Hi my name is Nicole and I am very interested in the real estate industry. My goal is to eventually own hundreds of rental properties but I don't know how to get started. I will be attenting college in the fall and I was hoping that some of you could give me advice and point me in the right direction so when I get out on the other side I will be able to start my journey toward my goal and buy my first property. Do any of you recommend any internships? Books? Habits or skills I should develop in the next few years before I really get started.
I would greatly appreciate some feedback!
Way to be motivated and know what you want early on! I wish I would have when I was your age. As far as real estate investing goes I am just as new as you, but as far as practical advice, do yourself one big favor. Do everything in your power to graduate debt free, even if it means working multiple jobs. I did not, but my wife did. By the time we got together and bought our first house 2 years after she graduated (she was 24), she had enough money saved up to put down 20% on our house by herself and she is a school teacher making less than 40k per year. Meanwhile I was still paying off student loans. This last year we made a concerted effort to pay off the last of my student loans (~20k) starting in June and made the last payment Dec 28th, or in 6 months time. Just imagine now if I had done everything to graduate debt free what I could have done with that 20k in capital. It's not a monster amount but enough for a downpayment. Sorry for the long post, I'm just really passionate about helping people avoid the mistakes I made. Hope all goes well for you in school!
@patricksittenauer Patrick thank you so much for your advice!
Hello Nicole, i agree with Patrick , minimizing your debt can play a key role in qualifying for a loan from a bank or having extra money to save for your first property. I am a new investor as well looking to purchase my first property soon and my advice to you would be for you to educate yourself and make smart financial decision with your money , keep the future in mind and figure out your niche,meaning the direction you would like to go in real estate.
BP is a treasure chest full of useful resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members which is my favorite part of the website.
As there are many ways of becoming a real estate investor, I am a strong promoter of education as a means to an end.
My recommendation is to substitute this place instead of FB/IG, and just educate yourself.
In the meantime, since you are going to school, stay focused on your grades, and pick a career that you are passionate about, but one that'll generate some capital.
As you mature, not only as an aspiring investor, but more so as a a teen going into adulthood, things will develop.
To your success kiddo!
- 1. Build credit.
- 2. Earn W2 income.
- 3. Save money for down payment.
- 4. Buy rental property.
Welcome to BP. You've come to the right place for information on RE investing.
A few Suggestions:
1. I'd go to work for a contractor this summer. Haul lumber, pound nails, sweep and do all the junk that hired labor does. You'll be right there in the thick of everything while the building is happening. Ask questions and get your work done quickly and safely. The contractor will love you.
2. Start paying a % of whatever income you have into a "real estate" fund. This forces you to get used to the concept of budgeting. Real estate takes a great deal of financial dedication, so starting young is always an advantage. Plus you'll get used to working with multiple bank accounts.
3. Update your profile to your exact location. The exact location allows people to ask you questions about your area. Remember you have the unique advantage of being a "kid." This is not a view of the world we see much here on BP.
4. Keep at it. If you stick with real estate through high school and college, you can can say you've been in and around the business for 10+ years by the time you are 30. Most folks haven't even found BP by that age.
5. Ask endless questions.
Good luck and enjoy the site!
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