20 Year Old Looking to Dive Head First into RE
Hey guys,
My name is Justin, and I am a 20 year old college student about to graduate with his biology degree. I learned too late that my real passion is business and real estate. I've been following the BP forum for a while now, and am finally reaching out for some advice.
I'm looking to dive head first into the RE game within the next few months. I have a steady, salaried job, but have only just begun building credit for myself. Fortunately, I have family willing to assist in any way to raise my approval to lenders. Additionally, I have a decent stockpile saved for several down payments, if necessary.
Possibly just because of personal relevance, I am interested in the college housing game here in Tallahassee, though I'm not necessarily tied down here. My tentative plan is to purchase a few ~80k, 3 bedroom homes in rapid succession (establishing one as primary residence and renting to friends) and then see where I can take it from there.
I've spoken to a big bank mortgage consultant, and have gotten a promising idea that I can at least mortgage the primary residence through them, but without 2-years of managment experience they will not let possible rent offset debts for additional loans. They have recommended looking at smaller, local banks. Honestly, private investors intimidate me as of yet, and I like the extended low interest rates of the banks. So, I suppose that I will try to work through banks for as much as I can here in the beginning.
There is also a part of me that wants to use my saved money to just go in on a much larger project, but I'm not sure that is the best idea for the start.
What do ya'll think?