Hello everyone! At the moment I am 18 and attending college (undecided major), living at my parents house. I am really interested in this real estate investing game,( even working for a successful landlord at the moment). This summer I planned to get my real estate lisence but unfortunately Plans changed pretty quick, and I bought myself a new car which I will fully payoff within the next year or 2. Right now i am just working and going to college (not getting anywhere in real estate). I feel compelled to start doing something, and I can use some helpful advice. Eventually (not right away) I want to become a BIG investor, investing in commercial real estate and so on.
I would really appreciate any advice
Quit school, get the best job or two that you can, live at home and save all your money, go to RE investor meetups and don't buy any guru seminars. Flip one house (maybe two because you may lose money on the first), and buy at least one rental, then go back to school, hopefully knowing more what you want to do, having some RE experience, and having a bit of cash flow from your rental. Keep living at home. Save your money, do more flips and rentals while in school now that you know how. Graduate with passive income already working for you and go do what you love (whether commercial RE or something else). Keep investing in real estate along the way.
This is somewhat tongue in cheek, but it might actually work!
House Hack!!!! FHA for 3.5% down. Agreed about live at home while working and saving. Most importantly come up with a plan and don't divert like building a new car..... plenty of time for nice things while you are pulling in major money in RE investing. Agree also with quieting school. I got my degree and haven't used it or anything other than hanging on a wall to impress my self. Read and podcast in your free time. pick the brain out of everyone you meet at the meetings and make good connections.
welcome to BP @Danny Rapanovich
(not getting anywhere in real estate). I feel compelled to start doing something, and I can use some helpful advice.
You are young. You don't need to be in a hurry. Being in a hurry means you get to a bad deal faster. The best deals come to the patient.
I suggest you start by learning the business. This is important so you avid costly mistakes. Next take time to learn you market - go look at lots of properties, listed, fsbo, wholesalers deals. auctions, open houses other investors deals etc.
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