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Updated almost 8 years ago on . Most recent reply

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Lewis Jerico
  • Ypsilanti, MI
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A few questions from a young investor

Lewis Jerico
  • Ypsilanti, MI
Posted

I am a young adult and I have been pondering on real estate for quite some time. Recently, though, I have been more indulged in it than ever. I want to take my first steps towards being a landlord. Being a young, ignorant college student, I just want to know if the timing is reasonable. Obviously I don't have a lot of money, I didn't grow up wealthy and I pay for everything myself at school.

Is it reasonable for me to want to own an apartment building within the next 24-36 months? Saving money is a difficult task for me, not due to a lack of discipline, but rather being a student and not being able to properly save money due to necessities. 

What percent down payment should I be looking to put down on a loan? I have very limited knowledge on this area, as you can tell. I guess I'm not even sure if getting a decent sized loan is even in my option wheel because I am young. 

The truth is I could use just about any information anyone with experience has to offer. One this is for sure, I am dedicated to this, but I also want to be realistic. I apologize for the wide array of questions and sprawled out thoughts I spewed into this post. I look forward to being an avid member of this community; likewise I look forward to being an information sponge. Thank you.

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Omar Khan
  • Rental Property Investor
  • Dallas, TX
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Omar Khan
  • Rental Property Investor
  • Dallas, TX
Replied

@Lewis Jerico Congratulations! Being self aware is step #1. You are on the right path. What size of apartment building are you looking at? You don't have to invest all the money yourself. Through partners and private/hard money lenders you can work towards getting a share of a deal. In your position, it would be better for you to become a bird dog for a more experienced investor and bring them deals. They can either pay you $, teach you or give you part of the deal in exchange for bringing the property to them/helping to manage it. 

Have you looked into networking in your local real estate meetups? You can look for mentors and other professionals who will be willing to guide you. 

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