Step 1: Start by educating yourself on homes for sale in Edmonton.
Taking the time to learn about homes for sale in Edmonton will give you the foundation you need to make the best investment decisions. Even if you don’t end up putting a single penny towards real estate during your post-secondary education, having the knowledge will save you time once you graduate. There are so many accessible forums and blogs throughout the internet, that learning about real estate investing can be done for free. Make learning about real estate your side-project in school. This will jumpstart you ahead of the game when you finally are able to afford a real-life investment. If you prefer a more hands-on approach, look for classes that deal with this subject matter at your school. You could also track down an investor and speak with them about how they started and what their biggest tips are.
Step 2: Find what works for you.
If you think you have the finances to make a real estate investment as a student, you’ll need to decide what that will look like. There are many ways to invest in real estate. You must figure out which one of these is best tailored to your situation and desires.
An easy hands-off way to get started is through a REIT (real estate investment trust). Most REITs are traded on an exchange similar to a stock. Those with experience in stocks may find this as a simple way to start branching out their portfolio. This method is also much less time-consuming than being a landlord. For many students, a REIT could be just the thing to get their feet wet in the real estate world.
Step 2: Continued…
Another option is to buy a property and rent out the rooms or other units to other students. By purchasing a home this way, you can collect rent from other tenants and apply it to your mortgage payment. Of course, this is all dependent on your eligibility for a mortgage and mortgage pre-approval. If you already have debt from student loans, your chances of being approved for a mortgage will plummet. Be sure to research how a student loan will affect your probability of being approved for a mortgage. Moreover, mortgages aside, owning a home is a lot to take on during your college years. It isn’t to say that it’s impossible, but it requires expert time management. Chasing after people for rent and dealing with maintenance could adversely affect your college experience. As a student your future has lots of uncertainties, so think it through before pulling the trigger.
Students may also find that wholesaling homes for sale in Edmonton is a worthy option. Wholesaling would entail being the middleman in a real estate transaction. You source a great deal on a home and connect the seller with a thirsty buyer/investor. Your payment would be a portion of the sale price. This method requires great marketing and sales skills, but it allows you to profit off of real estate without actually owning it.
Invest as a student in Homes for sale in Edmonton today!
There’s no time like the present to start investing in real estate. As a student, it’s so important to set yourself up for future financial success. One way to do this is through investing in homes for sale in Edmonton. For more information on how to get on the property ladder as a student, contact us today. We’d be happy to help answer any questions regarding real estate in this area. Feel free to reach out at any time with an inquiry on a property. For the latest news and updates, visit our social media page here. We look forward to speaking with you soon!