deals. Wholesaling can also be a good entry point if you’re up for the grind. Keep building credit, saving, and learning, you're on the right track.
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Norberto Villanueva
Real Estate Consultant · Colorado Springs, CO · Member since 2013 · 325 posts · 117 votes
1y
House hacking with 20k is a great start. Ranging anywhere from zero to 5% down, did you know it's possible to buy a 1 - 4-unit property using FHA, VA, or FNMA/FHLMC (Conventional) financing programs? "Just" make sure it cash flows before you buy, rinse, and repeat and you'll be on your way to an early retirement in no time. All the best!
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Aaron ZimmermanBusiness Member
Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
1y
You're off to a great start. I'd consider residential leasing but you're kind of missing the season at this point. Perhaps you could do that next year

Perhaps you can get in at a property management company in some additional capacity as an assistant property manager.
[email protected]
Brick House CPAs53 Reviews
Website View Page
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Paul De Luca
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
1y
@Luke Okane

Credit to you for getting started early and planning ahead! To qualify for a typical conforming loan (Fannie Mae/Freddie Mac), you'll need to show a stable income to get pre approved. But if you could get a co-signer, you may be able to get your first property sooner or without a full-time income. I'm sure @Zack Karp can give you advice on this front.

There are many different careers within real estate, so I suggest investigating the jobs/careers that seem interesting to you. You're already doing that within property management, which I think is a great career path particularly if you want to be a real estate investor because it gives you broad exposure to all the other professionals & careers within real estate (landlords, contractors, agents, etc). You're acting as the owner's agent, so it's good on-the-job training and experience for when you become a landlord yourself.
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