Hello everyone, my name is Austin Deardorff and I am fairly new to the world of real estate, but have a strong desire to learn. That being said, I am a college student, I have no income, and am unable to finance any deals, so I don't know how to begin, but I am too eager to wait until I graduate and begin making money at a full-time job.
I know there are options for low/no-money down investment options through capital raising or private lenders, and even using an offer letter from a job as a "source" of income up to 6 months before starting the job to land loans at the bank (not positive if this is true). However, since I do not have any income and do not want to rely on my parents for money, I am not comfortable with these options in case my first deal happens to go south and I end up losing a substantial amount of money.
Upon listening to the BP Podcast #197, with Chris Heeren, he describes a situation in which he utilized a college student that was eager to learn to help him with certain areas of his work and another individual Chris worked with where he would mentor him through his own deals. I was wondering if anyone on BP knows individuals in the West Lafayette, Lafayette, or even Indianapolis, Indiana area that are looking for help in exchange for providing me with a learning opportunity. I know it's a little up-front to ask, so even if you have advice/suggestions on how to go about finding an individual who is willing to give me an opportunity of similar nature, that would be awesome! I have been to a few real estate meet-ups in the area and there hasn't been an investor who stood out to me, or appeared to be looking for someone to help out in exchange for knowledge and tangible experience.
To clarify, I am more than willing to get my hands dirty. I am not the "handiest" person, but I am always willing to learn more and broaden my horizons and will not limit my opportunities to learn as much as possible. I appreciate any advice/suggestions and am growing to like this community more and more everyday!
welcome to BP @Austin Deardorff
Chris Heeran has an amazing story.
Go through all the podcast, and I guarantee you should have an idea of what you want to do.
Network in your local REI and offer your time in exchange for advice and mentor-ship.
What's up Austin...I remember being in your shoes. If I could recommend one thing to you, it would be to remain patient. Us guys who get involved with RE investing want to make everything happen quickly...we are go-getters.
But, I would spend time learning. Learn, read, learn, and read some more. Ask questions...it doesn't matter how big or small. Everyone was once at your position, and you are just in a better spot for having started this mindset so early. But wake up early, read books, listen to podcasts, buy older guys a beer and just listen to them talk. Learn the lingo--this will pay dividends for you far beyond anything else you could be doing now.
I know how badly this answer pissed me off when I asked the same questions 3 years ago. So I would live, eat, and breathe real estate, and find a mentor where you can learn the ins and outs of this business. Eventually, you will start doing business with them, and then for yourself. It will happen more quickly than you think.
Feel free to reach out...happy to guide you where I can. Best of luck!
Honestly, this answer doesn't piss me off - I get it. There's only so much you can do at this point in my life, and I am certainly trying to maximize that by learning and educating myself. I am currently looking for a mentor in my area just to start tagging along and learn the ropes on the fly without much skin in the game, other than time. I understand it's slightly different from this perspective, but I would consider it a fairly good start. Thanks for the advice and I wish you luck in any upcoming deals you might have on your horizon!
@Austin Deardorff great response. Much better tempered than I am...ha. Happy to mentor or be a resource wherever I can...there are guys on here who have forgotten more about real estate than I will ever know, and I certainly don't have all the answers, but I'm a young Indy guy who invests full time in RE...and have never been happier.
All the best!
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