Im sitting here just pondering different ideas and was wondering if buying a house and renting out the individual rooms (while living in one) is an ok way to make my first investment. Im currently just educating myself and planning for when i finish my degree. The way i see it I will be paying for a place for myself to stay anyways. I figured why not rent out the individual rooms and take all the rent money to save up for a down payment for my actual first deal.
Does this sound like an ok way to introduce myself to managing renters, buying property, and other aspects of being a landlord? Or is it a waste of time and should i be planning to just save up and start by investing in a full rental.
A side note is i will have a job and have enough income to make the payments and live off of anyways.
I think that is a great Idea. That is actually how I got into real estate investing.
Get yourself a nice 3 or 4 bedroom house for around a 100k.. maybe 150 ish.. Your monthly payment should be 700 - 900 a month ish... (give or take depending on lots of factors) Find some nice responsible roommates.. rent out each room for 300 - 400 ish...
Live for free or really cheap. Save your money and buy another!
Congrats! You will do very well in life!
Thanks Ryan! The simple idea i mentioned above sparked my interest in real estate and ever since i came across this website I cant stay away. Spent at least 3 hours a day every day plastered to my computer reading and planning! i cant stay away!
Great idea. Just make sure you can sell it or get a good Property Manager when you graduate (unless you have a younger sibling that wants to go to the same school. I had friends that did this in college and it worked out fine.
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