Investor · St Louis, MO · Member since 2017 · 250 posts · 181 votes
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
Investor · Moscow, ID · Member since 2017 · 107 posts · 76 votes
9y
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.
Investor · Moscow, ID · Member since 2017 · 107 posts · 76 votes
9y
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.
I am in Cedar Falls as well. I totally understand the restlessness that comes with the cubicle life… I work the desk job for a few years and left it for real estate.
I certainly don't have all the answers, but I'd love to share anything I do have.
Rental Property Investor · Naugatuck, CT · Member since 2016 · 42 posts · 20 votes
9y
Hi James,
We are in a very similar situation. Check out the biggerpockets podcasts, some great information on there. They have guests on the show all the time and one commonality I've picked up through hearing all the stories is that on their first deal they just did it. They found a way to make it happen, made mistakes, learned from them, and got it done one way or another. So my advice to you is, prepare as much as you can, but more importantly just get out there and do it.
With that being said, things like tenant screening, lease agreements. and financing are some things that they talk about on the podcast as being some things you don't want to take lightly.