If I could have started having property visions during college, this is what they would look like:
Purchase a home my freshman year.
—–Er – back up! I’m in college! How would I do that?!?! – – – –
Work every summer starting at age 10, with lawns. Continue with lawns, and its corresponding low overhead.
Snow shoveling in winter.
Babysitting during school year.
Throughout seasons, work several jobs to accumulate money for college, but also for savings. Aim for $15,000 in savings.
Obtain job in college town.
Land squarely at college with money in the bank, and a small 3 bedroom house off campus, the total taking no more than 10% of my income. Rent out rooms (with lease agreements!), starting freshman year.
Money from job goes towards college and savings.
Leave college with degree in hand, and a property manager with the home.
Purchase small, rentable home in town of new job, taking no more than 15% of income.
Repeat last step with each move.
Renters pay down mortgage – income savings go toward purchasing home.
Ideally, buy duplex after 2nd home. Live in one side.
And there you have it.
P.S. While this means buying a car used, and being an amazing steward of what you consume, it also means becoming the source of your own income perhaps by age 35. Have a great day.