All Forum Posts by: Alyssa Lastre
Alyssa Lastre has started 1 posts and replied 5 times.
Post: College student and want to know where to start
- New to Real Estate
- Miami, FL
- Posts 6
- Votes 3
Thank you !!
@Alyssa Lastre welcome to BP and congratulations on your decision to start your REI journey!
Post: College student and want to know where to start
- New to Real Estate
- Miami, FL
- Posts 6
- Votes 3
Hi I'd like to learn more about this. Can you explain this in more detail?
You can start at 18+
You can purchase in an LLC
FICO min is usually 620 for rental 680+ if you want the best rates - no min for Flips
Apartments are typically 20% Down - if large enough and in a primary market you could qualify for 5-15% Down
Doesn't matter what you make at your job as long as you have your down payment and the property cash flows enough to cover all expenses including the mortgage
It's all in the location, numbers, long term strategy/exit strategy
Post: College student and want to know where to start
- New to Real Estate
- Miami, FL
- Posts 6
- Votes 3
Thank you so much for the help!!
Hey @Alyssa Lastre
Congrats to you for your ambition! If you are looking to connect with someone for some guidance or advice, feel free to reach out. I recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/..
Post: College student and want to know where to start
- New to Real Estate
- Miami, FL
- Posts 6
- Votes 3
Thank you so much for the information!! This really helped :)
Originally posted by @Blaine Alger:
Hey Alyssa,
You have a bunch of great questions, I can tell you have been doing your research.
The biggest hurdle to get over when you are young and looking to invest in Real Estate, is financing. That is because the banks want to see that you have a consistent source of income from a w2 job or have at least 2 years of tax returns to support a 1099 income/self employed.
I think the best starting place for you would be to talk with a lender. They will be able to look at your credit score and financials and will be able to give you a better answer than my self. If they aren't able to approve you for a loan, then they will be able to tell you what you need to do in order to get approved later on down the line.
If you don't want to wait for the banks, then you can always try to look for owner finance/creative finance opportunities. However, you need to know how to approach these conversations and have to be willing to put in a little bit of hustle.
Shoot me a message if there is anything else I can help you with. I am always happy to chat.
-BA
Post: College student and want to know where to start
- New to Real Estate
- Miami, FL
- Posts 6
- Votes 3
Hello everyone, I am eager to learn more about investing in real estate. I know it's possible to start at a young age, I just have no idea where to begin. I've been researching and I have a small idea but if I can get any tips or suggestions that'd be amazing! I want to invest in an apartment or multi-family property. Do I have enough money? Do I make enough at my job? Is my credit enough to qualify for a loan? Which loan should I consider? Which loan should I stay away from? This is my first time buying anything, I have a fair credit score and only a small amount of money saved. My best friend is in the same situation and wants to do the same, would it benefit to buy a property together? Please let me know and thank you!!