Updated over 6 years ago on . Most recent reply
First Investment Property in College
Hey everyone,
I am completely brand new to all of this. I have been reading multiple books from Grant Cardone's books on building wealth through real estate investing, and currently on Bigger Pockets Rental Property Investing by Brandon Turner. I plan on reading well beyond that this summer after school is over, and listen to podcasts daily. While I was reading, I came across the House Hacking plan that appealed to me. I want to invest in a multi family home in my college town of Oshkosh WI. I understand that I should save enough to apply for the FHA loan for my first home that I will live in for at least a year. If I purchase a home at let's say $175,000, how much should I save beyond the down payment? Should I save a emergency fund of at least 6mo of expenses? Any suggestions on how to accumulate that kind of wealth? Thank you for taking your time to read this!
Your fellow college kid investor,
Mitchell Behm
Most Popular Reply
Yeah you should, @Jaysen Medhurst gave you a pretty good number at 12-15k. For accumulating the cash, can you work this summer? A lot of lawn care places will pay a guy to weed eat $100-200 / day.