Student + two jobs = bad idea?

Whats up everyone? Hope all is well, and the cash is coming in.

Basically, I decided to finish my degree after taking a yr break out of high school. I am taking 5 classes, Mon-Fri. I work two jobs…one is usually sun-wed for usually 4-5 hrs, and the other is only fri and sat nights. I have saved about 15G so far, just sitting around. I need to get into REI soon, or I never will…I just know it will happen like that.

Is it a bad idea for a student with two jobs to get an investment property? I really would like a duplex or a triplex…hopefully it is already rented and I could just move in there, so minimal work is needed to get cash flow. Good idea or bad idea? If bad, what would be a good idea?

Thanks yall.

I guess it would depend on you. How much free time do you have to devote to RE investing?

Now a duplex or Triplex might be a good idea. you could live in one unit and rent out the others.

Sounds like a perfect way to get started- especially if it’s something that doesn’t need a whole lot of work, and that you could live in while renting out the other side.

You can get some really great bargains from the banks right now…

Good luck,

Steph :cool

It’s a little tough to give advice when we don’t know your situation.
What’s your experience level in RE?
How much money do you have available (other than the $15K)?
What’s your credit score?

I’ll make a few assumptions and suggestons. It sounds like you’re about 19 years old. You may have trouble getting financing due to a short work history. Hopefully you didin;t screw up your credit yet. But you may have to build a longer good credit history. I also think you should read as many books as possible on REI. Here are some good ones.

“The Millionare Real Estate Investor”, by Gary Keller. ($20)
“1 Minute to Rental Property Riches”, by Mike Rossi. ($50)
“The ABC’s of Real Estate Investing”, Ken MKelroy.

There are a ton more books out there. The “Rich Dad Poor Dad” series of books are good for the price. Just stay away from any high priced seminars you see advertised. You can get all the academic info from books and this site. You can also go on e-bay and get the latest version of the Carleton Sheets course. It has some good basic info and they’re around $60 on ebay.

It also looks like you have a lot on your plate right now. Finish college, save money, improve your credit score, absorb as much as you can. You need to know how to properly analyze the REAL financials of a property. You have a lot of time ahead of you. Take the time to get started right. Getting a multifamily for you live in is a good idea to start after you’ve got the basics down. Be patient. Good luck.

Best thing to do is what ever free time you have spend it taking steps towards doing your first deal. Send out mailers, learn your market and make offers. Find a wholesaler in your area and birddog for them (no risk way to learn)

I agree with steph, that’s a great idea if you can find a duplex, triplex, etc and live
in one of the units. There’s a possibility that your cashflow from the other units
could be paying for the unit you will be living in!

Otherwise, if you don’t plan to live in it, I would suggest you make your start
in REI by doing some kind of flip deals (NOT rehab), possibly wholesaling or
lease/option, subject-to flips…

You might need a co-signer to get started. But if the deal is good enough maybe instead of a co-signer, you can get a partner/investor. Share the cash, but get your foot in the door, and build credit.


You are probably an expert on one thing already–student living! If I were you I would try to get free housing by managing a student apartment house so you save your money for a downpayment.
Try to buy a fixer duplex, triplex to live in and fix up and rent to students.
Test the market for furnishing a student apartment with bed, desk, chair, table, couch, plus appliances. Just the most basic sturdy student stuff. Now you could charge more rent. Or rent out the furniture.

There are a lot of ways to make money from lazy or too busy students.


Im sorry about the lack of info…here is more about my situation.

-I am 22 yrs old, and I live for free (friends parents)

-I really do not spend much money at all…I would say $50 a month for all of my bills, and thats that.

-I have some bonds and a CD, but I am not cashing those out. The CD was rolled into another CD last year

-I have John Lockes subject to course, and I have read it twice

-My FICO’s are all almost 700. (not the greatest, but I have been spending the last 8 months cleaning up my reports. I started with very low FICO’s)

-My experience level is only from you guys, other REI forums, and Johns course, and some audio courses. I have no hands on experience (this is a main reason why I want to get started NOW)

I really dont want to get into mailing flyers and stuff right now, because my time is limited as it is. I could have people calling and I would either be in school or working, so I assumed buying a duplex would be much easier. Also, I dont really want to get into birddogging right now.

Realistically, is this possible? I dont even have to live in the duplex…I can still live for free where I am at now. I simply want to buy a property, and rent it out. If I have enough cashflow and I have a great deal, I could even pay for a mgmt company to do a lot of the work for me. Am I being realistic here? If I found a good deal on a duplex…could I still go to school and work, and not have to be a 24 hr landlord?

Thanks again guys!

Yes, that’s very realistic.

However, I tell my students to always start
out small. Start with residential, single family
homes, then move up from there.

If you can even start with a mobile home, then
that would be the best route to go.

Go flip a house first, then start thinking about
if you really want to hold onto apartments (duplex,
triplex, etc.)…

I got into holding properties when I first started,
and it almost killed me financially. It sucked up all
of my finances and savings and I was left high and

I learned to always have proper reserves before
taking on the responsibility of “owning” properties
for the long-term.

If you have the reserves, the education, and you
feel confident about this being your first deal, go
full force ahead and don’t let anyone talk you out
of it!!!


Yes, you can do it, IF you have the time.

Read Salsadunes posts “Started and Finished” on this same forum. You don’t have to do signs, you can just try a little ad in the Pennysaver or other budget weekly free newspaper.


I honestly don’t think you have the time manage rental properties at this point. Between work and school you’re too busy to devote the time and effort needed. You have a TON of time on your side. Use it to finish school, get a decent job with good income ( you’ll need that to get financing), and continue working on your credit and RE education. I would suggest that try to get a job with a property management company or remodeling contractor. You can get learn a lot about rehabbing and maintenance. I get the impression you want to just jump in and get your feet wet. That’s a sure way to fail. Good luck.

By all means, aares, you NEED to jump in and get your feet
wet. If you don’t, your chances of success dwindle…

The only way to get deals done when you’re first starting is
to get basic education, and jump in with both feet! Use risk
free methods (besides your marketing funds, if any) and solid
contracts and you’re golden!

Now take action!

Well you certainly have a bunch of opinions to choose from aares. But jumping in to get your feet wet without knowing where you want to go and how to get there, you will fail and get discouraged. There IS NO rush. You can learn the easy way or the hard way. Good luck.

Another alternative would be to buy a duplex or three plex in an area with extremely high rent vs price ratios. In many cases these are areas that you may not want to live in, however it doesn’t matter.

Take the money that you get from renting out the unit that you would normally want to live in and move to a nicer area and pay rent with that money.

Stealing from one pocket putting it in the other. I did that when I first got started in rentals.

Instead of buying 1 duplex in a nice area, I bought two in rough areas but rented high. Then I took the overage from the two and put it towards my house payment in a nicer area.

Always pay attention to your opportunity cost…

Good luck either way!

That’s a great idea, a brilliant one. I agree with you… :smile

How can you charge a high rent in an undesirable area? I can see buying at a huge discount in a rough area and possibly renting to Section 8 for market rents. But I don’t see people with good paying jobs and credit renting in rough areas. If it works for you that’s great. But that wouldn’t go over too well in my area. The properties in nicer areas cost too much to cashflow. I have to look for areas that in between the good and the bad.

well, as for me, i think that’s a brilliant idea. go ahead and get that investment while you can. props up for you. for being young and hardworking!

Luxury Cars

I’ll make just one last point here. The idea that if you don’t start now you’ll somehow miss out on something. That’s simply not true. There will always be deals to be made in any economic environment if you’re willing to adapt to the conditions. Jumping in without the knowledge, money or credit required is like telling someone who can’t swim to jump in the deep end and learn how to swim as they go. I was in your postion about 10 yrs. ago in regard to rental properties. What I didn’t know would’ve buried me within 1 - 2 yrs. You can learn the lessons the major lessons the easy and free way or the hard and expensive way. Good luck.

please elaborate more on the free easy way of learning this. i’m new at this also