College Student with a plan

11 Replies

I plan to house hacking right after i get out of college. This is because i really want to focus my attention on learning computer science. However, i feel like i’m just using this as an excuse to let myself off the hook. I have about 5k in capital and feel like i should be doing something and just not waiting the 4 years to execute my plan. Maybe partner and wholesale.. i have the knowledge but little money and time. Should i wait or act?

@Isacc Lightbourn action. what is your ultimate goal? work backwards from there and set your steps of what you need to do. You have the knowledge, but little money or time. Time is your most valuable resource. Do you truly not have the time? Can you make the time? What's the one thing that you can do everyday for 20-30 minutes that will get you to where you want to be?

@Jeremy Wirths

Honestly, this is some great advice. I feel like I can start virtual wholesaling with a partner (long-distance) I may not make much return but experience is everything. I should start calling agents and looking for people with little time but money in a market of my choosing .

@Isacc Lightbourn

Congrats on getting a plan together, that is a step in the right direction. 

Only suggestion I would make is to try and get your feet wet in the industry while you are still in school. I am not saying you have to go out and buy your first property but I would encourage you to go out and find an investor and see if they have anything you could help them with. This could be making cold calls, helping them at a project, or maybe utilizing your technological skills to help them upgrade their business.  

There are multiple other ways you could bring value to them, but this is just a start. This will allow you to take action and get a feel for the industry.

@Blaine Alger

Hello, I love that! I have a a distant family member that invests in my city and i do grunt work for her such as moving staging material from houses she flips in order to receive her knowledge of the El Paso Texas market. Maybe I should connect with her connections and ask them how i may add value to them.

$5k isn’t much capital to acquire the quality of property you’ll want in order to attract high quality tenants.

I’d partner or work for a few years and save much more money.  You’ll need something to trade for other parts of the deal.  That needs to be (1) the awesome deal; you’ve got special access to good deals, (2) capital, or (3) experience.

Partnering is risky, especially when you have no experience or capital.

Once you get out of college, work while saving all you can (I saved 50% of my income for 10 yrs before I got started 20+ years ago).  Educate yourself by reading every real estate book you can (see my recommended list below).  Try to locate a mentor in your market who’d be willing to allow you to shadow them.

Best of luck.

Jon
 

@Jon S.

Thank you very much! I like your advice, I’m actively read and educate myself. The more knowledge i obtain though the worse I feel about not putting it to work! I currently save 50% of my income as well (i’m 18 freshmen in college ) Once I get out of college i will have more than enough to house hacking to ease my way into landlording. Then again, i’m thinking of house hacking sooner because i’ve been building my credit for about a year now (i’m about to be 19). I can always get my mother as a co signer. We shall see though! Thank you for the reading list!

Originally posted by @Isacc Lightbourn :

@Jon S.

Thank you very much! I like your advice, I’m actively read and educate myself. The more knowledge i obtain though the worse I feel about not putting it to work! I currently save 50% of my income as well (i’m 18 freshmen in college ) Once I get out of college i will have more than enough to house hacking to ease my way into landlording. Then again, i’m thinking of house hacking sooner because i’ve been building my credit for about a year now (i’m about to be 19). I can always get my mother as a co signer. We shall see though! Thank you for the reading list!

You sound like you got the motivation.  I read over 100 books the year before I acquired my first property.

The name of the investment game is risk.  Your (1) first goal should be to understand yourself.  What are you good? What special skills do you have that you can apply to real estate?  What skills must you learn?  BIG: what specifically is your life goal, long term goal and short term goal, and can/how will real estate help you accomplish that?  Then, what specific strategy is best suited to that.  Real estate is a subjective game. No investor had exactly the same goals, and therefore each does something different and in a way that’s different.  It’s a solo endeavor.

Your second goal (2) is to learn about and understand what the risks are.  your (3) third goal should be to learn how to mitigate them.

When you’re young, you often have more motivation than experience, so realize that. Don’t take undue risk or risks you’re not comfortable with.
 

It is equally as hard to KEEP / NOT LOSE wealth as it is to MAKE IT.  Many make it, but many also lose it. Don’t let that be you.

Ultimately, be positive, have faith, believe in yourself, know that you can and will accomplish your goal if you want it bad enough, then go after it.

If you are, you’ll have the energy and drive to overcome any obstacle.  Then the only question will be how quickly you will accomplish what you’ve set out to.

I wish you the best.

@Jon S.

Wow, I admire these points ! I am in it for the long term because i understand real estate is not a quick rich quick thing. Although it can be after some experience. Amy biggest attribute right now is being outgoing and motivated. I’m not a shy person and i know that is very important in this game. I greatly appreciate the motivation you have just given me. as far as risk, I am aware the negatives are heavy . however, never acting or acting late might be the greatest risk. I rather lose everything at a young age so my time is precious. I wish you even more blessings on your journey!