Seeking Guidance on Real Estate Investment, Especially House Hacking

Technology · chicago il · Member since 2024 · 10 posts · 6 votes

Hello!! im a high school student and I’m very interested in real estate investment and would love to hear some suggestions on how to get started. Specifically, I’m interested in house hacking as a way to begin practicing real estate after I graduate from college.

Can anyone share some learning directions, tips, or experiences? I’m excited to learn more and dive into this field. Thank you!

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

Quote from @Celine Rechyy:

Read some books. Make sure you understand the basic math, what qualifies as a good investment, how to manage your investment and prevent losses, etc.

I would start with Set For Life by Scott Trench. Good financial information and he explains how he started with house hacking.

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
1y
Quote from @Celine Rechyy:

Read some books. Make sure you understand the basic math, what qualifies as a good investment, how to manage your investment and prevent losses, etc.
I would start with Set For Life by Scott Trench. Good financial information and he explains how he started with house hacking.
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
@Celine Rechyy
The primary rule of thumb is you can never start early enough in real estate. That is not true, if you start too early and lack experience and then have a deal go bad, it can set you back 5 to 10 years.
My recommendation is to not only read books, but just continue to educate yourself in anyway possible in network with others who have been doing it for a very long time.
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Celine Rechyy
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Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Nathan Gesner:

Quote from @Celine Rechyy:

Read some books. Make sure you understand the basic math, what qualifies as a good investment, how to manage your investment and prevent losses, etc.
I would start with Set For Life by Scott Trench. Good financial information and he explains how he started with house hacking.

thank you so much!
1 Reply
Celine Rechyy
OP
Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Chris Seveney:

@Celine Rechyy
The primary rule of thumb is you can never start early enough in real estate. That is not true, if you start too early and lack experience and then have a deal go bad, it can set you back 5 to 10 years.
My recommendation is to not only read books, but just continue to educate yourself in anyway possible in network with others who have been doing it for a very long time.

thank you so much!!! my plan is to study finance-related majors in the future, and then practice after having enough experience. But anyways thank you so much.
0 Reply
Louis A.
Investor · Chicago, IL · Member since 2015 · 70 posts · 27 votes
1y
+1 to what was mentioned above. I would also add that you would find value in attending real-estate meet ups.
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Celine Rechyy
OP
Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Louis A.:

+1 to what was mentioned above. I would also add that you would find value in attending real-estate meet ups.

thank you!
0 Reply
Crystal SmithPro Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
1y
Quote from @Celine Rechyy:

Hello!! im a high school student and I’m very interested in real estate investment and would love to hear some suggestions on how to get started. Specifically, I’m interested in house hacking as a way to begin practicing real estate after I graduate from college.

Can anyone share some learning directions, tips, or experiences? I’m excited to learn more and dive into this field. Thank you!

One way to learn is to become an assistant to a Real Estate Agent who works with Investors and House Hackers. With the right agent, you'll learn how to run the numbers and establish a network of lenders, investors, other agents, contractors... In Illinois, the minimum age to officially become an unlicensed assistant is 18. An official unlicensed assistant has access to the MLS.
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Celine Rechyy
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Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Crystal Smith:

Quote from @Celine Rechyy:

Hello!! im a high school student and I’m very interested in real estate investment and would love to hear some suggestions on how to get started. Specifically, I’m interested in house hacking as a way to begin practicing real estate after I graduate from college.

Can anyone share some learning directions, tips, or experiences? I’m excited to learn more and dive into this field. Thank you!

One way to learn is to become an assistant to a Real Estate Agent who works with Investors and House Hackers. With the right agent, you'll learn how to run the numbers and establish a network of lenders, investors, other agents, contractors... In Illinois, the minimum age to officially become an unlicensed assistant is 18. An official unlicensed assistant has access to the MLS.

Thank you!
0 Reply
Aurora Hinman
Real Estate Agent · Chicago, IL · Member since 2024 · 1 post · 1 vote
1y
Quote from @Crystal Smith:

Crystal, I love this idea of becoming an assistant to an investor-focused agent and I might be a good candidate for that sort of work. What recommendations do you have on how to go about that, meet agents, etc?
I live in Chicago and am working on my broker's license currently, hopefully to complete by the end of the year.
1 Reply
Eduardo Villalpando
A and N Mortgage Services, Inc · Member since 2020 · 8 posts · 3 votes
1y
I agree with what everyone has been saying, but also. One problem that many people can run into especially at our young age is funding! So from a lenders perspective,

1. Make sure you have enough saved up not only for the down payment but also closing cost, plus some reserve in bank accounts or in other investment accounts!
2. Credit score can help you secure a great rate so make sure to get started on that if you aren't already. If you don't have a credit card, I would recommend Discover's credit card for college students. And if you have a parent or an older sibling that can add you as a beneficiary to their cards, you can assume their credit (of course you only want to do this if they have good credit, lol). Also never max out your card!
3. Work History. For most loans especially for first time homebuyers, your lender wants to see a 2 year work history of the same job that you are or will be working (same thing if you are self-employed). If you get a salaried job after college that would be best possible situation as you wouldn't necessarily need the two years of work history.
My last two pieces of advice is of course watch Bigger Pockets Podcast as much as you can to learn! That's how my brother and I learned and now we invest at 20 and 24 years old. And eventually or even now, go to Real Estate Events all around Chicago, most of them are free and you can find the events on Meetup.com or Eventbrite.com (my company also hosts a lot of events every month that are free @A&N Mortgage which you can find on Meetup.com).
Good Luck!
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Victor SoBusiness Member
Real Estate Agent · Chicago, IL · Member since 2017 · 325 posts · 193 votes
1y
Hello @Celine Rechyy ! It’s awesome to see that you’re already interested in real estate as a high school student! I wish I had started earlier but better late than never.
House hacking is a great way to start off. I’ve been doing it for the last 6-7 years and acquired a handful of properties this way.

Make sure to read as much as you can on the topic. There are a few good ones - I personally like Craig Curelop and Ben Leybovich’s books. Stay engaged on the BP forums and listen to podcasts regarding house hacking.
In college, work on the basics - get good grades, don’t get into debt, build your credit, etc. Having a stable income and good credit will be foundational in qualifying for a loan. And having good habits and being disciplined will help you be a good investor, property manager, landlord, etc.
DM if you want to hear how I got started. Hope this helps!

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Aaron ZimmermanBusiness Member
Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
1y
You’ve come to the right place!
I’d look at listening to podcasts such as BP, BP money, straight up Chicago investor podcast.
While in school and even now, I’d focus on working as much as possible to make sure you’re in a good position to have a down payment as soon as possible.i’d try to understand what a good deal is (underwriting), and also lending.
Happy to be a resource! I house hacked my property in Chicago and think it’s worthwhile.

[email protected]
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
1y
@Celine Rechyy
From my experience, to start investing in real estate, focus on learning through resources like audiobooks and BiggerPockets, while networking with experienced investors. Maintain a credit score of 620 or higher, save for a down payment, and research markets carefully. Use tools like the BiggerPockets House Hacking Calculator to analyze deals, get pre-approved for a mortgage, and begin with a manageable property to build your experience.
Good luck!
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Celine Rechyy
OP
Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Wale Lawal:

@Celine Rechyy
From my experience, to start investing in real estate, focus on learning through resources like audiobooks and BiggerPockets, while networking with experienced investors. Maintain a credit score of 620 or higher, save for a down payment, and research markets carefully. Use tools like the BiggerPockets House Hacking Calculator to analyze deals, get pre-approved for a mortgage, and begin with a manageable property to build your experience.
Good luck!
Thank you so much!
0 Reply
Celine Rechyy
OP
Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Victor So:

Hello @Celine Rechyy ! It’s awesome to see that you’re already interested in real estate as a high school student! I wish I had started earlier but better late than never.
House hacking is a great way to start off. I’ve been doing it for the last 6-7 years and acquired a handful of properties this way.

Make sure to read as much as you can on the topic. There are a few good ones - I personally like Craig Curelop and Ben Leybovich’s books. Stay engaged on the BP forums and listen to podcasts regarding house hacking.
In college, work on the basics - get good grades, don’t get into debt, build your credit, etc. Having a stable income and good credit will be foundational in qualifying for a loan. And having good habits and being disciplined will help you be a good investor, property manager, landlord, etc.
DM if you want to hear how I got started. Hope this helps!

Thank you very much, your answer is very inspiring and reminding. Thank you!
1 Reply
Celine Rechyy
OP
Technology · chicago il · Member since 2024 · 10 posts · 6 votes
1y
Quote from @Eduardo Villalpando:

I agree with what everyone has been saying, but also. One problem that many people can run into especially at our young age is funding! So from a lenders perspective,

1. Make sure you have enough saved up not only for the down payment but also closing cost, plus some reserve in bank accounts or in other investment accounts!
2. Credit score can help you secure a great rate so make sure to get started on that if you aren't already. If you don't have a credit card, I would recommend Discover's credit card for college students. And if you have a parent or an older sibling that can add you as a beneficiary to their cards, you can assume their credit (of course you only want to do this if they have good credit, lol). Also never max out your card!
3. Work History. For most loans especially for first time homebuyers, your lender wants to see a 2 year work history of the same job that you are or will be working (same thing if you are self-employed). If you get a salaried job after college that would be best possible situation as you wouldn't necessarily need the two years of work history.
My last two pieces of advice is of course watch Bigger Pockets Podcast as much as you can to learn! That's how my brother and I learned and now we invest at 20 and 24 years old. And eventually or even now, go to Real Estate Events all around Chicago, most of them are free and you can find the events on Meetup.com or Eventbrite.com (my company also hosts a lot of events every month that are free @A&N Mortgage which you can find on Meetup.com).
Good Luck!

Thank you, I’m also listening to the bigger pocket podcast now!
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Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
1y
Hello there @Celine Rechyy - Wow! You are a high school student on BiggerPockets and interested in real estate!! That is amazing!!
First things first, remember it's a marathon, and you are getting such a head start that, in the long term, you will be leading the pack no matter your pace!
You should consider skipping college and getting your real estate license if you are super serious about the industry!
My biggest tip is to save way more that you make and then buy a 2-4 unit building and use a 203k or homestyle renovation loan to do some rehab and add some instant equity.
Also, Network as much as possible and get comfortable approach any one and asking lots of questions. We have our holiday party coming up that you have to attend!
https://www.biggerpockets.com/forums/521/topics/1218823-chic...
[email protected]
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