19 Year old college student looking for advice
Hey everyone,
I’m currently a 19 year old college student looking to get started in the real estate market. I have the majority of my money saved in the stock market and I’m looking to expand. I am going into the Army after college and thought about buying property around military bases. I figured it’s usually cheaper and their will almost always be tenants. My big idea is buying properties, and having the rent pay the mortgage payments, then after 10-15 years, the money from the property would be straight profit. I know almost nothing about real estate and would appreciate and advice. Thanks!
Most Popular Reply
@John McCreery First off, congrats on getting started at such a young age!
A couple thoughts on your comments. Regarding buying property around military bases, I wouldn't make the blanket assumption that it is "usually cheaper". For example, many Navy bases in places like Hawaii, San Diego, etc are not necessarily in inexpensive locations. Now, that isn't to say that there aren't plenty of military towns in which the prices are affordable and they are good places to invest. I'd just recommend analyzing each market individually.
Also, if your intent is to keep it for a long term rental, make sure you are analyzing as such before you purchase it even though you intend to live there for a period of time. Otherwise, you might buy what you want to live in initially and find that the math doesn't work out for a long term rental when it's time for you to move.
Definitely check out the VA loan and consider house hacking part of a quad, tri-plex, duplex, bedrooms, etc. It's a great way to cover the mortgage while you're living there and build up some capital for future investments!
Cheers!