Could anyone help me in my situation?

Hello everyone!

I am brand new here to the forum and this is my first ever post.

Okay, he is a little on who I am. I am a 21 year old college student getting ready to start my final year of school this week. Over this summer I have developed a strong passion to have my own business and I know that I want that business to be a commercial real estate investing firm. My main focus is on multifamily properties but someday I want to also get into mobile home parks and self storage units as well.

I have read approximately 20 books this summer all about real estate investing and have found that I really like the David Lindahl books the best. I have also participated in many of the webinars that he does through his company and found his information about multifamily properties very good and easy to understand.

I want to get started investing in multifamily real estate SO BADLY but I am kind of at the point where I don’t really know where to start. Being that I am only 21 and still in college, as expected I do not have much of my own money to work with.

I am kind of at a crossroads right now because since I need help in actually getting started investing, I don’t really know who to turn to. Dave Lindahl’s company offers home study guides and also coaching that is designed to help his students with their investing no matter what level they are starting from. Since I do not have the money to just spend $1,000 on a home study program I thought about going through his coaching program to see if they could maybe help me.

Another problem that I have is that I have two large, local REI clubs that are in my area but they both meet on Thursday nights and I have class very late on those days so I cannot even join one of those clubs.

I feel discouraged because I want to start investing so badly and I realize that I need help to get started and I want to put in the time and effort to get the help, it is just that I don’t know where to turn for the help that I need.

Does anyone have any suggestions for me as for the steps you think I should take? Do you think that I should pay for coaching through or not?

Any help or insight into my situation would be GREATLY appreciated!
Thanks so much

Hi and welcome to the forum. I’m going to give you my opinion. Others may have different opinions about what you should do for your situation right now. Hopefully you’ll get some different points of view and be able to make an informed decision.
Just for reference about where I’m coming from…I started REI a little over five years ago with really no knowledge other than using logic to figure out rent vs. costs/expenses. My wife and I now have several dozen rental properties. Most of them are single family homes (SFHs), but we also have a small apartment building with 6 units.

First and foremost - Don’t give up on school or do anything so drastic to jeopardize getting your degree. You’ve already invested three years into that. Finish it out strong. No one can take that away from you.

If you are interested in multi-family rentals, I strongly recommend you find a small building or single family house for starters. Five units and above are considered commercial (for lending standards). Four units and below are not. It will be easier for you to get into a small building or SFH first. Cut your teeth on this first property. You’ll learn a lot. You can then take that information to go on to bigger and better things later, but I think it’s best to start small and not think a 100 unit apartment complex is going to be your first property.

Start saving money for this first property. Read everything you can on REIclub. I feel it’s a really well laid out site with lots of information. You’ll see things on here from people actually doing what you want to do. Much more content than any one book is going to show you.

Use that degree to get a decent paying (and hopefully somewhat secure) job. Many people do REI in addition to working full time. There are lots of people on here like that.

Some people think a coach/mentor is the only road to riches. I do not. You’ll have to make that decision if you think you want someone holding your hand. Someone offering their services to you for monetary compensation is going to tell you that of course they’ll save you so much money and the money you pay them will be much better spent not making costly mistakes…once again, up to you.

Use this site and any other books you read to round out your education. You’ll find out how to evaluate properties. Learn your local landlord/tenant laws. Those will apply for SFHs and apartment complexes.

Work on keeping a high credit score. Don’t take on too much consumer debt. Good credit will be your friend. That and experience will open doors for you.

Are you planning on living/working in the same area where you’re going
to school?

I do plan on living in the same area because I live at home with my parents right now anyway and commute to school. I also am definitely going to finish up my degree and not do anything crazy like drop out now.

Thank you so much for the information that you provided to me as well!

I guess that I failed to mention also that I do have a little more experience with apartment buildings than most complete beginners because my parents have owned rental property my entire life and the largest property that they currently own is a 12 unit property. Growing up in this environment I have seen firsthand things that they do that I like and also dislike. I am really treating it like a learning experience because in my mind, there are a lot of things that I would do differently than they do.

I feel like it has helped me that I have read so many different books from different so called “gurus” because it has helped me narrow out the ones that I feel are only in it to sell their materials from the ones who are still investing on a day to day basis and helping others as well.

As far as Dave Lindahl goes, I feel as if he does have some more credibility than most gurus because Donald Tramp handpicked him as an author in his Trump University series of books. I have also talked to some of his students who are not affiliated with any of the profits from his business who said that he helped them tremendously and that it was well worth it for them.

The biggest thing for me like I mentioned before is that I want to invest in multifamily properties and being a college student, I will especially have to rely on OPM to fund my deals at first. I have absolutely zero experience in this so that is where I feel like I need the most help.

Has anyone else used Dave Lindahl for anything or heard anything good or bad about him?
Also, feel free to comment back anything you would like or that you feel would be helpful!
Thanks again and I look forward to hearing from you.

Hi Golfman; I like your passion keep up in due time you will get good returns. Which books have you read so far and which one is your best?

I have read many books such as 3-4 of the Kiyosaki books, Dean Graziosi, Russ Whitney, and Dave Lindahl books and others.

I really liked the Kiyosaki books but I LOVED the Lindahl books. I love his focus of investing and I have actually spoken with him before and he is a great guy! His office is also extremely helpful.

I think as a college student you have a unique opportunity to get started. I’d consider buying a house with walkout basement and making an apartment for you and the wife and moving into the basement while renting the upstairs out.