Young first time real estate buyer
Hello! My name is Alexander Carlson, I am 20 years old and I am looking to get into real estate. Now I realize that 20 years of age is not when most people start investing in real estate, or anything for that matter but I believe in getting ahead in the game. I understand that power of compounding interest and currently time is my biggest asset. I live in Lincoln, NE for half of the year and the other half I go to school in Phoenix, AZ. I am considering a partnership with a long time friend who lives in NE year round. Using the FHA loan one of us would live in the first property we would own, renting out the other portions.
I have 2 years of undergraduate work left then I intend on pursuing a real estate law degree. My goal is to be building my portfolio while in my undergraduate program so by the time I get to law school I have an income coming in because of smart investments I have made in years past. I intend on making this my full time career and developing more companies as I go. I was born and raised in a entrepreneurial family and I have seen my father grow a small company into a multi-million dollar one. Because of this I understand hard work and dedication, but I do not want to rely on my family for everything.
Between me and my partner we will have approximately $25,000 to begin our company.
A few specific questions that I have would be:
- What cost are involved in starting? (e.i. L.L.C., Legal paperwork, business cards, website, ect.)
- Do I actually have to live in the house for the FHA loan?
- If I do have to live in it could I occupy the residents for a summer and then move out keeping the same rates?
- Should I even use a business partner? I have the knowledge and he has the money, seemed like a great relationship but is it always wise?
- Nebraska or Arizona for the home?
- Should I pursue a real estate license before I began any of this?
Advice of any kind is appreciated! I have connection in Lincoln with people in real estate, but I believe knowledge and wisdom are incredible valuable and I will take all of it that I can get!
Thank you for your responses!