As a current college student in the Philadelphia area heading into my junior year I’d like to start a discussion on getting started as a college student.

Some questions/ topics that come to mind are:

- Finding lenders that would invest in a “newbie”

- Others experiences with getting their first property in their early 20s

The main concern I have relating to using the BRRRR method to purchasing my first property is that since I am so young with little to no capital would it even be possible to start while I college? Would people just overlook you at the young age of 20?

@Andrew McMonigle

Early 20s is a great age to get started in real estate.  You will be financial free long before most of your friends!  I started around then and I found it very difficult to be taken seriously.  Real estate agents would completely blow me off.  The first one that took me seriously got 4 deals from me in the first 2 years( on the buying and selling side).  Knowing what I know now, I would have showed up more prepared when talking with bankers and real estate agents.  Have a written plan.  Show them you are serious.  If they don't want to work with you THEY will be the ones missing out.  You will get a lot of people saying "NO" but once you break in, it tends to go faster.  Good Luck!

@Andrew McMonigle I got my first property my junior yr of college at age 21. However. I had a w2, paid off my car a year prior, and a full ride to school so my debt was small but I did have a quite hefty credit card bill. I house hacked a duplex which allowed me to live rent free the remainder of college and also put less pressure on me to get a job before graduating. Its a great idea to house hack while youre in school. I utilized an fha loan which allows for a small down payment. good luck!

@Andrew McMonigle . What are you studying? I recommend you finish school first and focus on that. I bought my first property at age 22, and haven’t looked back since. Slow and steady wins the race.

@Derek Diamond Thanks for the advice! It really means a lot!

@Suny Capezzuto That is great advice. House hacking seems to be a popular and safe play for beginners.

@Caleb Heimsoth I am a Finance major, looking to bring Real Estate on as a double major in those two fields.

Originally posted by @Andrew McMonigle :

@Caleb Heimsoth I am a Finance major, looking to bring Real Estate on as a double major in those two fields.

 Finance is good. I have mixed feelings about real estate as a major.  I’d say study applied economics or statistics instead.  The big bucks in finance is usually in quantitative research or something along those lines 

Andrew, 

Go for it! Get in as young as you can. In your circumstances, I would attempt to house hack your way through college as @Account Closed has done. Brilliant way to live free and save up for the next property. Best part about Philly is that house could be right next door. Manayunk is full of college kids and provides someone like you with a perfect opportunity. If you can BRRRR something that would be ideal, that way you can force some appreciation. As long as you have a downpayment you can find hard money anywhere. If you can get someone to loan/invest the downpayment, even better.

My partner and I just bought our first investment property and we are both in our 20's. Oh and it's miles away from us. We bought where we could afford and we have an amazing agent on the ground out that way who helps list the property and show it. Know what you are talking about when speaking with realtors. Be precise about what you are looking for and they will be happy to send properties that fit your criteria. Find something you like and buy!

Goodluck, 

Ryan Conceicao 

What I found helpful in getting real estate professionals to take me seriously is to show up prepared--educate yourself, ask thoughtful questions, and do what you say you'll do. Maybe I've been lucky, but I've had very supportive and positive experiences with people I've worked with and those I've met at meetups. (Yes, go to meetups even if you're nervous or feel like you don't know much!)

When I was living off-campus in college (2017-2018), I rented out an entire apartment and found roommates to rent with me at prices I determined. While others were looking to rent by room, I was able to live in my room for much cheaper than if I went out to look for a room myself. If you have little capital, want to save up money for REI, and want to get a feel for house-hacking/landlording, that may be one avenue.

I'll be moving soon to house-hack a property that my family and I partnered in and renting out my primary residence. I had savings and investments I liquidated as well as a job lined up right after graduation so I was fortunate to be able to enter REI right out of college, but there are of course many different ways to get into the game. Feel free to reach out if you want to chat further!

Hello,

I am 21 and just bought my first duplex 4 months ago. I had the cash for the down payment, closing cost, and rehab but all I had was cash. I partnered with a family friend who was able to get a loan and that’s how I was able to get the first deal.

Hey @Andrew McMonigle , one of my best clients is only 20 years old and has purchased multiple properties since he has the drive, means, and wherewithal to invest. I've seen him turn out larger spreads than many of the "seasoned" investors 50 and above. Age has nothing to do with it. If you know your stuff, are willing to learn, and can effectively and efficiently evaluate deals, there is no reason why age would prevent your success. Lenders will often times lend to you if you are working with an experienced contractor or at least have a partner that has successfully completed flips or BRRR's.