19 Years Old, Sophomore in College, First Rental/Investment Property

5 Replies

Howdy! My name is Jacob and I'm looking to invest in my first property! I've read a few books and I've done a lot of research. There are so many factors to consider but I know some people can jump on their first investments without too much worry. I'm 19 years old and I'm a sophomore at Texas A&M. Gig'em. All I want to do is own and manage rental properties. There is so much potential and passive income available to be retired/comfortable at 25-30! It may sound crazy but I know it is very doable and possible. I have a couple questions that would really help me out if answered: 1. Financing for my first investment? Bank, lender? Where to find them? Best types of loans? 2. Should I invest in Houston (hometown) or College Station? I'm in College Station 8 out of the 12 months. Both maybe? 3. Any personal stories of success (or failure) at a young age? I appreciate all the replies. Y'all are awesome. Looking forward to growing with this community. Thanks and Gig 'em!

Jacob,

Gig'em from the Fightin' Texas Aggie Class of '99.

I love your enthusiasm.  That said, the answers to all of your questions can be found through many of the resources here on BP. Brandon's book on buying real estate for low or no money down is a great one as is the UBG.  I would also download and listen to the podcasts.  Go back and look at several that involve house hacking. 

Many people here are willing to help, but your post sounds a little like you want to be spoon fed.  Not trying to bring you down. Just an honest opinion from a fellow Ag.

Regards,

Dax

Howdy from the class of '07. Jacob I agree with Dax. Biggerpockets is an amazing resource to tap into. I'd dive into the book Dax mentioned and read posts where others are analyzing properties, different strategies, and just take it all in. I find the podcasts to be really great so check those out as well.

A lot of your answers depend on how much cash you have to invest, the strategy you want to pursue and your appetite for risk.

Welcome to the community. 

Gig'em

Jacob, I recommend buying your first property in college station with FHA financing. Living in it and renting the other rooms out. I believe there is a podcast where another young investor started that way. You could then live for free and save to repeat next year. As you go through college try to do this until you graduate. Then you will have a couple of rentals and experience. You could then move with you career and invest in that market.

Best of luck.

I second @Lucas Housos. If you find the right deal you should be able to break even or create passive income with a single family or duplex. If you are unable to qualify for an FHA loan, I'd suggest a co-applicant (parent, friend, other investor) or searching for a seller financing.

Good luck.