Me and my best friend are both 21 year old juniors in college majoring in finance. In a few weeks we will be taking our real estate exam to receive our provisional brokers license. We both have internships/ real estate assistant opportunities on the weekends while finishing our last 2 years of school as soon as we get our license. Entrepreneurship is in our blood and we know that REI is the route we want to pursue. We have strong family and friend relationships with a loan officer, home builder, general contractor, electrician, as well as a kitchen re-modeler.
With that being said we plan on being real estate agents for 2 years after college to receive our full brokers license so we could handle transactions ourselves (no longer having to split commission with a firm). If being a agent turns out to be lucrative for both us we would continue on with that using our income to invest in properties. If not we would have our degrees to fall back on to get jobs and still have our brokers license for family and friends on the side for extra income.
Our first investments would most likely be cheap houses close to campuses to rent to college students for some steady cash flow. I know a lot can change between now and 2-3 years when we would plan to do this but as of now their are multiple foreclosures close to campus that after doing the numbers (ROI after down payment, mortgages, property taxes, and modest maintenance costs) would turn out to be good investments.
My questions would be:
What others skills and trades could me and my best friend pick up (residential appraisers license, home inspector license, labor trades etc) could we pick up while we have this down time during our summers to diversify and expand our skill set in reference to real estate?
Starting off, with not much capital, would college rentals be a good route to take? With less risk compared to other real estate investing, steady cash flow, and the ability to purchase cheaper estate.
Is there anything that I am really over looking here? Or is there any guidance you could offer to us as young guys getting into REI?
Our ultimate goal would be to get to a point where we could ditch the “day job” and focus all of our time and resources into REI
Any comments or suggestions would be greatly appreciated. Thank you for your time.