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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  • Andrew M.
    Rental Property Investor · San Diego, CA · Member since 2016 · 73 posts · 55 votes
    9y
    Adam Crocker As a forum of real estate investors, it is only inherent that we want to find a way for anyone interested to get into investing as quickly as possible. As someone who has been in a similar situation as you, I can say that sometimes it just doesn't work out they way you want as quickly as you want. Go out and get another job. Three YEARS and they can't give you full time at retail? Three months and I'd have been elsewhere. Buy a place making $17,000 a year? I bought my first rental in debt and making very little money. Borrowed some from my dad in fact. Worst investing experience I have to date. I'd recommend not doing something similar. You're obviously ambitious. Educate yourself, network like crazy, get your W-2 income much higher, build a good foundation in life, then, and only then, buy your first place. Best of luck my man.
    0Reply
  • Joel Florek
    Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    9y

    If you want to hustle and get into real estate work your *** of with a property management company. Learn the game, you can make great money and get your agent/brokers license. Take your first step with more income to house hack a multi family and keep adding. Getting a loan needs an income from a W2 if you want the easiest option for property 1. Then good investments can start to multiply. 2 years into my house hack of a multi I am at 23 units, quit my full time job and only work part time to supplement my rental income. Potentially picking up 8 more units in the next month and a half if all goes well and I could leave my part time gig completely. $50k to $70k is a great place to start as a young single person wanting to get going in real estate. 

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

    Dang, I love the response! Thank ya'll all so much for pitching in. I think it's pretty unanimous that I need to start with getting my real estate license and find new or more work. My current employer has such room for growth, but it's just hard to get, and you guys are completely correct three years is too long. Y'all have given me some great advice and wonderful ideas, now it's my turn to apply it. 

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

    @Joel Florek You're absolutely killing it man! definitely great advice!

    0Reply
  • Keivan Darius
    Marietta, GA · Member since 2017 · 67 posts · 51 votes
    9y

    @Adam Crocker I wish at your age I was motivated to invest or even understood the concept. You are doing a great job pushing through and asking right questions. You are going to do very well, I'm sure. Here is my suggestion, change your short and long term goals toward real estate education.  You can still invest. Invest your time buy reading books in this subject. Knowledge is much more valuable than money.  If you spend 6m to 1y just educating your self, money will come to you. I recommend setting up goals to do the following:

    1) RichDad PoorDad to start

    2) Rich Dad's Cashflow Quadrant

    3) The Book on Rental Property Investing

    4) The Book on Investing in Real Estate with No (and Low) Money Down

    5) The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties

    6)  Crushing It in Apartments and Commercial Real Estate

    7)  pitch anything

    As you start one book, it will lead to another and another.  You start to understand what you are really interested in, your questions and motivations will change direction. you become very confident, people around you will notice that. It's because you know what you are talking about.  And then Money will find you :)

    I wish you the best and can't be any more happier for you that you are starting at age 21.

    2Reply
  • Irina Belkofer
    Real Estate Broker · Cleveland, OH · Member since 2017 · 719 posts · 658 votes
    9y

    @Adam Crocker, don't look for a second job - that's a mistake. You live with your parents - huge bonus - use it!

    Get a real estate license, learn how to make money selling houses, learn along the way and save!

    If you have a motivation, the passion for that - you'll find a way to get a deal without savings.

    Build your credit - it takes only money, nothing else.

    I came to America 14 years ago and my first job was for $6.25/hour only at summer. Winters I spent at college to learn accounting in English. 

    As soon as I've got my SSN- I started to build my credit history - it took 4 month to get 760 FICO score.

    I learn everything from zero, I didn't even know back then what's mortgage and how it works.

    I get my loan officer license in 2006, then moved again and worked as a waitress to save money.

    First property I bought in 2008 on my credit cards with 0% for a year. I paid it off - and started all over. I didn't make your $17/year - it was much less, and I paid rent and all my expenses.

    If you know why you're doing that - you'll find the way.

    If it's just "would be good to" - you'll spend next 10 years watching how other people play this game.

    Just do it! Don't sit around - work!

    Luck happens when opportunity meets preparation. 

    Good luck!

    1Reply
  • David Michael
    Developer · Closter, NJ · Member since 2016 · 392 posts · 109 votes
    9y
    Adam Crocker Hello! My advice to you is to get involved in real estate in some way if you plan on among a career from it. My colleagues are right. You need more more as income to show for when applying for a loan. Your primary focus should be to get rid of debt then invest. Becoming a real estate agent is a great way to work with clients to understand their needs and to make money for future endeavors. As a realtor you will be able to save money on commission in your future flips and deals. Hope this helps !
    0Reply
  • Melissa Nichols
    San Francisco, CA · Member since 2016 · 38 posts · 16 votes
    9y

    If you have the ability to work full time and make more money but you're just waiting on your company, why not start a profitable side hustle? https://sidehustleschool.com

    When I was 21, I opened an Etsy shop and made "bank" (at least it felt like a lot of money when I was 21).

    0Reply
  • Jedd Braunwarth
    Investor · Waconia, MN · Member since 2014 · 238 posts · 104 votes
    9y
    @Adam Crocker I agree with others, you need a new job. Now is the time in your life when you literally have the most time to work. it may not always feel it but wait till you have a family and other obligations. Curious who you work for as you say it has big upside? Have you taken the initiative to ask to be full time? 3 years is a long time to wait only making $17k. think, you've made $51k in that job over the 3 years. what is the income lost in that time waiting. Say after the first year you got ambitious and didn't want to wait and then made a simple $45k working full time the last two years, you would have grossed $107k in those 3 years. Still not a lot of money but you are losing a lot of money waiting.
    0Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Jedd Braunwarth I work for a grocery chain called Publix supermarkets. If you've been to Florida you've likely experienced them. Store managers make an average of $120k. Some make much more than that(then big bonuses several times a year plus stock that they GIVE you). I've been asking for full time for about 2 years not (since I graduated high school) and I keep getting the "Just wait, it'll happen soon. All you need to do is this that and the other. It's just hard to get full time" bull crap. And I'm ready to make a change.

    0Reply
  • Kory Denny
    Inspector · Raleigh, NC · Member since 2017 · 55 posts · 25 votes
    9y

    My biggest advice would be learn how to talk to people that are professionals. Learn to understand peoples needs and how to sale. 

    If you can seriously do this at your age you will have the experience you need to start at a property management company. I worked for one for 2 years and did keypunch items. I gained experience from youtube tutorials,  talking to home owners, agents, other contractors and professionals alike. You will learn different communities and you will be able to write off a lot of expenses while learning about real estate. I was making $35 an hour and found that the experience I gained was worth far more. 

    As many have mentioned above... jump in feet first. If you walked into every PM company in your area and introduced yourself telling them you were eager to work and had a list of skills and references you will have work soon. 

    The last thing... don't be afraid to walk from any job that is not moving you in the direction you need to be headed regardless of what company it is. Large companies make the majority of their profits from exploiting workers in my opinion. 

    0Reply
  • Robert GilstrapPro Member
    Residential Real Estate Broker · Cartersville, GA · Member since 2015 · 575 posts · 581 votes
    9y

    @Adam Crocker I can't believe all this advice to get another job, go back to school, etc?  What?! This just shows you how limited people are when it comes to thinking outside the box. 

    School will NOT make you wealthy and for damn sure a job won't make you wealthy. Instead they make you an indoctrinated work slave. Education is free, get on the internet and read your *** off.

    ANYBODY can buy real estate with money and a loan; it takes an expert to buy with low/no money and it absolutely can be done. Even if you need money to buy there is so much of it out there it can't be counted. Guys like me who value our time more than money will gladly pay our money to someone who has that time to find/partner on deals. 

    If you want to make real estate a career then and only then would I say go work for a PM or in a real estate office. If you just want to be an investor but pursue other passions then there's no need. If you need help or advice hit me up.

    [email protected]770-480-7301
    0Reply
  • Adam Crocker
    OP
    Pinson, AL · Member since 2017 · 19 posts · 6 votes
    9y

    @Robert Gilstrap Now this is why I put this out there! I could have determined I needed more money to get bank loans. But I knew there was a way to get started. It's not about the "I can't do this right now" it's about the "How can I do this right now?" I'll love to connect with you and learn from your wisdom if you're willing.

    0Reply
  • Robert GilstrapPro Member
    Residential Real Estate Broker · Cartersville, GA · Member since 2015 · 575 posts · 581 votes
    9y

    @Adam Crocker just hit me up when you want to connect.

    [email protected]770-480-7301
    0Reply
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