How to get started with a $17000/yr job

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How to get started with a $17000/yr job

Adam Crocker
Pinson, AL · Member since 2017 · 19 posts · 6 votes

Hey BP community! I need some advice as I'm sure most everyone here is. Here's my situation, I'm 21 years old, single, still with my parents (to save up my money to invest<-- Dad's advice [You rock]), and I have about $5000 debt between my car and credit cards. For an occupation, I work part time at a retail store and only earn about 17k a year gross. The company is the largest privately owned business in the world and has made many people just like me millionaires. The problem is its slow money and I've not yet made it to the big bucks yet. I'm open to the idea of switching jobs, but if I do I want to move into something involving real estate Ex: RE agent, property manager, or anything else. current plan: Save enough to put down on a multifamily home and house hacking it. Please let me know what you think the best way to get started would be.

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Thomas S.
Member since 2016 · 13k+ posts · 12k+ votes
9y

You need to focus on your future. 3 years in a part time job is a indication that you lack drive. At your age you should be out hustling not sitting around waiting to be called.

Figure out what you want and go after it with a passion. You should be working 60 hours a week not sitting around allowing your employer to  string you along.  

Do it.

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  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y
    Why not work full time ?
    0Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Caleb Heimsoth I wish it was that simple. I've worked with the company for three years and they keep telling me "Soon. Patience." It's their call, not mine unfortunately. 

    0Reply
  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y

    Depending on the prices of where you're looking at MFH you are likely going to need more than 17k documented income... Since it looks like you're going to be limited on capital... you need to find a skillset that is valuable to those around you with that capital/experience. I'd find that skillset and get really good at it then start networking...

    2Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Matt Katsaris I like it! Finding good partners is definitely a must. Especially with as little income as I'd have. What skill sets would you think would be most needed?

    0Reply
  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y

    Something you're really good at, something that sets you apart from everyone else. Take whatever ideas you have floating around in your head and figure out why you're better at it than someone else and then fine tune it as needed.

    0Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y

    @Adam Crocker if that's the case I'd suggest getting a second job so that your combined hours are that of a full time person.  You could easily do that AND partner with someone.  Then you'd really be cooking with gas.

    1Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Matt Katsaris So what would make you want to partner with someone with limited to no real estate knowledge? Just bounce some ideas of what someone would look for. Is it diplomacy, or handy work, or maybe speaking another language? 

    0Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Caleb Heimsoth Could one do a part time real estate job? If so what would be the best plug in your opinion?

    0Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y

    @Adam Crocker yes you could work as a real estate agent or leasing agent or even a contractor (although this may be harder to do part time).  I'd say it depends on what you eventually want to do.  I do buy and hold, so for example if you wanted to do that working for a Property management company would probably be most beneficial 

    2Reply
  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    9y

    I'd look for someone who either has local knowledge in a hot market I'm interested in or is good at technology and can scrape data... both these compliment my skillset. 

    But you could go be the eyes and ears for OOS investors by driving for dollars or bird dogging... then maybe you find your niche is wholesaling. Like I said, you gotta find what works for you as you study and come up with your goals. Eventually your skill set and goals should overlap somewhere.

    1Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Caleb Heimsoth Sounds solid to me! do you happen to know what requirements would be needed to be hired on by a property management firm? Especially with no experience, I'm sure they'd need some requirements.

    0Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Matt K. Makes some sense. Thanks for the input! 

    0Reply
  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    9y
    Get a second job for sure. Burger flippers make more than you. Three years and that's it? Maybe Work for a contractor and pick up some skills and then try a live in flip to get a bankroll going. Hustle hustle. You are young and you won't have this much free time to make money as life gets busier. Good luck.
    1Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y

    @Adam Crocker I dont think the requirements would be anything to stringent and it probablt varies some by state.  I'd just get out there and talk to people or look around BP or property management companies in your area.  Whatever you do, you really just need a second job, whatever that may be

    0Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Caleb Heimsoth Sounds good man! Thanks for your help

    0Reply
  • Jennifer Slaughter
    Real Estate Agent · Fort Collins, CO · Member since 2016 · 246 posts · 142 votes
    9y

    @Adam Crocker, I agree with @Caleb Heimsoth, get another job in addition to the one you have now.  It sounds like you have a low overhead so its a great time to try something riskier like sales, specifically in RE if that is what you are interested in.  It will take a while to build momentum so stick with it. There are always ways to increase your income and if you're entrepreneurial you will have to get comfortable working a lot more than 40 hours a week.  If your job won't provide you with enough hours/satisfactory income it sounds like you have some skills you can put to work to triple, quadruple, etc. your income.

    1Reply
  • Zachary KrusePro Member
    Investor · Grand Rapids, MN · Member since 2014 · 13 posts · 10 votes
    9y

    @Adam Crocker good to see you starting out so young! I wish I would have started right out of high school!

    What I did was I got my RE license and work part time doing that. You will learn the ropes, and you can use it to make fast offers on places in the future if you don't enjoy the retail side of things. Start taking on property management and learn for when you have your own units.

    Also, READ READ and READ! Then read some more, and apply it! Listen to the podcasts, learn all you can, and use your free time wisely! If you are handy, you could buy a fix and flip to do in your spare time too.

    Anyways, thats what I have done. I'm only up to 3 units, but its a start!

    Best of luck and push through the struggle!

    0Reply
  • Caleb Griffin
    Real Estate Broker · Lewisville, NC · Member since 2015 · 124 posts · 40 votes
    9y
    Hey Adam! So bottom line man, you need to be making more money. No matter which route you take in real estate, you simply can't do much making $1,500 a month. It's great that you are patient and committed to your current job (I'm actually impressed you've stuck with it so long), but after 3 years there is absolutely no reason, in my mind, why you should be confined to that salary. My situation was similar. I was making about $25k working full-time, not going anywhere, living at home, when I decided I wanted to get serious about real estate. So I quit. I got a weekend job (that thankfully pays really well) and for a couple months I ate dirt and worked on getting my real estate license. Once you pass the license exam, brokers will be begging you to work for them. And then it's just a matter of choosing a brokerage and working up there, where there is potential and you can dive into the world of real estate first-hand. My point in telling you my experience is this: you have got to make some serious moves if you want to see positive change. If you really want to get into real estate, find your way in and go. No more messing around, you got this! Last comment: you're in a pretty good spot for 21 (better than I was just a couple years ago), but don't let your age hold you back. Work hard and get after it. If you need anything let me know brother!
    2Reply
  • Thomas S.
    Member since 2016 · 13k+ posts · 12k+ votes
    9y

    You need to focus on your future. 3 years in a part time job is a indication that you lack drive. At your age you should be out hustling not sitting around waiting to be called.

    Figure out what you want and go after it with a passion. You should be working 60 hours a week not sitting around allowing your employer to  string you along.  

    Do it.

    3Reply
  • Arianne L.
    Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
    9y

    You can try being a real estate agent, or locate a local investor and ask them if there's anything you can do for them.

    If someone asked me that I'd probably try them out with a driving for dollars task and if they actually do it, and do it right, (most people don't...) we might be able to work together

    2Reply
  • Reaz Ahmed
    Investor · Los Angeles, CA · Member since 2017 · 27 posts · 10 votes
    9y

    There are some great advice here. But because you're short on cash, I'd advise that you make up for that by acquiring some DIY knowledge on construction work. This will allow you to do many of the handy work yourself, including minor renovations.

    You can start with something really small, with a fixer upper home, that requires very little cash. And use your free time on labor. This skill will help you with all of your future investments. It's something I would tell my 21 year old self if I can travel back in time or to become a brain surgeon.

    0Reply
  • Stephen Nava
    Investor · Austin, TX · Member since 2017 · 54 posts · 11 votes
    9y

    @Adam Crocker

    Ask you dad to partner with you. Have him refinance his home for the down payment on the multi-unit and repay the loan back to him, with interest. Be creative! 

    1Reply
  • Jason Fike
    Investor · Mission, KS · Member since 2016 · 42 posts · 22 votes
    9y
    A great job changed my life and started my investing career. It took me 36 years to find a great job. Looking back on my life...I wish I'd found that great job sooner. My advice, find another job or work two jobs. Save save save! With your spare time you could intern for a property management firm, soak up some knowledge and experience. Good luck. Make it happen.
    2Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y
    Adam Crocker dude you are in an awesome place to attack a job that's commission based with a high upside. You have low expenses and your basic needs are met. If you kept your current job and picked up a commission based job in RE you would be in a great place.
    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    2Reply
  • Scott Raley
    Real Estate Agent · San Jose, CA · Member since 2015 · 84 posts · 50 votes
    9y

    I appreciate you sharing  a  chapter of your  story Adam. Many of us here  were not born into wealth but had a toil and struggle to get ahead of the pack. Here are a few ideas. Find a mentor that is a successful real estate investor. You may need to go back to school  and invest in yourself to raise your value in the marketplace. Getting your real estate license is  very helpful if you want  to build a career as an agent or be a real estate  investor. Another option is to get a job in the greater real estate market; construction laborer, assistant to a real estate professional, become a notary,  start sign service for realtors on the weekends,  etc.  The key is to get a game plan together that in 5 years has you earning more money and able to start investing. Key questions are what are you good at and what are you passionate  about?

    0Reply
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