Updated about 6 hours ago on . Most recent reply
Asking for Advice
I am a junior in college. I am a nuring major and an athlete. I want to invest in a small multi-property in the Dayton, Cincinati, or Columbus area in ohio ASAP when I graduate. With the free time I have, I am trying to educate myself and use this time to get ready to hit the road with a running start when I am able to invest.
That being said, what are things I can be doing/learning now? Should I be working on learning to analyse deals? If yes, do I need to buy BP pro to get the calculators? Should I talk to a lender to try and get pre-approved, or at least see what I can do to get that ball rolling? And how do I even do that? Where are these banks people talk about? I have some RE mentors back home, but at college, I am 3 hours away and struggling to find a mentor to teach me the ropes.
What else should I be thinking about and doing right now? Thank you in advance!
Most Popular Reply
That's an excellent plan. Starting to learn about real estate investing now while you're still in college is a smart move. Your work ethic as a nursing student and an athlete will be a big advantage.
Here's some simple advice to help you get started:
Learn the Basics: You're already thinking about the right things. Start by learning the main numbers used to analyze deals, like Cap Rate (return on investment) and NOI (Net Operating Income). You don't need to buy any special software. The free calculators on BiggerPockets are more than enough. The main goal is to understand how the math works, not just to use a tool. Listen to real estate podcasts like the BiggerPockets Podcast and read books to learn while you're busy.
Prepare Your Money: While you can't get a loan yet, you can get ready to be a strong borrower. Save as much money as you can for a down payment and other costs. Also, work on improving your credit score by paying bills on time. You can also call a few mortgage lenders in the Ohio areas you're interested in and ask them what you need to do to get ready to buy.
Build Your Network: Finding a mentor can be tough when you're far from home, but you can still build a network. Look for local real estate meetups in Dayton, Cincinnati, or Columbus. Attend one if you can. It's a great way to meet local investors and real estate professionals who can teach you a lot.