High School Senior trying to learn the Basics

[Michael McMullen]

Hello BP! You can definitely say that I am a "newbie" to real estate and BP. I am currently a high school senior and I have recently been introduced to the world of real estate investing. I will be attending the University of Akron in the fall for mechanical engineering and hopefully one day I will be able to work full-time as an engineer while I gradually grow passive income through real estate to a point where I don't have to work anymore. That sounds like a good goal right? What really intrigues me and what I wish to do someday is to buy-and-hold rental properties. This brings me to my first question. What is best for starting out, single family or multi-family units? Secondly, how can a kid fresh out of college who comes from a family with nearly no money be able to afford some of the down payments and beginning costs of most properties? And finally, any advice on what I should be doing now to prepare for the world of real estate? Sorry for the "newbie" questions I'm just trying to learn if real estate investing is right for me. Thank you!

[Michael Swan]

Michael McMullen

Pretty impressive!!! I would first read the Richest Man in Babylon and then read Rich Dad Poor Dad and then Think and Grow Rich. After that, I would read the Millionaire Real Estate Investor. Then get a good job that makes a lot of money. Then start saving a 3 month to 6 month emergency fund. Then start putting money in your RE investing account. Then read Multifamily Millions by David Lindahl. Then start house hacking. Live in one side of a duplex and rent out the other. Then a four plex. Then an 8 or greater. Then you have quite a few units by the time you are in your late 20's. Then, you are off to the races and retired by 35 or 40. That's what I would do!!

Swanny