New to Real Estate- Next Steps

4 Replies

Hello all, So I have been wanting to get into real estate and like others, I have been watching videos and listening to podcasts every chance I get.  However, I recently graduated and I have some student loans.  I do have a full time job but I do not know what I should be prioritizing.  Should I work on my student loans or start saving money for a real estate opportunity that I hope to find in the future.  I hope to hear everyone's thoughts and advice. Thanks

Originally posted by @Nicholas Alexander Cuaresma :

Hello all, So I have been wanting to get into real estate and like others, I have been watching videos and listening to podcasts every chance I get.  However, I recently graduated and I have some student loans.  I do have a full time job but I do not know what I should be prioritizing.  Should I work on my student loans or start saving money for a real estate opportunity that I hope to find in the future.  I hope to hear everyone's thoughts and advice. Thanks

 Welcome aboard Nicholas.

Nicholas,

Why not do both at the same time? You should be able to qualify for a FHA loan. Purchase a home with little money out of pocket, rent out a few rooms to friends (or try Airbnb) and take the extra money you earn to pay down your student loan debt.

What area are you interested investing in?

Hey Nicholas, I agree with last poster Sean. Why not work to save towards both aggressively, and then house hack ASAP -- buy your first property and rent out rooms, allowing you to save even more... and the domino effect begins. I'm just getting started in REI in my mid-30s -- wish I had started at your age. Way to go!

Thank you for the advice all.  I have been thinking a lot about a house hack once my apartment lease is up next June.  I do not have the money to have an apartment and a mortgage and I am not ready for that risk quite yet since I am still studying the market an learning how to analyze a deal.  But I was considering finding a multifamily house somewhere in the Denver area and like you both said, renting out the other rooms.  Do either of you have properties in CO or any idea what it is like in that market?

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