Real estate investing at a young age? Seeking advice

Real estate investing at a young age? Seeking advice

Litchfield, OH · Member since 2018 · 12 posts · 11 votes

Hello all! I'm a young adult (just turned 20) and college student entering my last year of college this fall. I have considered for several years the importance of general investing, but recently have become increasingly interested in real estate investing. As a current college student, I obviously have little cash available to me at this time but have been dedicating my free time to reading and listening to podcasts on the topic in order to educate myself. I live in the NE Ohio area about an hour south of Cleveland, but also spend a great deal of time in NW Ohio for college. My parents both were entrepreneurs and also were both tenants and landlords in life, but I wouldn't call them real estate investors. Essentially I am looking for some guidance. I have no structured means to learn about this business, and currently reading forums such as this, watching videos, and listening to podcasts are my means of learning. I am motivated to get started as soon as I can and more than willing and able to put in whatever work needed, but am struggling with conceiving how I can start. I know many people recommend finding a mentor, but I am not even sure how to find someone near me that might be willing to advise me. Simply put, I am more than eager to learn as much as I can and begin moving forward with this, but am not quite sure how. Any advice, tips, or input otherwise would be greatly appreciated. 

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Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
8y
Originally posted by @Rachel Ewald:

Hello all! I'm a young adult (just turned 20) and college student entering my last year of college this fall. I have considered for several years the importance of general investing, but recently have become increasingly interested in real estate investing. As a current college student, I obviously have little cash available to me at this time but have been dedicating my free time to reading and listening to podcasts on the topic in order to educate myself. I live in the NE Ohio area about an hour south of Cleveland, but also spend a great deal of time in NW Ohio for college. My parents both were entrepreneurs and also were both tenants and landlords in life, but I wouldn't call them real estate investors. Essentially I am looking for some guidance. I have no structured means to learn about this business, and currently reading forums such as this, watching videos, and listening to podcasts are my means of learning. I am motivated to get started as soon as I can and more than willing and able to put in whatever work needed, but am struggling with conceiving how I can start. I know many people recommend finding a mentor, but I am not even sure how to find someone near me that might be willing to advise me. Simply put, I am more than eager to learn as much as I can and begin moving forward with this, but am not quite sure how. Any advice, tips, or input otherwise would be greatly appreciated. 

 Welcome to the site Rachel.

1st thing you need to do is save up some capital to work with. You can do that by working 2 or 3 jobs. If you want those jobs to have real estate experience I recommend working as an agent. Once you have enough cash saved up the 1st move i'd make would be to house hack a 2-4 unit building. Rinse & repeat.

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  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    8y
    Originally posted by @Rachel Ewald:

    Hello all! I'm a young adult (just turned 20) and college student entering my last year of college this fall. I have considered for several years the importance of general investing, but recently have become increasingly interested in real estate investing. As a current college student, I obviously have little cash available to me at this time but have been dedicating my free time to reading and listening to podcasts on the topic in order to educate myself. I live in the NE Ohio area about an hour south of Cleveland, but also spend a great deal of time in NW Ohio for college. My parents both were entrepreneurs and also were both tenants and landlords in life, but I wouldn't call them real estate investors. Essentially I am looking for some guidance. I have no structured means to learn about this business, and currently reading forums such as this, watching videos, and listening to podcasts are my means of learning. I am motivated to get started as soon as I can and more than willing and able to put in whatever work needed, but am struggling with conceiving how I can start. I know many people recommend finding a mentor, but I am not even sure how to find someone near me that might be willing to advise me. Simply put, I am more than eager to learn as much as I can and begin moving forward with this, but am not quite sure how. Any advice, tips, or input otherwise would be greatly appreciated. 

     Welcome to the site Rachel.

    1st thing you need to do is save up some capital to work with. You can do that by working 2 or 3 jobs. If you want those jobs to have real estate experience I recommend working as an agent. Once you have enough cash saved up the 1st move i'd make would be to house hack a 2-4 unit building. Rinse & repeat.

  • Rental Property Investor · Belleville, IL · Member since 2018 · 60 posts · 29 votes
    8y
    Rachel, I feel like we are in very similar shoes. Both 20 years old, parents have small amounts of REI experience and are interested in investing. I took this spring semester off from my studies to go at REI with a dive in, head first approach. I’m about to list my first flip on the market, and my second flip is being painted as I write this. Once my cash reserve has been built up enough, I plan to then invest in more passive multi family. What really helped me go at this with more confidence is just like what your doing. Becoming so laser focused on REI and getting my hands on every source of material I can to learn. But the real difference maker has been attending my local REI meetings. The members have taken very kindly, have gave me their direct phone numbers and have been there for me to bounce questions off of. If you attended those types of meet ups with that fire in your eyes, other more experienced investors will see that and will be absolutely eager to help someone who they think is just like they were in their 20s. Hope this helps, would love to connect. Cheers!
  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    8y

    @Rachel Ewald For now just focus on building your cash up and start looking for a house hack you can get into after working for a bit.  Assuming you make a decent income after graduation this should not be too difficult to do in some parts of Ohio.  This is just general advice.

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  • Litchfield, OH · Member since 2018 · 12 posts · 11 votes
    8y

    @James Wise Thank you for the welcome. I have a hard time working 2-3 jobs with a packed college schedule, but I do work as I can as well as throughout the summer, and already am working on saving. I have heard of the benefits of house hacking, and certainly will be looking into that. Thank you for the recommendations.

    @Logan Allec I am working on saving as much as I can and have heard of the benefits of house hacking as well so certainly will be looking into that. I appreciate the advice. 

  • San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    8y

    @Rachel Ewald Interesting to hear your parents were landlords. You may want to hear them out. See if they have any words of advice for you from their experience. It wasn't until I was older that I heard my parents' horror story of being a landlord. Though, I did it anyways. Another thing you can do is attend your local real estate investment club. Seek out key players who are doing what you want to do. Ask questions. Learn as much as you can. I started at a young age as well (out of college). Surrounded myself with people who had the experience and were willing to help. Did take some time to be successful and find my niche but eventually I did. Hope that helps. Best of luck with everything! 

  • Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
    8y

    You could seek out someone who's doing flips and see if they'll show you the ropes a bit. Buying property and fixing it up will teach you a ton about real estate and you'll be able to see the real side of it, not just the talk. And seeing the rough parts of the real estate world might show you which path makes the most sense for you as there are a million ways to get involved in real estate. People are generally happy to help newcomers to the game, so you shouldn't have too hard of a time getting out and seeing some real-life deals happening. Even if you cant pull together your own deal right now, at least you'll be more ready for when the day comes!

  • Litchfield, OH · Member since 2018 · 12 posts · 11 votes
    8y

    @Logan Jorns It certainly seems we're in similar scenarios. My parents aren't interested in "real estate investing", per se, but both are looking at properties in different areas. It's encouraging to see that your efforts are paying off already. I'll definitely have to look into meetings in my area and see if I can attend some. It can occasionally be difficult to make it to events in my home area when I attend school 2 hours away, although I suppose I could probably attend meetings in this area as well. I appreciate all the advice and recommendations immensely, thank you!

  • Litchfield, OH · Member since 2018 · 12 posts · 11 votes
    8y

    @Rachel H. My stepfather has done more as a landlord than my mother, and actually still owns a single family home that he is planning to sell as soon as the current tenant leaves as that particular property has been a bit of a nightmare for him. I will certainly look into some local clubs. I feel that one of the biggest issues I'm facing is locating people who I can learn from, but I think that attending meetings will be immensely helpful with that. Thank you very much for your recommendations!

  • Litchfield, OH · Member since 2018 · 12 posts · 11 votes
    8y

    @Ryan Evans I think assisting someone with flips would be a great experience for me. I've seen my family do a huge amount of work on their current house, but of course that is only one property. I have a general idea of what aspect of the real estate world I'm interested in, but that may change as time progresses and I am exposed to different areas. Thank you for your time and advice!

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    8y

    Rachel,

    I started at a very young age also, decades ago. As you can see by the number of posts I have, it is quite easy to do research and find some of the posts and threads that I have already entered on BP. I would suggest you find several members of BP that you have enjoyed reading their biographies or their threads and continue to research posts by those individuals. I know I have given loads of advice and was even selected to speak at the bigger pocket seminar in Denver hundred years ago! There are many sources on bigger pockets where you can find free information and also members posting results they have had using different methods. I think all of the answers above were also good. You certainly can follow someone without that person even knowing they are your mentor!

    Good luck.

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