I'm a senior studying Electrical Engineering at the University of Florida in Gainesville, FL and I am just starting to research a little bit about growing a rental property portfolio for the long term. I stumbled across this community by watching random YouTube videos and hearing about the podcast.
There is a lot of information out there so I'm just dipping my toes in slowly doing my research. I'm curious how feasible it is to get into the market without sacrificing too much of my education and career. I still like what I do and I'm not trying to make Real Estate my primary source of income, but if it ends up being that way 10-20 years from now I'm not going to complain!
@Wesley Piard welcome! Keep learning! FINISH your degree and you will have a career that is in very high demand which gives you a massive advantage for investing as you will be very bankable. The one thing I wish I would have done when I was your age is this.
When you graduate and get your first job, buy a multi-family property as large as you can get a traditional mortgage on and that cash flows. Ideally, this is a 4 unit property. Rent 3 units, live in 1 and GET a roommate and you are probably living for free or making some money. Wait a couple of years and do it again for another property! Save your money, no new cars, no wasting your cash consuming new CRAP...invest!
Wes, it’s not particularly difficult if you commit to it. Learn what you can and analyze properties, know your market, and jump in. Depending on your plans and your family situation ‘house hacking’ is a great way to get started. Buying a multi family and renting out the units you are not living in is a great way to get started. There are other ways as well depending on how devoted you are. But above all know your goals and trust your numbers. Good luck and let me know if you have other questions.
Welcome to BiggerPockets. I am also a college student new to the community. There is a lot of information on BiggerPockets that can help you succeed in your endeavors. The webinars, podcasts, and blogs are great sources to learn from.
Thanks guys! @Luke Bradshaw , are there a lot of multi-family places that pop up on the market here because it's a college town? Or are they getting dominated by all of the large complexes popping up?
@Wesley Piard there will always be a market for off campus multi family rentals right behind midtown. Keep and eye out. I’ve been researching the market aswel as I am a recent mechanical engineering graduate of UF. Archer road and mid town are great markets for student housing rentals.
@Wesley Piard Go Gators! My wife and I graduated from UF back in 2015. Multi family will always be competitive under a mile or two to campus. But if you can snag one that works you’ll have a property high in demand. Or you could check out single family homes close to campus. I know tons of people, including me, who shared a rental house with their friends while in school, paying rent by the bedroom. Maybe that’s your house-hack. Just buy a place where the numbers make sense when you’re in Gainesville and also if you move. Definitely doable while you’re in school. I wish I would have done it while I was there. Good luck!
Its better if you can find an off market deal but you can find some off the MLS or on one of the websites (realtor, zillow, etc). Find a realtor in the area who you think is knowledgeable and tell them you want a multi-family in whatever area's you choose and tell them your intent to rent them out. You can also drive and look for some in your chosen area's and do a little research through the alachua county websites and cold call some of the landlords for those places. Many landlords get tired of having to deal with tenants and the whole process and are looking to unload their properties if you catch them at the right time.
@Wesley Piard . Focus on getting a job after graduation and paying off student debt if you have that. Then focus on investing. You can learn while you do this. I own several properties now and was in basically this same boat a couple years ago. (I studied ME)
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