I am 19 years old with limited financials and am attending college, I don't think I have time or the financial status to flip houses while in college. I was wondering what would be a good place to start where I could Invest during my college years. I have no experience and I am looking for some guidance.
I go to school in Boston
Welcome to Biggerpockets. Books like Investing with No Money Down or Flipping Houses might be of help to you. Also, networking with people near you can help you find a mentor that maybe can help you out start in your real estate goals.
Good luck and great success to your REI journey.
It's great to start early. Read the bigger pockets beginners guide and all of there ultimate guides to (blank). I found those to be very useful. Also listen to the pod casts, lots of great info in them from real life experience. If I were in your place. I would buy a triplex or four plex with a FHA loan with 3.5% down. You could rent out the other units and rent out rooms in your unit to friends and not just have no expenses, but live at college for free and make money doing it. The other thing I would do it download the single family house analyzer from the documents section. I use it all the time to calc small multi families. Hope this helps!
I am going for my BS degree in Construction Management with a minor in business I was thinking of maybe down the road buying or building a small shopping plaza. Is this a good idea? I know its all about location but any advice towards this idea?
I am on an internship right now working for a construction company and recently I have been working with a financial accountant and they recommend doing real estate on the side of Construction Management.
My brother recently graduated from WIT with a degree in Construction Management. It's a great career and a great career to learn about development if you would like to develop a shopping plaza. It may not be possible to invest in that, while in college. I would look for a multifamily in your area. If in there area I'm thinking of, try columbus ave or mission hill.
I agree with @Joe Bertolino you should educated yourself as much as possible, but I think there is enough on BP and books to educate yourself and own a multi and do it well as a property manager.
As far as the FHA goes, your on co-op, you will make good money there. Pinch your pennies and use that money for a down payment. You will probably need a co-signer, so you can get a loan, probably a parent. Also as someone who worked through college, work 10 hours a week at an easy job when your back in classes till you have enough for the down payment. Once you buy the house. If you use the guide lines set aside on BP you should be able to live free and make money doing it.
Awesome! Thanks @Patrick Kelly , do you know what the percentage for a down payment would roughly be?
As stated above 3.5% if you were to use an FHA loan. Correct me if I am wrong BP but generally people who can not afford a traditional 20% down payment will look into an FHA loan. So it seems this would benefit you being a college student and probably not a lot of savings. Before you jump into it obviously like everyone else said do your research.
Also I have a question in regards to his situation. Someone stated that he can use his financial aid to help cover the mortgage. Is this true?
I hate to jack your thread but I feel it fits. I am getting out and my only income will be from the G.I bill which the banks do not count as income apparently. Is it possible to still get a loan with G.I bill and greater then 30k in savings? With my G.I bill I will be getting paid way more then I will need for a property nearly 2500 dollars more.
Well I guess disregard my last question I did some more research and found the answer. Well anyway I hope I helped Aaron. Welcome to BP!
John I'm not sure on the exacts because I am not a veteran, but I think you can get a zero down loan from the VA if you plan on living in the house. I don't know what else you have to do to qualify.
Congrats and yes start early. Discipline and longevity of investing is the key to this real estate game. Any questions or insight feel free to inbox me.