I'm 21, I need capital NYC area
First off, I want to thank all of you for providing me with a plethora amount of responses and discussions to read and learn from.
A little about myself, I am 21 years old, MBA Candidate at a NY school. I am very familiar with my schools area and the current off campus housing situation. I am a value investor when it comes to stocks and the same goes for real estate (Although I have not been involved yet). There is a great deal of money to be made renting to college students in my area. I know personally as I have rented with a few roommates. I would assume my landlord brings in around $50,000 a year collecting from us. That's not a bad secondary income.
I am looking to get involved in this business, I do need some guidance as I am young. I have a more economic background and financial service background so I do understand the interest rate climate and mortgage environment in relation to the stock market and global economy. I also enjoy scouting the housing market for value.
One thing I am missing is capital and advice/direction. Interest only mortgages seem to be the easiest way to maximize profits early, ARMs, fixed. I'd appreciate any advice I can get.
Hoping to meet a few potential people who could pay it forward and help me get my life/career started at a young age. I believe renting to college students could be very profitable. Appreciate all the advice I could get.
This is the most confusing thing I've read. Are you trying to get into Real Estate Development as a career or just finding a "secondary income"? Either way this is the Investment Banking forum, which has nothing to do with your 'request'
At what point will you be introducing us to the Prince of Nigeria?
"I am a value investor when it comes to stocks and the same goes for real estate (Although I have not been involved yet)." -- This is like a high school kid saying that I am like Ron Jeremy except that I am a virgin.
"There is a great deal of money to be made renting to college students in my area. I know personally as I have rented with a few roommates. I would assume my landlord brings in around $50,000 a year collecting from us. That's not a bad secondary income." -- This is like a naive restaurateur dining at Carmines saying, "you know what? Making pasta is easy, and this place makes tons of money. We should do this!"
Let me ask you this, OP - Do you have enough money for down payment? Bank ain't giving you a dime unless you can put down 20% in cash. Do you have good credit to get a mortgage - better yet, a GOOD mortgage? Do you have a job that would convince a bank that you can pay the debt service? What neighborhood do you like? What is the average rent there for each unit type?
Bouncing off a real investment idea is one thing - but asking people to give insights and potentially capital is just too much.. unless you can introduce us to the Prince of Nigeria.
21 year old MBA candidate?
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