18 year old Starting out Need Advice

[Ragan Street]

I'm 18 years old headed to college in a few months and I'm ready to start real estate investing. I've read books, listened to countless podcasts, and researched a ton but still have no idea how to start!

There's so many different ways to start and I need some advice and a good way for me to personally start. I really like rentals and passive income! I started detailing cars when I was 16 and have saved $15,000 to begin investing. Any advice is greatly appreciated.

What would you do if you were in my position?

[Michael Boyer]

Wow! Great start already with your savings and goals...

Your situation really lends itself well to a buy and hold student rental situation.

For example, you have to live someplace anyway. So you might look into buying a duplex, triplex, four-plex or a larger multi-room single family. 

Then you could live in one unit or room. Rent out the others. You would graduate with a degree and 4 years experience as a landlord! That is hard to beat.

Ideally, the rents cover your living expense and then some...I would focus on more studious types (maybe even older students--grad, professional programs etc) not the 18 year old party crowd. Maybe a study themed place might target your ideal renter....

You might even want to continue in student housing after you graduate or sell (and who knows the appreciation might cover you college costs!) and move on to an new location.

Of course, you may need an owner finance type situation or a co-signer (folks) but you have a proven ability to handle and make money.

Best of luck!