I am a 20 year old real estate student at Florida State University in Tallahassee, Florida. I have some money saved up (about $3000) and want to gain experience by making my first deal. Any advice about where I can get started is greatly appreciated. Thanks in advance!
House hack a single or multifamily. $3k can get you a house for almost $87k. I'm guessing that's not much in Florida, especially around a campus. But with an FHA loan, you only need 3.5%. Rent out the spare bedrooms. You could also hack a duplex, triplex, or quad.
Better yet, buy a fixer upper with a 203k loan. Still only 3.5% down. Fix it up, refinance it, rent out the spare bedrooms/units, and use the equity to fund your next deal.
@Nicole Heasley
Thanks for your input Nicole. There are foreclosures and short sales in the area within that range. Unfortunately, the school year has just started and I am locked in to a year long contract for my townhome, as are most of my friends (potential tenants). Would need to find non-student, low-income tenants. Any suggestions on how to do that? Thanks again!