Advise for fellow newbie

7 Replies

Hey BP community I need some help. I'm a 22-year-old recent college graduate who has a passion for learning about real estate. I'm thinking of getting into house hacking as my first investment, and continue on through rental properties. My current job right now is decent pay, but not guaranteed as it's a temp position, and I'm not learning anything as it's mostly labor work. I was unemployed for a while and this current job is basically week to week.

Currently living in my mother's basement, all I want to do is learn, network and help out as many people as possible, and possibly get a job that could dive me into the real estate field. I started studying to get my real estate license, as becoming a realtor may the route I need to pursue.

What would you guys do in my position? Should I wait to get a solid job so I can start efficiently saving for a multi-family property to house hack in? And what job would work best with diving into the real estate field while all I have is a sports management degree? I'm open to any feedback/opportunities

Thank You

  

I'm going to make a few assumptions. 1) You are a smart guy; you got through college. 2) But more importantly it shows you can stick long term to a goal and do the things necessary to achieve that goal. 3) You probably have some college debt, little income and no credit. So, here is your ticket to more wealth than you can dream of. It takes time. It takes consistency and it takes persistence. But, you'll get there.

SOLUTION: 

1) Join a local Real Estate Investment Group * Here is one: Holiday Inn Virginia Beach Norfolk Hotel and Conference Center 5655 Greenwich Road Virginia Beach VA 23462
Meeting Time: Third Tuesday, 7pm-9pm doors open at 6:30 Contact Information: Luke Kohne
*800*874*4976

2) Contact them and get involved (or ask for one located near where you are) 

3) Ask everyone you run into there if they are willing to let you work with them to learn the trade - at this point I'd work for free - earn their respect - it will pay dividends - you will learn a lot of what you need to know

4) Check out Bigger Pockets and Youtube and learn everything you can on "Subject To", "Lease Options", "Wraps", and "Land Contracts" - Now, that may sound intimidating, but hey, you wrote Term Papers didn't you? How much did that pay you? ;-) This pays a whole lot more.

5) What I wouldn't do is spend a lot of money going to seminars. Not that you can't learn a whole lot from seminars but you need to have some background first. You need basic biology before you study kinesiology

And finally, next time I'm in town, buy me some coffee and we'll get caught up on how things are going.

@Account Closed Congratulations on your recent graduation. You seem passionate about getting into real estate. My advice is simple. LEARN, GRIND, SAVE.

Learn - Read as many books, listen to as many podcasts, attend as many RE networking events, that you can handle. Knowledge breeds success. 

Grind - Find a full time job where you can grow your knowledge base and/or your skill set and stick to it. There are plenty of jobs to be had on the labor market, though it takes a lot of work to go out and find the one that is the perfect fit for you. You have to be willing to put in the work to do so. 

Save - So long as you get along with your mother, stay in her basement. This way you're not paying a significant amount of rent towards someone else's mortgage.  Save as much money as possible, which will go towards a down payment on your house hack.  When you've reached this point and you're ready, find the right deal then you let it fly! 

Check out a 203k Loan. This may be a good idea for a first investment for you. 

@Michael Dingle What was your major? Since you already started working on your agent license, finish that. You can start making money right away and you will get connected to the real estate ecosystem. You can also provide services to other investors that will open some opportunities for you. Also, the DCREIA is probably closer to you... depending on what you mean by Northern Virginia. But if you ever come down to visit TRIG, hit me up.

Account Closed I graduated with a sports management degree and a minor in business. I plan on getting involved with some type of real estate group up in the Woodbridge area. DC is about 45 minutes from Woodbridge but if I'm ever in the 757 area again, as I am a graduate from Old Dominion University, I'll definitely hit you up. Thank you   

@Account Closed You may want to build up cash first before you buy your first property. Visit your local real estate investment club. Find someone who's doing what you want to do. Get to know them and see if you can help them out in any way. Personally, I started out looking for deals for other investors by bird-dogging and wholesaling. After I built up some cash, then I started acquiring properties. Hope that helps! 

Originally posted by @Account Closed :

@Mike M. Thanks for the feedback and contact, I'll be giving Mr. Kohne a call tomorrow. Hopefully, they have a meetup closer in the Woodbridge area, and I totally agree with you on those expensive seminars. Always looking to work for free as well! Like I said learning the game is all that matters to me at this point. Definitely would want to meet up with you whenever you're in the VA area. Debt free btw!

@Scott Savard Learn, grind, save is the mission. Totally agree, staying focused on those concepts are really important to me at this point. The FHA 203k loan is something I've been looking at for awhile and I'm most likely going to use that for my first property. Thank You

@Ernest Grindle I graduated with a sports management degree and a minor in business. I plan on getting involved with some type of real estate group up in the Woodbridge area. DC is about 45 minutes from Woodbridge but if I'm ever in the 757 area again, as I am a graduate from Old Dominion University, I'll definitely hit you up. Thank you   

 Your Comment: "Debt free btw! " Excellent!! That is more important than you realize right now. Good Job.

I still suggest 4) Check out Bigger Pockets and Youtube and learn everything you can on "Subject To", "Lease Options", "Wraps", and "Land Contracts" - Now, that may sound intimidating, but hey, you wrote Term Papers didn't you? How much did that pay you? ;-) This pays a whole lot more. - If there is anything I can do to help you along let me know.