Real estate life question

4 Replies

My goal is to be a real estate buy and hold as well as flip a coupe houses a year.

I make 1200 a month. Should I get a second job and make 2000 a month, and save up for my down payment or should I go to school to be a maintenance technican. Which I will no the basic plumbing, electrical, hvac, drywall, landscape. The school cost 5000. My rent is 300 a month.

I asked a simular question before but I worded it wrong. Just want the community s input.

If I could start again....

I would work as much as you can and build up your savings.

First purchase would be a flip and I would live in it, do as much of the work you can yourself. Ask for help from friends who might know about one of the trades (Pay them with beer if you can). Even if you screw up by doing the work yourself you should have enough room in your numbers (due to your labor savings) to have it fixed. I feel you learn a lot more by being hands on and doing the work then if you sat in a class room.

I would move from house to house and live in them as I flipped them. If you do some of the work in all of them you will learn and see a lot that will just help you later.

I personally would continue to do this until I had enough cash to buy multi-tenant buildings (or SF if that's what your prefer) and begin renting them out. I wouldn't spend everything though, I would try to keep enough cash on hand to continue flipping at least one property at a time while getting income from the rentals, which appears to be your ultimate goal.

Sam Erickson, Real Estate Agent in WI (#57119-90)

5k is a lot for you to be laying out for that training right now. Maybe you could get a second job as a helper to a contractor/rehabber and "learn while you earn"? This might also get you some skills that will pay better in the long run. And in those types of jobs experience matters more than a certificate.

It'll be hard (but not impossible) to save up investment money when you're not making much extra each week. But if you keep your longterm goals in mind it will help.

hmm...5k is a lot. My bf just finished an HVAC tech class at a local community college for 180 bucks. They offered general maintenence classes for the same price. Check out your local community colleges continuing ed classes if that is the route you want to take. If there are no cheaper classes in your area, there are always do it yourself books and the internet.

PS

This is my first ever post! Hope it is useful!

Thanks everyone. Thanks for all the point of views. My community college does not have any program like the one I'm looking for. I did find one but the hours will interfere with my job. I have decided to try and find some one in the area that is flipping in the area and see if I could work with them. Two birds one stone. I could learn and earn. If that done work out as planned I will than try to find a job in any area in maintenance. I do not wish to be in that field for ever but having the lingo down, and prices will help me not get burned by contractor's in the future.

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