Purchasing a home is a complex and time consuming transaction. There are countless factors that go into choosing the right home. Knowing that a property could be converted into an income property, could alleviate some concerns and eliminate delay in purchasing a first home. Purchasing such a property allows for flexibility to stay, lease or sell. Students and young professional are uniquely positioned. Knowing firsthand of appealing locations, neighborhoods and floor plans, their choices would likely be a good fit for potential renters. Portions of a property could also be leased to friends or colleagues. Financially, being able to continue living on a student budget after college can support efforts to save for a down payment quickly. Access to real estate listings, estimated home values and recent sales is ubiquitous. Becoming familiar with an area over time, learning home prices and getting to know potential neighbors leads to informed decisions. Volunteering within those communities through organizations like Habitat for Humanity and Rebuilding Together offer the opportunity to hone DIY skills. Speaking to real estate professionals and attending open houses will lower the learning curve to begin making offers to purchase. Real Estate investment could be a hobby, profession or retirement plan. Eventually, that starter home will transition to the first property of a rental portfolio. As the portfolio grows, so could the demands on a landlord’s time. Developing skills in or outsourcing the operations, maintenance and oversight of the properties and planning for such events allows freedom of action.
Adrian Rodriguez is an engineer by training and real estate hobbyist. He holds degrees from the University of Miami in Computer Engineering and the Massachusetts Institute of Technology in Technology and Policy. While at MIT, he co-founded two tech startups and has 11 years of development and leadership experience in the tech industry. He is currently a Master Inventor and IT Specialist for Toshiba Global Commerce Solutions developing software for the retail industry and previously worked at IBM in the Systems and Technology Group. He currently resides in Durham, North Carolina with his wife where they enjoy the outdoors and home brewing beer and wine. One day, they wish to visit all 50 states and the 7 continents.