Considering first deal
Hey everyone
Here's my situation.
I'm a young guy wanting to get into my first deal. I have some good starting capital (approx. 30k initially) to get started in my RE business.
I'm likely dropping out of college because I have business desires that have made it nearly unbearable for me to waste my time in class. I do, however, treasure the relationships I made and think that's very important. What I'm considering to do is to drop out after this semester, buy a property very close to my (private) university campus (about 3000 students), do some fixing up this summer, and then living in it for at least a year with some of my college friends who will remain in school. This way I can still live with some of my close friends as well as my friends who still attend my university. At the same time I'm able to pursue my passion for business.
I want to learn everything there is to know about buy and hold RE investments and I think this would be a great way to do so. Houses go for 50-100k on average in the area so to me it's a pretty low risk investment to start out with. Being close to a college campus, I feel it should be fairly easy to get renters each year. Currently there aren't too many high quality options in the area so I feel I could make a property stand out.
I'd love to hear any advice people have given my situation. Feel free to touch on anything I've mentioned above. Also, I'd really appreciate it if someone would look at a deal I'm currently looking at. It seems like the perfect place to start, I'm just having a little hard of a time estimating some numbers. I have used the BP Deal Analyzer tool but my numbers came out quite high. The mortgage and insurance (according to Zillow) would be about $350/month for a house with two units (a 3 bedroom, 1 bath and a 1 bedroom, 1 bath). They both currently are being rented for $630/month and $520/month ($1150/month). Message me if you'd be willing to check it out for me. I'm in Marion, Indiana.