Cookeville, TN · Member since 2018 · 23 posts · 5 votes
Hey guys I’m 21 yrs old and my feet are burning to get into real estate . I am in the middle of training to be a helicopter pilot , the cash I have saved up could get me in a duplex (house hacking ) or I could finish school . Any advice really ? Renting a place now for little to nothing , just trying to figure out what to do next ! Helicopters is my dream but I want that passive income that real estate can produce ! I have attended rich dad poor dad Seminars , read a few investing books . Just wanting to get this started at a young age and maybe retire early (wouldn’t that be nice ) . I have a really good paying job 70 k a year and like I said just dying to get started . Should I finish school and then invest or prolong school and invest now . I have around 10k in stock already invested as well ! Thank you for the help and advice !
Real Estate Broker · Apopka, FL · Member since 2017 · 492 posts · 528 votes
7y
@Noah Farley I'm 33 now and while I wasn't in your specific shoes at 21, I can relate with the desire to "just do it". I graduated high school (2004) in the top 5% of almost 900 kids with nearly two years of college credits and a full ride scholarship to University of Florida. I entered as a sophomore, laser focused on becoming a mechanical engineer. However, I almost immediately realized it was not for me, I had zero interest and didn't do well despite more effort than I put into high school. I switched majors to Marketing and stuck with that a year. I soon realized they were really slowly teaching me what I could jump in and learn in 'real life'. To the dismay of my college educated family, I dropped out without even finishing an associate degree. Better than that, I didn't have a plan. I worked in banking from 2006-07 and quit when they announced indefinite promotion freezes thanks to the economy. I was a teller working on getting into commission sales. Tried to get into insurance but failed there. I started a mobile car detailing business in 07 that I still run today and my wife runs a second truck. I've grossed close to a million in 11 years with low overhead, but now am mentally burned out on it. I've got the business listed for sale and currently spend about 50% of my work time on that and 50% on my business as a Realtor. I haven't cut back as much as I've added more to my plate. Less sleep, zero "free" time other than time with kids that I won't give up. I've got a mortgage, child support to pay, two kids 50% of the time and three step kids full time. I'm not that much older but I'm now at a point in my life I can't say "screw it all" and jump ship. I'm making progress and will soon be full time in RE and soon after in a position to invest as well (beyond my primary I bought in 2009). However, making this recent switch in focus made me realize I should have been focusing on multiple streams of income all along. I've considered getting my license before I did (early this year). Had I done so before getting burned out on my business I'd feel less hurried. I'd give something my all until I beat it to death and then dive into the next thing at the last minute. I don't regret my path, but I plan differently now. Use FHA and househack a duplex or quad. Rent rooms in your unit too and likely still cash flow. Keep your job and stash cash, and if you can afford it, stay in school IF it is a passion. I know a guy who flies tourist helicopters in Hawaii and rides a motorcycle to work. Needless to say he doesn't hate life. Investing with a good income is much easier. $70k is great, but if a helicopter pilot makes at least that or more, keep at it AND house hack AND keep working. My one regret is buying a single family instead of multi in 2009. I'm now in a house of 7 people, but had I bought a duplex I'd likely still own that plus a single family when needed. In time the better streams of income will push out the ones not as well suited to your life.
Flipper/Rehabber · East Brunswick, NJ · Member since 2018 · 64 posts · 152 votes
7y
I dropped out of an MBA program because I realized I was paying “has beens,” or “never beens” to read and write about what other people did. I said screw this, I’m going out there making sh*t happen and then people can read and write about me!
Rental Property Investor · Jersey City, NJ · Member since 2014 · 33 posts · 21 votes
7y
@Noah Farley I’d say finish school, save money now for a down payment. Read the bIgger pockets books that interest you. If you’re in the US consider using a FHA 3.5% down on a 2-4 family owner occupied, great intro to landlording. Also, if you have extra money, start ramping up your 401k to the max of 18,500 a year. So many options, but I’m in my early 30’s and these are some steps I took that helped me launch. Last, and most importantly, become a pilot as a ski resort so I can come heli skiing!
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
7y
Finish school, keep renting and socking away as much cash as you can for a DP. Then keep learning and doing the numbers on deal just to get in the habit. When you can, buy at least a duplex and see how it goes.
Given where we are in the market cycle it is hard to find good deals now, so i would just start networking and learning and the first deal will come along.