So I just graduated from Florida State University with a BS in economics. I've been interviewing for different jobs in sales and I think I've locked down a pretty good gig in Ft. Lauderdale, FL in sales and recruitment.
But I've been a disciple of Bigger Pockets for the last couple of months, listening to many of the podcasts, learning all that I can about RE and RE investing, and reading books like Rich Dad, Poor Dad and The Richest Man in Babylon. I've been sold on the dream of financial freedom and living your own lifestyle by means of passive income through investment.
So basically I'm looking at a job with a secure salary and great benefits, compared to an opportunity with a RE wholesaling company which is 100% commission-based, essentially starting out on my own compiling a buyers and sellers list with no benefits and really, no guarantee of success. But it can be my learning foundation in Real Estate and investing and I can really learn a lot from it.
I'm 22 years old and at a crossroads in my life. I'm torn between beginning a career in the corporate life where I can make some good money, or I can take a risk and begin chasing my dream of financial freedom and early retirement in Real Estate.
Any advice on the pros and cons of each? Is it smart to jump into Real Estate with not a whole lot of savings/capital? How did you guys get into RE? Any tips and advice would be helpful.
Corporate life for sure!! You can learn the ropes of Wholesaling and have a secure salary.. I did that for 12 yrs with Wells Fargo!!
What's your long term goal?
My husband and I went corporate. Than we used our corporate earnings AND W2 paycheck to qualify for mortgages. Working full time with no whole sailing we have been able to go from 0 houses to 5 in 2.5 years. My point is you don't have to be all or none.
Start your career, that's where your money to start RE investing will come from. Do not, NOT take some "job" with some "wholesaling co". Keep your interest in RE, and invest when you can.
Id say i was in a similar situation. I went corporate and it has been great. A great menor of mine said put in at least 5 years of corporate jobs and then look to get entrepreneurial. You'll learn a lot of valuable skills, have people to look up to and make some money. All good things.
Welcome to the party @Philip Bach you're in a great situation to be only 22!
Take that corporate job bud..it'll open up many doors. I imagine that you'll end up with a few colleagues who have real estate investments in their portfolio. Save up as much as you reasonably can while paying down any student loans & miscellaneous debt you've incurred over the last few years. By the time you hit 30 you should be well into your REI career reminiscing on the days when you had to "punch a clock" and answer to a "boss."
I lived in Ft. Lauderdale for a few years and it's a great place especially for a young investor such as yourself. Look into buy & holds out west in the Plantation/Davie area near Nova Southeastern anywhere south of Broward Blvd. and west of 441. It's a gold mine that I unfortunately didn't discover until I was relocated. And feel free to contact me if you need info on the best places for food, fun, etc. You've got a lot to look forward to my man!
@Philip Bach - I did the corporate world thing for many years. But it never was a good fit for me or my personality. I tried, but I was just beating my head against a wall. Like trying to force a square peg into a round hole. But I didn't know that there was anything else available ..... until.
But RE can be hard to get started in and it can take a while to get things going. But I like the self-employed aspect of it very much.
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