4 answers
4
Asked 444 views

Could I invest into Real Estate if I decide to go to college?

Hello, I have been doing a lot of research on the Real Estate industry and I was wondering if I could do both? I know I can, but does it seem reasonable?
#RealEstate #college

realestate
Answer This

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you
4

4 answers

0
Updated
Share a link to this answer
Share a link to this answer

Kyle’s Answer

Yes, this could be a great move. You could lease to buy or setup a mortgage and buy a home while in college. Then sell this to help start the next investment(s) while you are in school or when you graduate. This can help you buy your first home, or continue to buy to sell. You should do some investing in the property, buy lower priced properties that need work and do as much as you can yourself. Find a good helper, handy man or local general contractor that can help with other pieces out of your realm. Work to learn more so you can do some of the labor and save money down the road. Be careful to not overcommit and ensure you focus on school but this could be a good starting point for investing to a business endeavor.
0
0
Updated
Share a link to this answer
Share a link to this answer

Brittany’s Answer

Honestly, it depends on how much you expect to make from Real Estate ventures, how much time you are willing to commit, your social life, health, etc. I worked a full time job and went to college full time; and while it is not easy, it is doable. My recommendation is to look at the housing industry in your area to see if Real Estate would be a wise choice vs. focusing on your education. Additionally, you could also look into doing Real Estate alongside a Trade (electrical, mechanical, etc.) as they tend to go well with Property Management and Trade skills are very lucrative right now with limited cost due to aging out of the current experts. I would also recommend speaking to some current Agents to see what their financial outlook, education, and scheduling looks like to get a real life view in your specific area of what you can expect to invest time and money wise. Hope that helps.
0
0
Updated
Share a link to this answer
Share a link to this answer

Ben’s Answer

I actually purchased my first property a year after I graduated college. It was a good deal where I only needed to put 10% down for a Studio condo in a high rise building, but for a young man it was perfect. I moved in and after about 6 months I tested the rental market. I discovered that I could rent it out and break even with my mortgage payment, so that's what I did. I was able to move back in with family and after 6 months I saved enough to buy another unit in the same building and again after living in it for a year, I rented the 2nd one out also. To break even doesn't sound so great to some people, but keep in mind that those tenants were paying off my mortgage for me. In addition, there are some tax benefits when owning real estate, which come in handy around tax time.

You could have many options if you buy a property. You could live in it yourself, you could rent it out or if its a 2+ bedroom apartment, you could live in it and rent out a room to a fellow college student and help pay part of the mortgage that way. I would recommend finding an online mortgage calculator and play with the numbers based on the cost of the property, how much you could put down and estimate the property taxes to determine what your mortgage payments would be. Then check the rentals online in that area and evaluate how your monthly payment would compare to the amount of rent you can bring in. That will help you make a decision.

Keep in mind that as a college student, your focus should be on your degree. If the amount of rent isn't close to covering the mortgage, then you may be tempted to work more hours to bring in more money to cover the shortfall and that could affect your studies. So just keep that in mind.

Real estate is a great investment for the long term. While your mortgage balance is being paid down, you can also build equity as the property value rises! So to answer your question, if you can get approved for a mortgage and you believe it won't affect your studies, this is more than reasonable it is a great idea.
0
0
Updated
Share a link to this answer
Share a link to this answer

Simeon’s Answer

The best way to invest in real estate is to live in the first property and pay it off. If you have the ability to afford this, it will put you ahead of the game financially. I would recommend getting several roommates together and split the rent between all of them. Each of ya'll will end up having very low rent and you'll be building equity. Make sure that you can afford the mortgage on your own, though (I'm assuming you'd be doing some kind of work to pay for the house). I'm also assuming that you'd be comfortable living in said house for at least 5 years. You want to have clearly defined expectations with any roommate you take on, and you will probably want to have something in writing to protect yourself against some of the risk. Friends living together can split the groceries and host parties. I did this for two years just renting a house with a group of friends, but it was one of the funnest experiences ever. :)
0