My first real estate investment started when I was in college. I was tired of renting a tiny apartment and decided to start looking to purchase a town home or condo. I knew I couldn’t afford much but I had a good part-time job and I had finally convinced my parents to co-sign.
I found a town house that I knew I wanted and put in a low offer. It was rejected without a counter offer. I continued to look and found another that appealed to me even more. I placed a full price offer. I immediately received a call from my realtor telling me that the house was already under contract. I was starting to get frustrated. After continuing this process several times, I finally purchased my 2 bed 2.5 bath condo.
Feeling proud that I was a 20 year old home owner, I called a bunch of friends trying to find a roomate. Turns out, that wasn’t so hard to do. I rented the extra room and bath for $350/month plus half of the utilities. My roommate was paying half my mortgage! This condo was my home for the next 18 months until I graduated and relocated for a new job. I made a profit of $30,000 which was tax free because I was leaving the state for a job.