Maintaining the E while becoming the I or B

2 Replies

I’ve been fortunate enough to work my way into a $170k/ year position with my current company but feel that something (freedom) is missing every day. I’m only 30 and realize “good things” don’t last forever and I keep feeling this tug at my core to engulf myself in the real estate investing business but feel it would be foolish to walk away from my current position. I’ve decided to do nothing but educate myself in areas I feel will play a vital role in my long term development which is how I stumbled upon this forum. Beginning this process makes my head start to spin as I know I need to be here but question how to go about learning all the ins and outs of the business. I currently Airbnb the basement to my home to pay the mortgage but have no real idea the best way to maximize my current income. I spend 60-70 hrs a week building someone else’s dream and have no problem coming home to spend 30 hrs a week on my own but is this enough time? How do I speed up the education process and know when I know enough to dive in?
Originally posted by @John Rapp :
I’ve been fortunate enough to work my way into a $170k/ year position with my current company but feel that something (freedom) is missing every day. I’m only 30 and realize “good things” don’t last forever and I keep feeling this tug at my core to engulf myself in the real estate investing business but feel it would be foolish to walk away from my current position. I’ve decided to do nothing but educate myself in areas I feel will play a vital role in my long term development which is how I stumbled upon this forum. Beginning this process makes my head start to spin as I know I need to be here but question how to go about learning all the ins and outs of the business. I currently Airbnb the basement to my home to pay the mortgage but have no real idea the best way to maximize my current income. I spend 60-70 hrs a week building someone else’s dream and have no problem coming home to spend 30 hrs a week on my own but is this enough time? How do I speed up the education process and know when I know enough to dive in?

 Best way to speed up your education is to do a Vulcan Mind Meld with a more experienced investor. Get all their years of knowledge in just a few seconds...

...sorry I've been binge watching Star Trek...so I couldn't resist.

Anyway...My suggestions...Start with @Dave Van Horn 's book. It's inappropriately titled about Note Investing, so don't let that fool you. While he does cover notes in the book, more importantly he covers his journey as an investor which is one of the best overviews of different investing options out there I think. He even covers the differences of working in real estate vs. investing and the different levels of determining how active or passive of an investor you're looking to be. I would then also suggest start listening to the BiggerPockets Podcasts. Start at episode 1 and listen at 1.5 or 2x speed. You'll get through them quicker and then you'll start to hear topics that will resonate with you. From there you can read other BiggerPockets books which are specific to your chosen niche. You can also explore the Biggerpockets Blog, which is where a lot of the SME on the different real estate investing strategies focus the bulk of their contributions, and there are a lot of great articles there.

As for when do you know enough to pull the trigger. That's different for everyone. Some people buy and know nothing and are comfortable building the proverbial parachute as they fall. Others on the other hand need to know "everything" before they get started. You know you best, just take it in stride until something works out. Sometimes opportunities fall in your lap, but more often than not you have to go looking for them.