College Real Estate Investor Seeking Guidance
Hello my name is James Gleeson and I am an Engineering student at Missouri University of Science and Technology in Rolla MO. I am currently in Waterloo IA interning with John Deere and I began to find out the cubicle life is not for me. This summer, I have done hours on top hours of research regarding real estate investing, and I would like to make my first investment next semester of college. The only problem is that I have never seen the process first hand, and the only knowledge I have is from Google, biggerpockets, and a lot of books. If there is any one out there who could give me advice or guide me through this process I am 110% committed. Should I buy a single family in my college town, should I purchase commercial? Do I need a property manager if it is just a house? How do I go about getting the documents and leasing agreements for my tenants? How often should I check my property? Do I need a book keeper and a lawyer too? Any advice for a newbie? Once again I really appreciate any help I can get. Thank you very much
Most Popular Reply
Should I buy a single family in my college town, should I purchase commercial?
largely depends on your goals. Pick a niche you want to be in and get good at it. If you are already in a college town I'd look into house hacking a multifamily home (2-4 doors).
Do I need a property manager if it is just a house?
Do you want to manage it yourself or not?
How do I go about getting the documents and leasing agreements for my tenants?
A lawyer if you are smart.
How often should I check my property?
Screen well and you only have to do the occasional drive by and an in person check every 6 months or so
Do I need a book keeper and a lawyer too?
Lawyer yes, bookkeeper depends on if you want to do it yourself or not.
Any advice for a newbie?
Read more. You either aren't reading as much as you said, or you are reading the wrong books. Grab the bigger pockets book on managing rentals. That will help you a lot.
Going off of your post I'd say you need a better idea of what this is before leaping into it.