First Property Advice-18 y/o college student

First Property Advice-18 y/o college student

Rental Property Investor · Cleveland, OH · Member since 2020 · 5 posts · 5 votes

Hello everyone! My name is Ross Hartman and I am a new real estate investor that is seeking advice on ways to start up my investment career. I am a current freshman in college at Mercyhurst University in Erie, PA, and I have been studying and researching real estate investment strategies, and paths to financial freedom. My market is in Cleveland Ohio and I am 100% sure real estate is the key to my financial freedom.

As of now, one of my goals is to get into real estate as soon as I can, with proper preparation of course. Im planning on 2022 to be the year where I pull the trigger on a property. My main strategy is to acquire an FHA loan(since I don't have very much income), and house hack. I would be living in it when I'm home from school, and since I would have acquired it my Junior year, I would be able to move out my senior year and have the cashflow pay for my student loans.

I am seeking advice on whether this is a viable strategy, if I should wait until after I graduate to get started in the real estate game, or if I should change up my strategy. I am also wondering if anyone else has executed investing in real estate while attending university, as well as any tips and tricks for being a landlord while in school.

Thank you so much!

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Ross Hartman:

Hello everyone! My name is Ross Hartman and I am a new real estate investor that is seeking advice on ways to start up my investment career. I am a current freshman in college at Mercyhurst University in Erie, PA, and I have been studying and researching real estate investment strategies, and paths to financial freedom. My market is in Cleveland Ohio and I am 100% sure real estate is the key to my financial freedom.

As of now, one of my goals is to get into real estate as soon as I can, with proper preparation of course. Im planning on 2022 to be the year where I pull the trigger on a property. My main strategy is to acquire an FHA loan(since I don't have very much income), and house hack. I would be living in it when I'm home from school, and since I would have acquired it my Junior year, I would be able to move out my senior year and have the cashflow pay for my student loans.

I am seeking advice on whether this is a viable strategy, if I should wait until after I graduate to get started in the real estate game, or if I should change up my strategy. I am also wondering if anyone else has executed investing in real estate while attending university, as well as any tips and tricks for being a landlord while in school.

Thank you so much!

 You need to talk to a loan officer to see if you can pull the loan off.

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Ross Hartman:

    Hello everyone! My name is Ross Hartman and I am a new real estate investor that is seeking advice on ways to start up my investment career. I am a current freshman in college at Mercyhurst University in Erie, PA, and I have been studying and researching real estate investment strategies, and paths to financial freedom. My market is in Cleveland Ohio and I am 100% sure real estate is the key to my financial freedom.

    As of now, one of my goals is to get into real estate as soon as I can, with proper preparation of course. Im planning on 2022 to be the year where I pull the trigger on a property. My main strategy is to acquire an FHA loan(since I don't have very much income), and house hack. I would be living in it when I'm home from school, and since I would have acquired it my Junior year, I would be able to move out my senior year and have the cashflow pay for my student loans.

    I am seeking advice on whether this is a viable strategy, if I should wait until after I graduate to get started in the real estate game, or if I should change up my strategy. I am also wondering if anyone else has executed investing in real estate while attending university, as well as any tips and tricks for being a landlord while in school.

    Thank you so much!

     You need to talk to a loan officer to see if you can pull the loan off.

  • Rental Property Investor · Cleveland, OH · Member since 2020 · 5 posts · 5 votes
    6y

    @Remington Lyman

    Thank you for the reply. I will be sure to do that. I am still looking for a real estate agent I can build a relationship with in the Cleveland area, do you know any solid agents I could get in touch with?

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    6y
    Originally posted by @Ross Hartman:

    Hello everyone! My name is Ross Hartman and I am a new real estate investor that is seeking advice on ways to start up my investment career. I am a current freshman in college at Mercyhurst University in Erie, PA, and I have been studying and researching real estate investment strategies, and paths to financial freedom. My market is in Cleveland Ohio and I am 100% sure real estate is the key to my financial freedom.

    As of now, one of my goals is to get into real estate as soon as I can, with proper preparation of course. Im planning on 2022 to be the year where I pull the trigger on a property. My main strategy is to acquire an FHA loan(since I don't have very much income), and house hack. I would be living in it when I'm home from school, and since I would have acquired it my Junior year, I would be able to move out my senior year and have the cashflow pay for my student loans.

    I am seeking advice on whether this is a viable strategy, if I should wait until after I graduate to get started in the real estate game, or if I should change up my strategy. I am also wondering if anyone else has executed investing in real estate while attending university, as well as any tips and tricks for being a landlord while in school.

    Thank you so much!

    Welcome aboard Ross......Solid plan you've got. It's how I got started. Did an FHA loan on a little ranch in Parma back in 09'. Running a $50M+ portfolio now so as they say "the rest was history." Good luck out there my man.

  • Rental Property Investor · Cleveland, OH · Member since 2020 · 5 posts · 5 votes
    6y

    @James Wise

    Thank you very much! Looking forward to staying connected and possibly helping each other out in the future.

  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Ross Hartman:

    @Remington Lyman

    Thank you for the reply. I will be sure to do that. I am still looking for a real estate agent I can build a relationship with in the Cleveland area, do you know any solid agents I could get in touch with?

     There are a bunch all over BP. Good luck with your search! Let me know if you ever decide to check out Columbus, Ohio.

  • Real Estate Investor · Waldorf, MD · Member since 2014 · 592 posts · 320 votes
    6y

    Super easy way to find an agent for the area, create a new thread with that exact question.  You'll get a reply but I would suggest going with someone that recommends another agent.  Not someone recommending themself.  It doesn't mean they aren't good, I've personally had better results through recommendations.

  • Realtor · Columbus & Cleveland, OH · Member since 2019 · 44 posts · 60 votes
    6y

    @Ross Hartman

    Do you have a solid form of W2 or W4 income? I am a sophomore at The Ohio State University in Columbus and have a similar goal. At our age, our biggest problem will be financing and finding a loan. What made you choose Cleveland?

  • Rental Property Investor · Cleveland, OH · Member since 2020 · 5 posts · 5 votes
    6y

    @Lamont Marable

    Thank you for the reply! That makes sense, and I will be sure to do that!

  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y
    Originally posted by @Abe McLaurin:

    @Ross Hartman

    Do you have a solid form of W2 or W4 income? I am a sophomore at The Ohio State University in Columbus and have a similar goal. At our age, our biggest problem will be financing and finding a loan. What made you choose Cleveland?

    All you gotta do is get a great side income and you can get financed easy!  

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