Greetings! My name is Paige. I am a 17 year old that is looking to get into rental properties when I graduate college. I would like to have 100K passive income by the time I am 35. I realize that in order to generate passive income it takes a lot of work and time. I am going to college next year and will graduate by the time I am 21. I will have no student debt. As of now, I have 15K saved up. This money will not be touched during college and I will continue to save. With the degree I have chosen, I should come out of college making 55-65K a year.
So my main questions are:
1) What do I need to do to meet my goals?
2) Is it realistically possible?
3) What advice can you give me?
Hey Paige!!! Welcome to BP!
I myself is also starting in real estate investing. I graduated from high school last year, with around 8 accpetance letters to a few state universities in California and a few community colleges in different parts of the country.
I left high school with knowing what to do. I just wanted to take a break (due to not living with parents & having to work 1 or 2 jobs after school, so I was exhuasted). Since I took my break I got my real estate license and have been researching my market to get an idea of where I'm standing.
I have heard a lot that school isn't necessary. After reviewing my goals and my plan of action, I saw what my future holds for me. I don't want to go to college, I see it as a waste of time. In 4 years, the people I went to high school with will be graduating college. Some will be unemployed for a while looking for a job and others will be just starting their career. The "real world" is nothing compared to what they explain in college. I also would never want to be in bad debt. I rather have good debt that other people pay me for. By the time everyone starts their career or finishes college, according to my plan I will have multiple multifamily properties generating passive income so I would no longer have to work and continue my goals of starting businesses, being with my family, and the ability to travel where I want anytime I want.
Don't take my word for it though, you have to look at your situation. Where you're currently standing then create several plans of action with the positives and negatives of each. Then decide which would be best for you!
Hope this helped, Good Luck!!
P.S. if you have any questions, feel free to let me know. I'll be glad to help with what I can
@Ivan Vargas Thank you so much for the warm welcome! Thank you for sharing your story with me as well. I see college as a back up if things fall through. I am in a position where I will be able to attend college debt free. During the 3 years, I would be attending college, I would be networking as much as possible and absorbing as much information as I can about real estate. I agree that college in many situations is not necessary. However, in my case, I see it as a way to be able to have a consistent income to reinvest after I graduate. There is definitely an advantage to skipping college and the debt that can come along with it. The 100k you would spend on college is better spent elsewhere in many cases.
Good luck to you as well!!!
How did you formulate your plan of action?
@Paige Williams I used to live in Fort Worth and loved that area. We have the same goals as far as passive income by 35. So far I’m 23 and own two and hopefully 3 soon. It’s very possible but eventually you likely need to get into commercial (which is a whole new animal) so you can achieve scale.
Your goals are admirable and you sound ambitious and in a great position to succeed - I wish you the best.
I have a daughter and son, who is attending college. My advice to them is this:
1. If you can dream it then you can do it!!! Many folks are financially independent through real estate why not you?
2. Write your goals down and hold yourself accountable to reach them. (There is an acronym which I learned it is called SMART which means: Specific, Measurable, Attainable, Realistic, Timely) Look it up.
3. Learn as much as you can about Passive RE investing (strategies, funding, risks etc.) and apply your knowledge - Don't be book smart!!!
4. Know the difference between good debt and bad debt - stay "Bad" debt free.
5. Continue to work hard in school to earn your degree and to build your reputation and credibility.
@Caleb Heimsoth I will look into commercial investment. My plan is to start off by owning a duplex that I live in one side and rent out the other. I am hoping to achieve scale through multi-family homes.