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Updated over 9 years ago on . Most recent reply

Account Closed
  • Future real-estate investor
  • East Selkirk, Manitoba
25
Votes |
74
Posts

What to do while saving money for REI?

Account Closed
  • Future real-estate investor
  • East Selkirk, Manitoba
Posted

I'm currently going to school to get a full time job so I can save money for REI. So far I'm reading books, attending seminars, REI clubs, going to the occasional open house and learning from Biggerpockets material like webinars, podcasts, forums, and blog posts.

1)  What else could I be doing aside from learning, networking and saving money?

2) Another question, I've found a few people who could be very good useful on my REI power team. I've also found several people who can be good private lenders or to form partnerships with. Since I'm not going to start REI for at least 2 years, is it too soon to approach these people?

Most Popular Reply

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803
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Jake Thomas
  • Residential Real Estate Agent
  • Grand Rapids, MI
689
Votes |
803
Posts
Jake Thomas
  • Residential Real Estate Agent
  • Grand Rapids, MI
Replied

I would work on making sure all your consumer debt and student loans are taken care of before you graduate. That is the biggest holdup for new investors right after they start a new career. The debt looms over them and keeps them from investing. No private money person is going to loan you a penny till you have some experience anyways. You will most likely have to use your own cash and credit to buy the first couple. 

Good luck and stay out debt

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