College Student Wants To Invest
I am a 20 year old junior in college. I have no credit card debt. The only debt that I have is in students loans, both private and government. I would really like to start investing in real estate, but I have a few strikes against me. I have never had a job, due to the hectic schedule of my classes. So, therefore, I have no monthy income coming to me. The only money that I do have, comes from the refund check that I receive every semster. I wanted to know how do I get started, if it is possible, and what advice would you recommend. Also, Im looking for a mentor Atlanta Area in the to help guide me. I am extremely enthusiastic and am willing to learn as much as possible. Thank You.[ Edited by DocVina9683 on Date 01/17/2004 ]
If you haven't done so already, check into your local REIA group, attend the meetings and join. Best place for face-to-face networking, learning, opportunity you can find.
If you're only income your refund check, how do you pay for food, rent, etc..?
My point is, some lenders will consider your total household income, not just the income going directly to you. You could also offer a portion of profits to people who would be good cosigning candidates...
Just my $0.02 =)
It will be very difficult for you to do anything with no money, no credit, and no job. usually banks or lenders like to see a job history of at least two years for first time buyers. I would agree with the post to get involved in a club, and then learn as much as you can until you can get some cash on you. It is possible to buy with no money down, but in your situation, it would be unlikely.
Another in your situation:
http://www.thecreativeinvestor.com/modules.php?mop=modload&name=Forum&file=viewtopic&topic=19939&forum=33
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Hey, I am a recent college Grad.
I started out flipping contracts. This method is great b/c it is practically risk free, little cash needed ($10-$100), you learn the ropes, plus you could earn up to $1000-$3000+ per flipped contract.
Go to Barnes and noble or this Creative real estate investing website and look for more information on flipping contracts.
I too recommend going to your local REI club first. You need to network with potential investors who will buy your contracts.
Good luck
(Positive Mental Attitude) PMA will make you rich.
As mentioned above, join your local real-
estate investment group and educate yourself.
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There are many different ways to make money in RE without cash or credit. Just not the conventional way. Read this article http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=272
Read and absorb as you have done in your schoolwork. Think of it this way. Welcome to your masters in REI and your thesis project is to go out, apply what you have learned, and make money.
Good Luck,
Shawn(OH)
just find the right seller and you have no problem. if you find deals, they money will surface - hard money, private investors, or just assign the contracts to another investor for a small fee and move on.
it takes longer and a lot more work but it can be done - i'm proof!
I am a 20yr old UF student. I am going to buy my fisrt sub-to house anyday now. Talk to $Cash$. He is the best.
I am also a college student looking to start out. Where do I find more info on flipping contracts? a quick search didnt have anything specific...
thanks.
Clegg,
The RE Investing business is not an "instant gratification" thing.
This site provides what is perhaps the largest library on day-to-day very practical How To's for almost every level of RE Investing.
There's a lot to read and learn about the types of transactions, players involved, legal aspects, paperwork, tax implications and a group of open-minded active players in the field who are more then willing to answer every question to help you accomplish your goals. And at no cost to all of us!
Welcome aboard, and dig in.
What you find here is more then enough to get you started.
You're in the right place.
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Quote:
On 2004-01-17 13:12, Soon_2B_Rich wrote:
Hey, I am a recent college Grad.
I started out flipping contracts. This method is great b/c it is practically risk free, little cash needed ($10-$100), you learn the ropes, plus you could earn up to $1000-$3000+ per flipped contract.
Go to Barnes and noble or this Creative real estate investing website and look for more information on flipping contracts.
I too recommend going to your local REI club first. You need to network with potential investors who will buy your contracts.
Good luck
(Positive Mental Attitude) PMA will make you rich.
Hi - I would like to work on flipping contracts but need to make sure I have the process down. Can you tell me the process that you use?
Do you write a contract with you or your assigne able to close? And then how do you get your fee?
I have a deal under contract now that I wish I would have just done this with if I understood it better. It's a great townhome in Colorado that I contracted for $122,500 and it appraised at $145k - now I am just in limbo with my lender tryig to close it.
Thanks for the information
What is your college studies in? You must consider that if you had no time for a job due to your hectic schedule you may not have any time for real estate hustling. And even if you do you may not be better off in the long run. Get your degree quickly, this is more likely to pay off (and fix your no-cash problem) than chasing deals.
I agree, get your degree first. Study REI when you can.
Before you can do a Flip you must understand the concept of Assigning. Then you must understand the concept of the Buy Escrow and Sell Escrow. Two different entities.
Then you have to learn why invest in this property. Then you have to learn how to sell that property.
Terms are easy to use. Concepts take time and knowledge.
Hi,
. Now I'm on to multi-units and rehabs.
I'm in the same situations as you guys. I'm a junior in college right now. Finished my first wholesale deal for 7k on my 21st birthday
Here's some guidelines that I worked with when I got started:
1. I have huge advantages, time and age. Everyone notices that I look young, and it's great. Makes me totally stand out at real estate meetings. Also, use your time to start taking action now. Hook up w/ more experienced investors in your area, figure out what they're doing, find deals for them, and build the cash to do the deals yourself.
2. Don't use your own money. I used other people's money for all my deals, including marketing. The only time I put out my own money was for gas (sometimes) and for earnest money deposit.
And just start looking for deals. Drive out there. Meet people. And tell everyone what you're doing.
John
redknight thanks for the tips.