College Student in Cleveland Excited to Learn about REI
Member since 2024 · 16 posts · 17 votes
College Student in Cleveland Excited to Learn about REI
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Hi Brandon, welcome to BiggerPockets! It is a great place to learn about real estate investing. I understand your excitement about taking the plunge into real estate investing. It's a thrilling and rewarding world, but it can also be overwhelming for newcomers. My advice would be to start small and do your research. Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments.
Since you're interested in house hacking, sharing with you this article with more information on what a house hack is - https://www.rocketmortgage.com/learn/house-hacking. House hacking is what I did in Columbus, Ohio when I started investing in 2020.
Good luck on your journey and feel free to reach out if you ever need any guidance or advice.
15 Replies
- 2yMarlon FongPro MemberBiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
Welcome to the site @Brandon Chung! It's great to have you here.
Here are some recommendations for you:
Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...
Read Beginner’s Guide: http://www.biggerpockets.com/r...
Check out BP Money Podcast: https://www.biggerpockets.com/..
Wishing you the best!
- 2yManny VasquezBusiness MemberReal Estate Agent · Orange County · Member since 2022 · 320 posts · 293 votes
Brandon- Welcome to the BP community! This is the best place for all things real estate related. This is what I recommend for you:
1. Start saving as much as you can. Depending how much you earn you can step up those savings by getting a side-hustle in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc. This way you can ramp up your savings AND learn some RE skills.
2. Read as many RE books as you can get your hands on. Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner. This will give you a good starting point.
3. Buy a property as soon as you can. The earlier you start in your RE journey, the better off you will be in the future. Almost everyone here on BP will tell you that they wish they had started earlier, myself included.
4. House-hack, house-hack, house-hack. This will give you several benefits. The most obvious is that you will be able to offset your mortgage with renting out a few rooms. You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property. House hacking will also give you some personal "property management" experience. This will come in handy as you begin to scale.
5. Decide which game you want to play. Do you want to be a house flipper? BRRRR? Real Estate Agent? General Contractor? Buy and Hold? Do you want to LTR, MTR, or STR? Or maybe you want to do a combination of the above?
6. Attend meetups and meet as many people in RE as you can. Since you are just graduating college you may already realize that it's not what you know, but who you know (as a personal note, I had college friends that were barely passing their classes however they ended up with really good paying jobs due to "who they knew"). As they say, your network will be your net-worth.
7. Timing the market does not work. However, time in the market makes all the difference in the world!
I hope this helps and good luck on your real estate journey!
- 2yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
Welcome to BiggerPockets!
Your interest in real estate investing is admirable, especially considering how young you are. One of the best ways to begin accumulating riches and getting priceless real estate expertise is through house hacking.
It's key to keep studying real estate through resources like BiggerPockets if you want to house hack in Cleveland. Do thorough market research. Look for areas with strong rental demand, affordable properties, and potential for property appreciation. Build credit history and savings for down payment and closing costs. Explore financing options like FHA loans, VA loans, or conventional loans with low down payment requirements. Define your house hacking strategy based on goals and preferences. For example, rent out rooms to roommates, occupy one unit and rent out others in a multi-unit property, or use Airbnb rentals.
Join local real estate communities, connecting with investors, agents, and lenders. Attend meetings and groups to expand your network. Collaborate with an agent understanding your house hacking goals when assessing potential Cleveland properties fitting your budget. Thoroughly analyze prospective investments through inspections, financial reviews and familiarity with local landlord-tenant regulations. Remain adaptable, continuously educating yourself on evolving strategies to navigate market shifts.
Good luck!
NETWORTH BUILDERS5236 Reviews Quote from @Brandon Chung:
Hi everyone,
My name is Brandon Chung, and I am currently a first-year college student in the Cleveland area. I'm interested in learning more bout real estate investing, and I currently have the goal of, after fulfilling my two-year on-campus housing requirement, buying a house to house hack starting in the summer going into my junior year (about 13-14 months away from today). I'm excited to meet everyone here and grateful to be part of such a welcoming community.!
You will need money for a down payment and money for closing costs.
It is also a good idea to have some cash reserves.
You also will need money for any fix ups that need to be done when you buy it.
You will also need to qualify for a loan, which means you will need a credit rating that qualifies for the loan, and a work history like qualifies for the loan.
I am swinging the baseball bat in the real world here not in the longshot fantasy world of zero down deals for a newbie.
Cash is king...
Location, location, location.
Good Luck!
Hi Brandon, welcome to BiggerPockets! It is a great place to learn about real estate investing. I understand your excitement about taking the plunge into real estate investing. It's a thrilling and rewarding world, but it can also be overwhelming for newcomers. My advice would be to start small and do your research. Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments.
Since you're interested in house hacking, sharing with you this article with more information on what a house hack is - https://www.rocketmortgage.com/learn/house-hacking. House hacking is what I did in Columbus, Ohio when I started investing in 2020.
Good luck on your journey and feel free to reach out if you ever need any guidance or advice.- 2yBonnie LowPro MemberLender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
House hacking is a great way to start! I wish I had known about it when I was younger because I likely would have bought my first house much sooner. I also second the recommendation to join a local REIA and start networking. Even if you're not ready to buy it's a great way to make connections. You may find someone you can work with or shadow so you can get some experience or find other ways to partner so you can join the investing world sooner rather than later. Good luck!
- 2ySamuel DioufBusiness MemberReal Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
Hey Brandon, welcome to BP!
You're in the right place to learn. House hacking is great strategy to scale up. I would try and buy in a prime location so you can see the best returns on appreciation.
Reafco - Samuel Diouf528 Reviews - Member since 2024 · 16 posts · 17 votes2y
Quote from @Marlon Fong:
Welcome to the site @Brandon Chung! It's great to have you here.
Here are some recommendations for you:
Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...
Read Beginner’s Guide: http://www.biggerpockets.com/r...
Check out BP Money Podcast: https://www.biggerpockets.com/..
Wishing you the best!Thank you for the resources Marlon!
- Member since 2024 · 16 posts · 17 votes2y
Quote from @Manny Vasquez:
Brandon- Welcome to the BP community! This is the best place for all things real estate related. This is what I recommend for you:
1. Start saving as much as you can. Depending how much you earn you can step up those savings by getting a side-hustle in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc. This way you can ramp up your savings AND learn some RE skills.
2. Read as many RE books as you can get your hands on. Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner. This will give you a good starting point.
3. Buy a property as soon as you can. The earlier you start in your RE journey, the better off you will be in the future. Almost everyone here on BP will tell you that they wish they had started earlier, myself included.
4. House-hack, house-hack, house-hack. This will give you several benefits. The most obvious is that you will be able to offset your mortgage with renting out a few rooms. You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property. House hacking will also give you some personal "property management" experience. This will come in handy as you begin to scale.
5. Decide which game you want to play. Do you want to be a house flipper? BRRRR? Real Estate Agent? General Contractor? Buy and Hold? Do you want to LTR, MTR, or STR? Or maybe you want to do a combination of the above?
6. Attend meetups and meet as many people in RE as you can. Since you are just graduating college you may already realize that it's not what you know, but who you know (as a personal note, I had college friends that were barely passing their classes however they ended up with really good paying jobs due to "who they knew"). As they say, your network will be your net-worth.
7. Timing the market does not work. However, time in the market makes all the difference in the world!
I hope this helps and good luck on your real estate journey!
Thank you for the advice, Manny!
- Member since 2024 · 16 posts · 17 votes2y
Quote from @Wale Lawal:
Welcome to BiggerPockets!
Your interest in real estate investing is admirable, especially considering how young you are. One of the best ways to begin accumulating riches and getting priceless real estate expertise is through house hacking.
It's key to keep studying real estate through resources like BiggerPockets if you want to house hack in Cleveland. Do thorough market research. Look for areas with strong rental demand, affordable properties, and potential for property appreciation. Build credit history and savings for down payment and closing costs. Explore financing options like FHA loans, VA loans, or conventional loans with low down payment requirements. Define your house hacking strategy based on goals and preferences. For example, rent out rooms to roommates, occupy one unit and rent out others in a multi-unit property, or use Airbnb rentals.
Join local real estate communities, connecting with investors, agents, and lenders. Attend meetings and groups to expand your network. Collaborate with an agent understanding your house hacking goals when assessing potential Cleveland properties fitting your budget. Thoroughly analyze prospective investments through inspections, financial reviews and familiarity with local landlord-tenant regulations. Remain adaptable, continuously educating yourself on evolving strategies to navigate market shifts.
Good luck!Thanks Wale! I'm beginning to read some real estate books and interact with the BiggerPockets community, so I'm looking forward to continuing to learn and meet new people in the real estate world!
- Member since 2024 · 16 posts · 17 votes2y
Quote from @Scott Mac:
Quote from @Brandon Chung:
Hi everyone,
My name is Brandon Chung, and I am currently a first-year college student in the Cleveland area. I'm interested in learning more bout real estate investing, and I currently have the goal of, after fulfilling my two-year on-campus housing requirement, buying a house to house hack starting in the summer going into my junior year (about 13-14 months away from today). I'm excited to meet everyone here and grateful to be part of such a welcoming community.!
You will need money for a down payment and money for closing costs.
It is also a good idea to have some cash reserves.
You also will need money for any fix ups that need to be done when you buy it.
You will also need to qualify for a loan, which means you will need a credit rating that qualifies for the loan, and a work history like qualifies for the loan.
I am swinging the baseball bat in the real world here not in the longshot fantasy world of zero down deals for a newbie.
Cash is king...
Location, location, location.
Good Luck!
I appreciate the realistic take, Scott! I have about $40k saved up from a side hustle that I've run for the past couple of years, but I don't have the work experience that you mentioned would be necessary to qualify for some loans. Do you have any recommendations for how someone new to real estate like me can realistically raise funds?
- 2yWale LawalBusiness MemberReal Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
Quote from @Brandon Chung:
Quote from @Wale Lawal:
Welcome to BiggerPockets!
Your interest in real estate investing is admirable, especially considering how young you are. One of the best ways to begin accumulating riches and getting priceless real estate expertise is through house hacking.
It's key to keep studying real estate through resources like BiggerPockets if you want to house hack in Cleveland. Do thorough market research. Look for areas with strong rental demand, affordable properties, and potential for property appreciation. Build credit history and savings for down payment and closing costs. Explore financing options like FHA loans, VA loans, or conventional loans with low down payment requirements. Define your house hacking strategy based on goals and preferences. For example, rent out rooms to roommates, occupy one unit and rent out others in a multi-unit property, or use Airbnb rentals.
Join local real estate communities, connecting with investors, agents, and lenders. Attend meetings and groups to expand your network. Collaborate with an agent understanding your house hacking goals when assessing potential Cleveland properties fitting your budget. Thoroughly analyze prospective investments through inspections, financial reviews and familiarity with local landlord-tenant regulations. Remain adaptable, continuously educating yourself on evolving strategies to navigate market shifts.
Good luck!Thanks Wale! I'm beginning to read some real estate books and interact with the BiggerPockets community, so I'm looking forward to continuing to learn and meet new people in the real estate world!
My pleasure!
Keep learning and growing.
NETWORTH BUILDERS5236 Reviews - Real Estate Broker · Cleveland, OH · Member since 2018 · 227 posts · 133 votes2y
That's great Brandon! Congratulations and I can already tell you will have tons of success. And Cleveland is one of the best cash flow rental areas in the country, so you have everything you need right in your backyard.
Like everyone is saying, the best way to get started is to build a solid team of proven experts who can help cut your learning curve dramatically, as well as let you know the best areas to invest in, as well giving you recommendations to great contractors and management in the area.
Here's a resource that really helps me stay knowledegable about a wide range of topics! The Cuyahoga County Public Library system is connected to an app called Libby. If you connect those two, you can rent tons of great books on tape about rental properties and real estate investing.
I like to listen to them in my car when I'm driving to properties and I can get through about 1-2 large size books a week if I'm really focused. This can help you to really dive deep into concepts like BRRRR and before you know it, you'll have a vast library of knowledge before you even invest your first dollar. - Member since 2024 · 16 posts · 17 votes2y
Quote from @David Leggett:
That's great Brandon! Congratulations and I can already tell you will have tons of success. And Cleveland is one of the best cash flow rental areas in the country, so you have everything you need right in your backyard.
Like everyone is saying, the best way to get started is to build a solid team of proven experts who can help cut your learning curve dramatically, as well as let you know the best areas to invest in, as well giving you recommendations to great contractors and management in the area.
Here's a resource that really helps me stay knowledegable about a wide range of topics! The Cuyahoga County Public Library system is connected to an app called Libby. If you connect those two, you can rent tons of great books on tape about rental properties and real estate investing.
I like to listen to them in my car when I'm driving to properties and I can get through about 1-2 large size books a week if I'm really focused. This can help you to really dive deep into concepts like BRRRR and before you know it, you'll have a vast library of knowledge before you even invest your first dollar.Thanks, David! I'll be sure to check out Libby!
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