Hi everyone. First, for everyone that reads and responds to this thread, thanks in advance for taking the time to consider my situation and give a little feedback.
So heres the deal. I am a college student in my early, early 20s, with some money to invest. I am about 1 yr to 6 quarters of study away from graduating with a BA in MIS/International business. I am excited about my future, but Id like start becoming financially secure now, even before I graduate. I have very little debt, decent credit (college student, remember), a job, no car payments, and I rent. I also have inherited a small amout of money from a deceased relative. (think low-mid 5 figures). And Im interested in investing in a piece of property.
I purchased a few books for first time home-buyers, contacted and had a discussion with a local Windermere agent, and I went into a local bank to ask a few questions on qualifying for mortgage loans, and what I should look for as a potential investor. The feedback Ive processed so far has been:
Look to buy a home to live in AFTER I graduate from college, and start from there,
Dont invest in RE yet, max out a ROTH IRA first, and wait for the RE market to cool,
Without a steady, higher income job (I only make 11 bucks an hour atm,) I cant afford a mortgage payment, even with the deposit,
The REI market is cooling off, too much risk
I am a perfect candidate to get burned by dishonest sellers/agents (I dont think I am, but apparently the 19-24 y/o male is a prime target for scammers)
My question is, how much of this is true, and where are they coming from? Does it pay to be aggressive this young? What would you experienced investors, college grads, 30 somethings etc, do if you could start all over again with say 25k at your disposal? And outside of bulletproof markets like seattle, where would you look to invest? (West coast/Mountain pref.)
Would you wait to establish a career first? MIS professionals are in high demand I hear, but Im not to passionate on the subject. I was maybe considering switching to Finance instead; it seems to be much more interesting and applies to my interest in becoming a private investor.
My head is so full of questions, and Im excited that I have this great starting advantage. But I am a bit wary of getting burned. I hear that there is a huge RE bubble atm, which is primed to come crashing down any time now as the market continues to correct itself, a la Tech stock boom to bust of the late 90s/2000s.
Any help would be appreciated. I have done some research on my own in between working (retail), classes (taking summer courses atm, too,), and trying to enjoy my college years, even tho all of my friends have already graduated =(. so Im not looking for anyone to hold my hand or anything. Just some helpful advice would be great.
TY
Edit: After perusing the forums further, I came upon the Nouvoue Riche (spelling) post. I would like to clarify now that I am NOT in the market for any guru type mentoring courses/cults or programs WHATSOEVER. I am the type that would rather take that cash that I would put into a “Course from the Pros” and invest it myself and learn hands on, tyvm. I dont need any motivational tapes or books. I am just looking for some solid advice or data, or even someone to relay their first time investing experiences that I can supplement my own research with. Ive only paid about 50 dollars in books/magazines from B&N, and have checked out several more from the school library. The rest of my info I gather myself off the net, or try to glean from professionals face-to-face.
SO just a heads up. I wont be responding to any PMs from recruiters, and I dont want referrals to any courses/gurus that just take my money while making me feel good about maybe getting rich. No brainwahsing courses plz, thx.