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My Situation (First Post)
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
Quote from @Michael Weleski:What is the reason you are going to college?
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
Hey Michael,
Welcome to BP! This is a very complex question. Buying your first investment property is a huge deal and is no easy task. It is important to continue to do research, connect with experts on BP, and what I have found the most helpful is to go to local real estate meetups. You will learn so much from people who know the market and they will also have resources that will be useful to you.
As for the properties themselves, it never hurts to start looking. As long as you don't mind a couple extra emails in your inbox, get on people's buyers lists so you can see what is out there. Even if you aren't ready to buy, it will give you so much insight as to what properties are in what areas, how much they cost, etc.
I'm an agent here in Pittsburgh and I work strictly with investors. Would love to connect further!
Quote from @Michael Weleski:What's your major and what is your plan for your college degree (for example, are you a finance major and planning to work for a large investment firm)? Without more info, I would probably tell you to wait till after college to get an investment property. I would imagine 3 jobs and college is enough on your plate! You got plenty of time to get started.
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
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Quote from @Michael Weleski:
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
Welcome to BP and this is a very tough question to answer. If there is a deal out there that makes sense then I would not hold back from pulling the trigger, but I would say I would not "force" a deal. When getting started its a careful game of making sure you are ready and have funds and do not rush it, as one bad deal and if it goes real bad can slow you down by several years, which you do not want to do. So I would focus on continuing to build / save money and if a deal comes along, then look to take advantage of it, but do not force things or manipulate #'s to make a deal look better than it is.
Quote from @Bob P.:
Quote from @Michael Weleski:What is the reason you are going to college?
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
Going to school for business analytics with a minor in economics.
Quote from @Ray Hage:
Quote from @Michael Weleski:What's your major and what is your plan for your college degree (for example, are you a finance major and planning to work for a large investment firm)? Without more info, I would probably tell you to wait till after college to get an investment property. I would imagine 3 jobs and college is enough on your plate! You got plenty of time to get started.
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
Business analytics with a minor in economics. I have an internship set up with a corporate company that will hire me full time after I finish school (hopefully haha!).
Quote from @Jacob Kocent:
Hey Michael,
Welcome to BP! This is a very complex question. Buying your first investment property is a huge deal and is no easy task. It is important to continue to do research, connect with experts on BP, and what I have found the most helpful is to go to local real estate meetups. You will learn so much from people who know the market and they will also have resources that will be useful to you.
As for the properties themselves, it never hurts to start looking. As long as you don't mind a couple extra emails in your inbox, get on people's buyers lists so you can see what is out there. Even if you aren't ready to buy, it will give you so much insight as to what properties are in what areas, how much they cost, etc.
I'm an agent here in Pittsburgh and I work strictly with investors. Would love to connect further!
Would love to get in contact! Send me your info!
Probably not the answer you are looking for but, at your age, college is more important and your entire future is defined by how stellarly you perform in your first job. Keep saving your money (great job, so far!) and start RE in five years.
Quote from @Michael Weleski:
Quote from @Ray Hage:
Quote from @Michael Weleski:What's your major and what is your plan for your college degree (for example, are you a finance major and planning to work for a large investment firm)? Without more info, I would probably tell you to wait till after college to get an investment property. I would imagine 3 jobs and college is enough on your plate! You got plenty of time to get started.
I am a 20 year old college student looking for advice on what to do in my current situation. I work 2 (soon to be 3 jobs), live at home, attend college, have 20 grand saved up on top of stocks and an IRA. Should I pull the trigger on a investment property now or should I wait until I graduate college to purchase something?
Business analytics with a minor in economics. I have an internship set up with a corporate company that will hire me full time after I finish school (hopefully haha!).
I have an advanced degree in a challenging discipline and it did nothing to further my real estate investing. My approach now would be to focus on real estate investing and build a portfolio that pays for as much additional education as one desires.
Ask people in the area of employment you are going into, if they would do it all over again.