All Forum Posts by: Account Closed

 I agree computer science is very lucrative and in-demand especially if you do your research about the sectors like DevOps and Data Science. My mind somehow can't grasp comp sci concepts too well ):

 Unfortunately, medicine is not fast wealth. You study 4 years undergrad 4 years med school and then 3-7 years residency coming out with huge student loans that have been compounding for years by the time you're 30 and your peers have had the ability to save for almost a decade. Granted if your entire education is paid for, then medicine is a good path assuming more reform won't be done to the current healthcare system.

My sister is an actuary - well she has a degree in actuarial science but not the job title. Unfortunately the path to becoming an actuary is long and grueling. Requires 9 difficult exams that take years to complete before you can actually wear the title of actuary. It's similar to how you can't really become a quant without a PHD.

Not true. Those who only 'do what they love' are usually those that are poor and unemployed. An objective look at job prospects and their compensation is necessary at this day and age.

Question is pretty self-explanatory. I am currently studying for my bachelors at a mediocre school in Finance but I feel the industry isn't very lucrative (at least early on). I am trying to find a career that has the highest ROI especially considering that I'll be graduating with student loans. Mech, civil, and industrial engineering are currently dying (my mother has masters and has been unemployed for over a year). I don't have the mental aptitude to grasp comp sci. Medicine isn't worth it because of the educational time commitment and student loans you'll end up graduating with. Law has been dying for years to the point of law schools shutting down.

So I ask the BiggerPockets community: What career did you start with before purchasing your first investment property? What career do you recommend students to go into?

Thanks.

Yes my sister made the mistake of purchasing her first condo in a huge apartment building. The unexpected assessment costs are causing her a lot of trouble.. 

P.S. Sorry for quoting and then making a post right after. First time using this forum on my phone.

I currently live in the suburbs about an hour away from Chicago. The market for short-term rentals there is very great (as with most big cities in the US). Managing the property would also be easy for me since my university that I commute to daily is also located in Chicago.

But most importantly, what kind of reserves are we talking about here? If I make enough money for the 3-4% down-payment, would lenders overlook my awful DTI from my part-time job?

I've been working the same job since the beginning of November 2015; I just traveled quite a bit my first couple of months and that's why I didn't save as much as I should have. Would that still qualify as have "6 months of PITI payments in the bank?" I've had a debit card for 2+ years - it's just I very recently got a credit card. What do you think I can afford given my current income and savings? How much should I save up before I can begin an investment?

Right now I'm a 3rd year university student working a part-time job (25-30 hrs per week during summer and 15-20 during academic year). I only earn 12-13k a year before taxes. I only opened my first credit card a couple of months ago (should have done it sooner) and my current FICO score is 667. I live with my parents and I generally don't have expenses besides personal leisure. I have 5k in savings and there are properties that I am eying on Zillow (should I use an alternate search engine?) that are in the range of 70-90k. They are urban area condos. I want to use short-term rentals (like Airbnb) to finance this mortgage since the rate of return seems to be better than regular long-term rentals (for studios or 1-2 bedrooms) so that I can establish an equity credit line (if I understand correctly) and save up a bit more money and have a head start for when I graduate university. Nobody that I know is willing to cosign a loan for me, but my parents are willing to take furniture out on credit for me if I decide to do the short-term rental gig.

Of course eventually I would love to get a mortgage for a multifamily home to rent out to multiple tenants especially since there is a lot more hassle with short-term rentals, but I don't think that given my economic situation I can get a multifamily.

Anybody have any advice on how I should start out through rentals, not wholesale or flipping? 

Thanks.