Real Estate Journey
Insurance Agent · Chicago, IL · Member since 2023 · 7 posts · 3 votes
Hello Everyone!
My name is Luan Ademovski and I'm currently a junior at The University of Iowa studying Marketing. Home for me is Arlington Heights, IL. I have been really passionate about real estate starting last year and have been listening to a ton of BP, Kris Krohn, and Graham Stephen. I know I want to be an investor in real estate and start by house hacking my first home. I plan on attending investor group meetings over winter break and all summer.I want some tips of how I can get more involved in real estate with having one and half years to go. I'm also gonna have debt coming out of school, so any tips regarding balancing real estate mortgage and student loans. Thanks and very excited to be apart of the BP family!
Getting started early is the key! You are off to a great start! One thing to look into is jobs that will provide some type of SL debt paydown. Possibly negotiate that into your first salary if at all possible.
Network, research and take action. Learn the market you're, like Ray mentioned, study the market; know the particulars of an area for example where you want to buy, what makes it a good purchase. Hang around people that have the same goals. They will push you to get started now and support your successes. This is definitely a long game so early entry is a plus!
A lot of people says that you make money on your buys. You make money when you buy a deal. Try to buy properties with built in equity. I have been studying the market in a few particularly zip codes. Once a property shows up below market value, I immediately put in an offer. Sometimes I win and many many times, I lose. Real estate is a long game and you need to have patience. I see real estate like shopping. The American consumer likes fancy objects, cars, designer clothes and bags. Study your market so you know when a deal shows up.
Getting started early is the key! You are off to a great start! One thing to look into is jobs that will provide some type of SL debt paydown. Possibly negotiate that into your first salary if at all possible.
Network, research and take action. Learn the market you're, like Ray mentioned, study the market; know the particulars of an area for example where you want to buy, what makes it a good purchase. Hang around people that have the same goals. They will push you to get started now and support your successes. This is definitely a long game so early entry is a plus!
Hi Luan,
The first thing I’d do is go to the BP forum and click on “just starting out.” There you will find many people looking to figure out how to get started in their investment journey. All of them have an issue/pain point, so you aren’t alone. Quite frankly, all seasoned investors have issues as well. They are just different from new investors.
The single most IMPORTANT difference between a dreamer of being a real estate investor and a successful real estate investor is action. If you don’t take action, you will be stuck in neutral.
Lastly, congratulations on finding your passion so early in life. It took me until 28 to figure out real estate was my jam. I have a real estate internship every summer for University of Iowa students to apply. Consider applying for this position. I will teach you A-Z of real estate investing. Some glamorous and some not so glamorous.
Hello Everyone!
My name is Luan Ademovski and I'm currently a junior at The University of Iowa studying Marketing. Home for me is Arlington Heights, IL. I have been really passionate about real estate starting last year and have been listening to a ton of BP, Kris Krohn, and Graham Stephen. I know I want to be an investor in real estate and start by house hacking my first home. I plan on attending investor group meetings over winter break and all summer.I want some tips of how I can get more involved in real estate with having one and half years to go. I'm also gonna have debt coming out of school, so any tips regarding balancing real estate mortgage and student loans. Thanks and very excited to be apart of the BP family!
Good for you on taking the initiative to get moving in the right direction! I think going to real estate meet ups will be the best thing for you along with continuing to invest in your education. Start looking for potential partners that you could invest with since that will really improve your buying power. Consider using renovation loans like FHA 203k or HomeStyle to utilize a small down payment and wrap the renovation costs into the loan. And of course a higher income from your job will help you qualify for larger loans.
Hi Luan,
The first thing I’d do is go to the BP forum and click on “just starting out.” There you will find many people looking to figure out how to get started in their investment journey. All of them have an issue/pain point, so you aren’t alone. Quite frankly, all seasoned investors have issues as well. They are just different from new investors.
The single most IMPORTANT difference between a dreamer of being a real estate investor and a successful real estate investor is action. If you don’t take action, you will be stuck in neutral.
Lastly, congratulations on finding your passion so early in life. It took me until 28 to figure out real estate was my jam. I have a real estate internship every summer for University of Iowa students to apply. Consider applying for this position. I will teach you A-Z of real estate investing. Some glamorous and some not so glamorous. Congrats on taking initiative! Like mentioned above, the next step is to take continual action.
Congrats @Luan Ademovski on taking initiative! Like @Matt McCurdy mentioned above, the next step is to take continual action. My recommendation would be to do at least one thing daily to move the needle forward. Like you have well identified, capital won't be plentiful out of the gate, so double down on gaining knowledge and connections. Besides networking, this will open lots of doors. Two books I would highly recommend is Set For Life by Scott Trench and Pillars of Wealth by David Greene. Great insight and perspective to meet you where you are at and set you up for success. I'm in Iowa as well so feel free to reach out and stay connected, all the best! #everydaycounts
@Luan Ademovski, while it entirely depends on your situation, I recommend paying off your student debt before acquiring a property. In the meantime, continue to educate yourself on real estate investing by attending local REI meet-ups and connecting with real estate agents/investors who are very familiar with house hacking in your respective market. Honorable book mentions that'll help you along the way: "The House Hacking Strategy" by Craig Curelop, "Set For Life" by Scott Trench, and "Real Estate By The Numbers" by J Scott and Dave Meyer. Good luck!
@Luan Ademovski Glad to hear that you're getting involved in real estate early on! This website is great for first time investors who are really trying to figure out an avenue to go down. There are some great companies and terrific recourses on here. My biggest advice would be to take your time and explore all options. Good luck on your future real estate endeavors!
Welcome!
Couple thing I would advise my younger self: