New here! I've been interested in real estate for a a while now and have been listening to the podcast for about 6 months. Currently I'm a second year law school student in Miami and work park time during school (I make only about $500/month since most of my time is focused on studying). However, I have a full-ride, so school is free and my living situation is also free, with my only expenses being up to $300/month. I have no debt at the moment and $30k stashed away in the stock market, but want to get into real estate, specifically short term rentals probably in the Orlando area. What is the best way for me to do this? Is it possible without a significant income to get a mortgage on a single family home? Would it more likely to get approved for a mortgage if I had a parent co-sign? Any tips are greatly appreciated.
@Zach Cohen your best move now is to continue to study real estate along side your law studies. If the 30k is in stocks and that is it besides your your small income conserve it for now. you are at least halfway possibly more in your education so pulling stock money if you don't have other reserves probably isn't a good move. yes a parent can cosign and see if your state has first time home buyer loans so maybe you can live in and rent rooms to start. However you might want to watch/read about pitfalls of real estate investing for a bit longer and run property numbers before jumping in.
@Colleen F. Thank you for the advice!
I'd say keep saving up and learn more. House hack maybe to get started or go out of state in a cheaper market than Miami... but my main point is SAVE. Expect for the unexpected. I am so happy to have had reserves going into my first purchase.
Use FHA to find a 3 or four family.
Live in the biggest unit yourself and rent the other rooms to roomates.
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