I work part time and go to school full time. I want to invest in real estate but I only have $5,000 to do so because the rest is budgeted towards living expenses. What can I invest get with that amount? I don't want to buy stocks. I want to get into real estate investing. Any advice?
first you should talk to a lender that you can trust , may be the bank where your account is in. He should pre qualify you and that will tell you if you can really afford to buy a property (which I think is a great idea) if you are in the right circumstances, like if you can afford the monthly payment ,taxes, maintenance etc.in this market property values have gone down but also lenders requirements are more tighter. Also if you work part time you could provably can consider having a partner so the two can combine incomes. I t will make it easier to qualify. good luck.
If you are a student with limited funds, Would think it best to save it at this point. You don't know where you will be in 5 years, or what you will be doing, Move slow and check out books in the library You may only learn a thing or two on each book, But you will be studying for your future. I have made Millions in real estate, and had a blast, but lots of responsibility involved here. Lots of head achs, and lots of fine people too. It is not an easy profession. It will take about 15 units to support yourself, if you are lucky.
You could ask others in the same situation as yourself to form a partnership to invest together. You could join a real estate investment group to find out what opportuities are available for folks with limited income. At the real estate investment group meetings, you MIGHT meet someone - or a few people - who might take you under wing as your mentor - to show you what actually goes on AND how to do it! In the mean time: .I want everyone to know I DO NOT own any portion of this man’s estate, nor am I associated with him or any one else connected with him in any way. I am not part of the publishing company or an agent or anything else. This man does not know me from Adam AND I don’t know him. I know of him and the wonderful book he wrote. THIS IS NOT SPAM. You should buy a copy of this book: “The Richest Man in Babylon” by George S. Classon Its very easy to read. Its very easy to follow. You can write in it. You can make notes in it. All you have to do is to read five [5] pages - Let’s count 1 - 2 - 3 - 4 - 5 pages of this book - or any book - each and every day. OR You can leave it sit on the shelf, on a table or on the floor and let it collect dust. Suggestion: Journal every day on your computer. What you learned and what you were taught. What to do and what not to do. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name!
There is not capital for you to safely invest at this time. Depending on where you are could be a difference. How much are your living expenses? Do you pay rent? If you do you add that to your housing budget and buy a house and take boarders or roommates. Loose the roommates though and you'll be paying the whole shebang by your lonesome. My advice would be to: A. read every available book on real estate investing available at your library, before committing to doing anything. People online, who you do not know, cannot help you to make decisions about the money you have worked for and how to risk it. Because every investment carries a risk/reward ratio with it, and you need to be the one to make that call as it's your dough. Avoid seminars, tape kits, programs even if they are money back guaranteed. B. Contact a few local real estate brokers- the older the better. Tell them you are interested in learning the ropes and ask if there is any way you can volunteer your time and learn. Maybe just something like pulling up the signs when the house finally sells or replacing the flyers in the plastic boxes out in front. An old guy will respect your desire to learn more than some hot shot who drives a nice car and talks fast. The more time you spend hanging around the office the more you'll learn. c. Put your 5k into an interest bearing account so that it will be doing something while you wait and above all, work extra hours when possible to add to your savings. d. Reach around behind you and pat yourself on the back. Thinking about these types of things shows you are a mature individual, and with determination, you'll succeed.
