Interested In Real Estate

Interested In Real Estate

Member since 2008 · 23 posts · 0 votes

Hey guys I'm a second year college student whos beginning to show some interest in real estate. The problem is, aside from knowing that a lot of money can be earned if done properly, I pretty much am ignorant in this field. If anyone can steer me in the right direction, I'd very much appreaciate it :cool:

I never knew there's so much to it. I always thought it would be something like:

Buy a house at price X
Rent it out at Price Y
Reap profits

I didnt know there so many legal stuff that you have to go through and so on. Or am i just overthinking?

And real estate agents are people who help owners trying to sell/rent out their house find tenants. But is the real estate agent required at all? Can the owner just do it himself?

Also does real estate have to be a full time thing? Or can it be one that takes very minimal time once started.

Sorry for the ignorance, like i said im new but im learning :wink:

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  • J Y
    OP
    Member since 2008 · 23 posts · 0 votes
    18y

    !!!

    im so fired up now. im currently going to turn 21yrs old soon. i plan on becoming REALLY rich by 30 (from both real estate and stocks)

    right now, for the next year, i plan on reading as much as possible about real estate and working 2 part time jobs to get some income and at the same time build up my credit since my parents told me if i dont have a good credit, banks wont finance me when i need it to get properties.

    do you guys think 1 year is too long or should i be doing something as well?

    currently my book list:

    Michael Rossi's book
    Wendy Patton
    Carleton Sheets

    i came across this:
    wealthbuildinginvestors.com

    what do you guys think of it?

    i really wish i could jump into the market right now since all the properties values are going down and its the perfect opportunity to get one! sadly, i have no income whatsoever yet.

  • Real Estate Investor · San Diego, CA · Member since 2008 · 3 posts · 0 votes
    18y

    Hello JY,

    I just thought I would add to your list to learn from in real estate and I don't want to bombard you with suggestions, but you may want to look up products by Mark Evans DM. He is an excellent coach and mentor. He always teaches to start off wholesaling first so that you don't have to use any of your own money. He has a book out called "The Insider Secrets of the Worlds's Most Successful Real Estate Investors" In this book there are various real estate investors you can pull some golden nuggets from.

    [WEBSITE REMOVED BY ADMIN - New members can not post URLs]

    There are a lot of people to learn from but don't forget to take action!

    I wish you the best.
    Rosanne

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    18y

    JY - I haven't heard of that company. Perhaps you want to make a post in the Ask About a Real Estate Company forum?

    Rosanne - Is Mr Evans your mentor by chance? It sounds like your post is a bit of an infomercial here... please do share any suggestions you've got - you're not bombarding anyone. That's why we built the forums - so folks can help one another with suggestions, advice, etc.

  • Boonies, PA · Member since 2008 · 333 posts · 15 votes
    18y

    www.weekendmillionaire.com is a pretty good source for rentals. They have monday night chats at 8pm EST.

    www.brainpickapro.com is another good source. Just don't buy anything Larry does has a pretty good course for wholesaling.

    I would spent lots of time on this site researching.

    The very first thing I would do is get the mentality of REI. Just like any other business nothing is ever easy.

    Someone starting out in RE in this market I would buy a primary home and have it set up for a rental. Meaning you buy at rental value live in it then maybe in a few months look for another property. This would build your credit and knowledge of being a homeowner and whats needed to make repairs. REI is not for everyone. You should visit your local REI club (Leave your wallet at home). I am sure they will let you in without paying for a full years membership. You might have to pay $25. I would start talking to someone that deals with REI beside others that are on the sidelines.

    Best of luck.

  • J Y
    OP
    Member since 2008 · 23 posts · 0 votes
    18y

    thanks i like the articles provided on the first link!

    guys, in your expert opinion, how long will it take before i can invest in a property? im starting from scratch with no knowledge of anything yet and no stable income other than my parents and the part time job im working.

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    18y

    JY,

    I bought my first rental right after spending a week studying the Carleton Sheets course. The point being that learning the basics doesn't take that long.

    However, to be successful in starting a business, you will need good credit; income; and at least some money. Starting a business is a LOT OF HARD WORK. It is absolutely nothing like you see on infomercials and nothing like the get-rich-quick guru nonsense that is often bandied about.

    There are 168 hours in a week. That's more than enough time to work 2 full time jobs (or school and a full time job) and still have time left over for sleep. Some painful sacrifice now will pay off big in a few years!

    How long will it take before you can invest in property? How hard are you willing to work?

    Good Luck,

    Mike

  • J Y
    OP
    Member since 2008 · 23 posts · 0 votes
    18y

    i am willing to devote as much time as i can into studying it. the problem is just financing. i cant do anything unless i build up a good credit score. so im looking to find another part time job so i will be working 2 part time jobs. how do i build up a great credit so that i can get bank to finance me?

    by the way ive been throwing the word finance around so much without even realizing what does it really mean.

    also, im not really trying to start a business in real estate. unless you call buying houses and renting them out a business, then in that case pardom me for my ignorance!

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    18y

    Believe me, buying houses and renting them out IS A BUSINESS!

    Mike

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