I am just starting my journey in Real Estate Investing. A little bit about myself. I am 34 years old and been in my company for 15 years now. In order to survive in this world, I work two jobs about 65 hours a week. I have realize that I don't want to live like this anymore and want to take my life back. I miss family events because I am always working, my parents are getting older and I want to spend more time with them. Realizing my wants, I know I need help. The best thing to do now is to take action and look for help.
I want to learn from the best about investing in real estate and create a passive income in the next 5 years so I can quit my W2 job. Would anyone in my area be able to help me? I will work my a** off to be great
Rental Property Investor · Mebane, NC · Member since 2015 · 493 posts · 439 votes
3y
Real estate investing will take a lot of time, knowledge and effort. If I were in your position I would first want to try and decrease the number of W-2 hours I'm working by increasing my income. Based on your post I'm assuming only working 40 hours a week and making an extra 10-20K a year would change your life. You'll either have to get a new job that pays more, or demonstrate to your current company your worth that extra amount each year.
Retiring off of passive income in 5 years can be done, but it will be extremely challenging especially starting at 0. You'll get a much faster and bigger ROI by getting even a 5K annual raise at your W-2 job than putting 50K into a deal that nets $250 a month for example.
Real estate is definitely a great long term wealth building venture, but based on your post there's some lower hanging fruit you can pick to change your life first.
I am just starting my journey in Real Estate Investing. A little bit about myself. I am 34 years old and been in my company for 15 years now. In order to survive in this world, I work two jobs about 65 hours a week. I have realize that I don't want to live like this anymore and want to take my life back. I miss family events because I am always working, my parents are getting older and I want to spend more time with them. Realizing my wants, I know I need help. The best thing to do now is to take action and look for help.
I want to learn from the best about investing in real estate and create a passive income in the next 5 years so I can quit my W2 job. Would anyone in my area be able to help me? I will work my a** off to be great
Thanks you
Hey man how's it going!
Juan campos from dallas tx
new investor currently whole selling and focusing on small multifamily house hacking using the stack method!
my recommendation is you start listening to the bigger pockets podcast and definitely read the books!
find a local reia meeting and listen to ask questions and start building a network of contacts/ relationships.
narrow down a strategy you really want to follow and stick to
single family rentals ?
short term rentals?
fix and flip?
house hacking ?
ect.
real estate is a broad term
so I would recommend narrowing down a niche you'd like to stick to!
find your why and stick to it consistency is key don't be stuck in analysis paralysis (ever learning but never taking action)
Look up Marco Chaidez at MAC Property Redevelopments. He is out of Mission Viejo if that is close to you. Great guy. Has been a couple of times on the HGTV show with Tarik ElMoussa. Likes to flip around that area.
If you can, attend the monthly LA REIA near UCLA. Good group of people and vendors. Network like crazy.
Rental Property Investor · Mebane, NC · Member since 2015 · 493 posts · 439 votes
3y
Real estate investing will take a lot of time, knowledge and effort. If I were in your position I would first want to try and decrease the number of W-2 hours I'm working by increasing my income. Based on your post I'm assuming only working 40 hours a week and making an extra 10-20K a year would change your life. You'll either have to get a new job that pays more, or demonstrate to your current company your worth that extra amount each year.
Retiring off of passive income in 5 years can be done, but it will be extremely challenging especially starting at 0. You'll get a much faster and bigger ROI by getting even a 5K annual raise at your W-2 job than putting 50K into a deal that nets $250 a month for example.
Real estate is definitely a great long term wealth building venture, but based on your post there's some lower hanging fruit you can pick to change your life first.
Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
3y
Hey Chris, I see we are close to each other as I'm in the Pasadena area. We should connect as I help new investors just like you. Been doing this for years. DM me and let's plan to meet for coffee.
Realtor · Burbank, CA · Member since 2019 · 81 posts · 62 votes
3y
Hey there, Chris! Exciting times ahead as you venture into the world of short-term rentals.
Here are some tips to get you started:
-Educate Yourself: Dive deep into resources like books, podcasts, and online courses dedicated to short-term rentals. Learn the ins and outs of the market, regulations, and successful strategies.
-BiggerPockets: Engage with experienced short-term rental investors. There's a wealth of knowledge here!
-Attend Meetups and Conferences: Look for local real estate meetups and industry events where you can network with experts and like-minded investors. I have some every month, let me know if you wanna join.
-Find a Mentor: Seek out an experienced short-term rental investor who can guide you through the process, share valuable tips, and help you avoid common pitfalls.
-Start Small: Consider starting with a single property to gain hands-on experience before scaling up to multiple rentals.
-Location Matters: Research and choose locations that have high demand for short-term rentals, considering factors like tourist attractions, business hubs, and local events.
-Master Marketing: Develop effective marketing strategies to attract guests and maximize occupancy. Quality photos and engaging descriptions are key!
-Stay Compliant: Familiarize yourself with local regulations and licensing requirements to ensure you operate your short-term rental legally.
-Learn from Mistakes: Be open to learning from your own experiences and mistakes. The learning curve may be steep, but it's all part of the journey.
Remember, real estate investing is a journey of continuous learning and growth. Stay committed, stay curious, and you'll do great! Best of luck on your short-term rental adventure, Chris!
I am just starting my journey in Real Estate Investing. A little bit about myself. I am 34 years old and been in my company for 15 years now. In order to survive in this world, I work two jobs about 65 hours a week. I have realize that I don't want to live like this anymore and want to take my life back. I miss family events because I am always working, my parents are getting older and I want to spend more time with them. Realizing my wants, I know I need help. The best thing to do now is to take action and look for help.
I want to learn from the best about investing in real estate and create a passive income in the next 5 years so I can quit my W2 job. Would anyone in my area be able to help me? I will work my a** off to be great
Thanks you
you are actually in a great area (riverside) : from my research : prices are still ok in some areas there with rents pretty high. I have seen homes for as low as $350k that need renovations and bread a butter homes in the $400k to $550k range. Put an ADU in any of those and you can profit about $1k per month from them. I have the full team from A-Z for something like that. Reach out if interested. (if you reach out: we will discuss : How much capital you have (savings), Goals, credit, experience etc) that will be a good way to start and see if you are ready now or could get ready soon for your first investment. All you have to do is to put a plan in motion and get started, the rest will come organically!
Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes
3y
@Chris Flores
Hi Chris, the best way for you to start is to learn the language and metrics of the financial world and how to apply them by conducting pro forma analysis.
Real Estate Broker · Phoenix, AZ · Member since 2013 · 749 posts · 399 votes
3y
@Chris Flores love the post and the grind. Word of advice - anyone killing it that you truly should be learning from isn't going to offer to help. You need to be able to solve a problem for them or take something off their plate that they hate doing. Over time a friendship or mutual respect will develop, and they will help guide and teach you. If were in HS, you wouldn't reach out to a D1 athlete and or NFL player and be like, "will you teach me." The same thing applies here.